A brand is a company that is able to solve specific user problems with utmost sincerity and honesty. It is something that people having that specific problem are looking for and what they would recommend to others facing the same problems.
It’s easy to start a company but to create a successful brand requires a number of ingredients. Here’s my formula of creating a successful brand:
Formula in Details:
1. Founders: They are the parents who define the purpose of starting the company. They define the industry in which the company will be working in and Identify the existing problems in that industry. They define the vision, mission and values of the company. They setup the initial fund required to build the product. They are the ones who lay down the foundation of a successful brand.
2. Mentors & Advisors: It is humanly impossible for the founders to have knowledge about each and every aspect of the business so they bring on board Mentors and Advisors who cover up for the missing knowledge. It is important that the mentors/advisors are from the same industry which the company is focusing on and they have some vested interest in the company’s growth.
3. Team: This is one of the most important ingredient which will help a company rise from being a company to becoming a brand. The team is like those few friends who despite having their own goals and interests, will stick with you through your ups and downs in life and will always motivate you to achieve your goals. However please note that It is important for the company to reciprocate the same for its team too as no friend will stick with you forever if he/she has to go to someone else to get his/her problems solved.
4. Product: This was what the company was founded for and will become the reason for it becoming a brand. It is what the company will be remembered for and hence it is important that it solves very specific problem(s). The value of the brand will directly be proportional to the magnitude of the problem the product solves. If the problem is worth a billion dollar then the product will be worth a billion dollar aswell.
5. Customers: These are the people whose problems the company was trying to solve and they always have to be the central focus of the product being developed. At any stage if the company loses its focus from the customers, you can consider it as the beginning of its end. Taking feedback from customers, understanding their changing needs, helping them in using the product, providing them with a continuously improving product experience and anything else that keeps the customer stick to your product has to be the focus.
6. Investors: Investment is what keeps the brand going. A problem once solved does not mean that the job is done. It means that the company should now focus on solving other related problems. It also means that you are creating entry barriers to prevent competition. But In order to solve these problems you will need to continuously put in more funds which comes from the Investors. These investors are not necessarily external investors but can be the company itself. A part of the profits should come back to the company as investment each year if you need the brand to stay relevant.
Now, having the 6 ingredients in place does not guarantees a successful brand. It is also about the right quality and quantity of the above ingredients and determining the right quality and quantity is the Journey that a company goes through. For some this journey could be small while for others it could be long but if the journey is being taken in the right spirit and if the company continues to try and learn from its failure, it will surely reach its Destination – A successful Brand!