Building a business is one thing, but building a brand is different altogether. Both are often confused to be one, but where business cannot always be a brand, a brand, in way or another, is always a business.
You create a brand only to build businesses and you create a business to satisfy the customer and bring profit.
To make this journey easier for young entrepreneurs, we bring to you this nine brand shastras model that will help you grow your business multi-fold with the least amount of expenditure that it emerges out a brand. With guarantee from Brand Guru Jagdeep Kapoor, these shastras prove that people don’t buy products or services, they buy brands.
This shastra simply means to understand the need of the consumer.
Look back at you business and see if you have understood the need of the customer, if you haven’t, go back to the table because you shouldn’t build a product because you can produce it, build it because there is a need.
After all, consumer doesn’t buy on the basis of face value, it buys according it his/her need.
How you execute your business idea is what is Seed shastra.
Jagdeep believes that brand marketing is an earning concept, and not a spending one. He says money is the last thing one needs to build a brand. What it really takes is time, then the effort and most importantly, the strategy used to execute the idea.
Your seed shastra should be so strong that your advertising to sales ratio can operate less than 5%.
This shastra breaks the myth that all you need to build a brand is money.
Brand awareness doesn’t take money to build. It requires communication, not advertising. Advertising is the paid form of communication and if you can’t spend there, look for alternate ways of talking about your business. Be it word of mouth, choosing a catchy name or even using online mediums.
This means that your product should have a trial period where consumers can try the product before buying. If yours is an industrial product, demonstrate; if it's a consumer product, sample; and even if it's a service, you can actually give a trial presentation.
If a customer wants to know why then give physical sampling, if he wants to try, give financial sampling; it is then the customer would want to buy. It’s like a good trailer for a movie.
This means the ability to be able to put your product in front of the consumers repeatedly. For your brand to grow your consumer loyalty should be so high that the consumer buys your product again and again. .
You can deliver the same thing again and again, but by adding something new to it or giving it a new angle, the product will produce repeat sales.
The real business talk starts here when you're looking to expand your business, be it to another city, state or country. To make this happen, you need to speed up and you need to be able to distribute your product. If you can’t distribute, put it online.
Once your first five strategies are in place, you need to expand aggressively so that people can see you. When you’re seen more in the market, you grow faster.
The trust a consumer has on your company should never be broken - that should be set in stone for any business. If a brand loses credibility once, it’s almost impossible to build it back. Take Pepsi and Coca-Cola for instance.
A customer should be able to trust you and you, who own the business, should have self-confidence in your product. The brand should be able to build a relationship with the consumer based on their need. This will not only increase business but also get customer loyalty.
You have to grow equal to or more than the market is growing.
Growing as the market grows is important as if you will not then you’re in loss and if you’re in loss, you can’t focus on building the product the way you want.
So, to grow as the market grows the entrepreneur should be updated on the market trends and know how customer’s need is changing with time.
You must exceed the need of the customer. Exceeding this need doesn’t mean that you shock the customer. No, it should come as a surprise where the customer is happy to see that their need is served without being asked.
If from need to exceed you do it right, you’ll a have profitable and successful business. .