Best Practice: Knowing what business you are in makes it easier to create a brand, connect with a target market and create repeat customers.
Today’s Article: What Business Are You In? – You May Be Surprised
Step One: Clarifying what business you are in is critical to creating a winning brand.
In the early 1800’s a new industry was born, the railroad industry. Entrepreneurs that started railroad companies thought they were in the railroad business. With the new automotive industry beginning in 1890s, the railroad companies still thought they were in the railroad business. With the new airline industry beginning in 1920’s, the railroad companies still thought they were in the railroad business. By the 1980’s the railroad industry was in serious trouble.
Entrepreneurs that owned railroads were never in the railroad business, they were in the business of moving people and products. With the introduction of cars, trucks, and airplanes that also moved people and products, the railroad industry started losing market share. If the railroad industry would have focused on their true business of moving people and products and invested in the automotive and airline industry, by the 1980’s they would have been extremely profitable, not in serious trouble.
Examples of what business companies are in:
- 7-Eleven is in the “convenience” business selling food, products and fuel.
- Disneyland is in the happiness business, “The Happiest Place On Earth”.
- Facebook is in the “connecting people” business through the Facebook platform
- LinkedIn is in the “connecting professionals” business through the LinkedIn platform
- Nike is in “performance” business through selling athletic products.
- Rolex is in the “luxury and status” business selling watches
- Wal-Mart is in “saving people money” business through selling “low-priced” products
- Whole Foods Market is in the “eco-minded natural & organic health” business selling foods and products
Action Step: Write down what business you are in.
Your brand is your handle. The handle that opens the door to your business, its products and services. Brand Door is always open to you. “Easy access to expert branding”