3 Questions Your New Brand Needs to Answer
It is such an exciting process, realizing you’ve got a great skill or idea that you now what to share with the world to make a great living and feel a sense of fulfillment doing what you love. I know some people like to jump quickly to the disclaimer “that it’s not about the money” but I want to help you quickly course correct in knowing that if you are adding value to others you deserve to get value in the form of money in return.
As a new brand or if you are re-branding, you will quickly realize that the more money you can attract into your business, the more leverage you’ll have to scale it. Now that we are clear that you have a desire to be financially prosperous doing this transformative work that will impact lives, there are four key questions you must clarify to ensure that you create a thriving brand that attracts the right clients:
#1 What Are You Offering That Is Different?
This is an important question. Get clear on what skills or unique service that you plan to offer the market that will be perceived as high value by your clients. In a competitive market, one of my favorite iconic brands Apple, continues to inspire and influence consumers. There is a general perception that Apple products are high quality. They don’t just focus on selling you a phone or computer, it’s an entire service experience and movement. The product design, clear and powerful messaging have set Apple apart from competitors. In any conversation you will hear an iPhone user fiercely defending why their camera isn’t as great as a Samsung. Apple has changed how we see technology. They made it cool and stylish. The brand has answered the question of “What can we offer that is different?” and focused on changing the market, which has resulted in their customers not only being fans, but advocates who feel compelled to remain connected to the brand, its products and story.
#2 Who Desires That Change You Are Out to Create?
Having a clear sense of who will love what you have to offer and see the value in paying for is an important aspect of claiming your share of the market. Your ideal client are the people who pass this test:
- Has a challenge/problem or desire that best match the solutions you have to offer.
- Can pay for what you have to offer.
- Sees the value in it.
You have to be able to identify clearly if people desire the change or solutions you are offering. Clients can have a challenge or problem that they feel perfectly OK with living with and are not willing to pay for it change. The willingness of another to do whatever it takes to get the change they desire, including paying for it is what will be your target market. For example, an employee of an organization may not necessarily pay for life coaching (unless the company pays for it) verses an entrepreneur who will invest in their personal development. This is the area that has most new brands feeling stuck because though you may have a great product that can transform lives, you haven’t identified clearly who is willing to pay for it and target them with a clear and consistent message that resonates with them.
#3 Is the Market Big Enough?
Market size is important when determining what niche market, you should pursue. Are there enough people who desire the products and services that I am offering and are willing to pay for it? You will save yourself a lot of time and money if you explore this question very early in the game. I remember when I lived in Trinidad and Tobago several years ago, Burger King decided to open up. They eventually closed because they did not evaluate their market properly. Trinidad has a big Hindu and Muslim community. Beef was not a highly consumed product on that market. They did not clearly identify their ideal client and whether enough people desired this product. While they are a successful brand in other markets, this market was not large enough for them to survive. So before you leap, ask yourself, answer the question “is the market big enough?”
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