Your Brand Is Not Your Baby…
As a business owner, it's natural to feel deeply connected to your brand. You've invested so much time and effort into building it from scratch, it’s understandable to have an strong attachment. However, it's crucial to recognise that this emotional attachment can sometimes cloud your judgement and affect business growth. Here are some key points to consider to ensure your brand works for you commercially and remains poised for future success –
Emotional Attachment Can Cloud Your Judgement
We all love our creations, and it's easy to get emotionally attached to our brands. This is your baby, right? Wrong! If you treat you brand like someone you love, it can blur your vision when it comes to making business decisions. When you're too emotionally invested, it's hard to notice the flaws or areas needing improvement. You might make choices based on what feels right to you personally rather than what's best for the business. While I do believe in gut feelings, putting head over heart and stepping back occasionally can allow you to look at your brand through a more objective lens.
Your Brand Should Work Commercially for You
At its core, your brand exists to serve your business goals. It's not an extension of you but a strategic asset designed to generate revenue and foster growth. While it's easy to get caught up in the aesthetic and feel of your brand, it's important to remember that its primary purpose is to work for you commercially. Things to consider regularly: Is my brand meeting market demands? Does it align with customer expectations? Is it positioned to capture new opportunities?
Your brand should be a living entity that evolves to stay commercially viable. Don’t be afraid to make necessary adjustments based on these reflections. A brand that remains stagnant will struggle to stay relevant in a constantly changing market. Adapting to new trends, consumer behaviours, and competitive pressures (while staying true to brand values) allows you to seek new opportunities, grow your business, and gain strength and profitability over time.
Adopt a Sellable Approach
Even if you don't plan to sell your business anytime soon, adopting a mindset that your brand should be sellable can be incredibly beneficial. Think of it this way: building a brand that is attractive to potential buyers often means you’re building a robust, scalable entity. This approach encourages you to develop systems, processes, and branding elements that add value. It’s not just about making your brand appealing on the surface but ensuring it’s operationally sound and can thrive independently of your personal involvement. Essentially, a sellable brand is a strong brand.
Regularly Reassess Your Brand's Positioning
In the ever-changing market landscape, it's vital to regularly reassess your brand's positioning. What worked a few years ago might not be as effective today. Keep an eye on industry trends, emerging technologies, new competitors, and shifts in consumer behaviour. Staying adaptable and open to change will help you maintain a competitive edge. Periodically conduct brand audits to evaluate your brand's strengths, weaknesses, opportunities, and threats. This proactive approach ensures that your brand remains relevant and continues to meet the needs of your target audience.
Remember, while your brand may feel like a personal extension of yourself, it's ultimately a tool for business success. By balancing passion with pragmatism, you can ensure your brand not only survives but thrives. Take a step back, listen to external feedback, and be willing to make the tough decisions that will help your brand grow and succeed. This mindset will help you create a brand that is not only meaningful to you but also impactful in the market.
