Technology has changed the way we live, operate as business and the way we interact with our users, consumers or customers. Every one is swearing by digital marketing and the way it can alter business. All of us are consuming more conversations regarding metaverse, web3, 5G and what’s to come.
But there are some timeless fundamentals that will also remain true till we humans are the end consumer of business’ products or services. These 5 questions when answered clearly and authentically, can bring clarity about your business and bring you closer to your consumers. They will also act as the stepping stone for creating your brand strategy.
1. Why do you exist?
Every business is created by its founder/s for solving a problem existing in this world. Answering that ‘why’, in clear crisp terms helps businesses etch out a clear trajectory to success. The ‘Why’ of a business is the foundational stone for any business.
2. For whom do you exist?
Who are you solving for known as target audience or consumers. Even in the target audience, knowing your core consumers is a must. Core consumers are your first adopters who will also act as influencers for the next set of consumers or customers.
3. How are you different from others?
For finding the right positioning for your business requires you to create a differentiation. How should your consumers recognise you from the herd? If you are able to answer this question with a functional or emotional benefit then you have a chance to create a brand, if implemented well.
4. What value do you bring for your stakeholders?
Value proposition is again one of the fundamentals of brand and business. If your value proposition fits well with your consumers and the business is consistently able to deliver it, your battle against competition has a very high chance of victory.
Once you are able to answer all of the above you need to find out who are the stakeholders you want to bring value to through your business and brands. You also need to understand their behaviour so that you are able to identify the right place where you are able to make your consumers meet your brand or business.
Like the first principles of physics never changes so do these core brand strategy principles remain true whether you are a traditional, digital or hybrid business. Over the next few weeks I am going to touch base upon such fundamental principles, hope you continue staying in the journey with me.
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