20 Jun Business or brand, that is the question
Whiplash Team, June 21st 2019
Business or brand, that is the question
A few years ago, being an entrepreneur was a something just for a few brave and daring. Today, however, thanks to the Internet, access to entrepreneurship has been democratized and launching a business is practically within everyone’s reach.
Statistics show that every day more people dare to leave their 9:00 to 5:00 jobs to start a business venture on their own. And also, that there are very few who manage not to succeed but stay in the market for more than five years.
This applies not only for online ventures, but for any type of business. Because the truth is that once the product or service becomes obsolete, or that the competition launches something similar at a better price, all the effort that has been invested in raising that business can go down the drain. And that’s where brand purpose comes into play.
Apple, Google, Starbucks, Amazon, for example, are not just some of the most valuable companies in the world, but solid brands that transcend the business itself. And, to achieve a lasting impact, purpose must go beyond the product or service. People within the organization, products as such and the presentation we make of them to the market –that’s how we communicate our business and products– must be imbued with that purpose that is manifested in a long-term vision, defined values and a story that moves the audience to act.
In this sense, building a consistent storytelling, a story that adequately conveys that purpose, is essential in the construction of a strong brand. Nike, for example, is not about the sportswear or the sneakers, nor the swoosh, or its slogan, Just Do It! Nike is not about sponsoring athletes or promoting athletics either. Nike is about encouraging its users to unlock their internal athlete. And that very powerful idea, is present in everything the brand does.
A solid brand allows you to make changes in the business or rectify the course when necessary with the guarantee that users will continue to trust the brand. In fact, recent surveys published by Forbes magazine reveal that 94% of consumers would follow a brand with which they are emotionally committed in any circumstance, while 64% say that the values they share are the main reason why they are related with a brand.
Thus, that the brand transcends the business is a maxim that all entrepreneurs should keep in mind when starting a business venture. Because any business that sells something, be it a product or a service, can do well. However, only those who manage to create emotions, awakening feelings that fit with the needs and values of users, are those that remain in your memory and your heart. And that is a brand: the set of emotions, sensations, feelings and expectations that are summoned in our mind every time we interact with the product, in any of its representations, be it the name, the logo, or the product or service itself same.