Would you like to build a profitable brand? Then, it’s time to learn about the 10 commandments of building a profitable brand.
Thou shall identify your top 20% customers and focus more on their needs
Have you heard of the saying that 20% of your work will yield 80% of your results? The same thing applied to every aspect of your business. If you study your sales trend, it’s most likely you’ll observe that 80% of your revenue comes from 20% of your customers.
Having this information at the back of your mind should make you do everything you can, to give your top 20% customers special attention. In doing this, you can come up with innovative ways to serve them while also keeping them engaged with your brand.
Thou shall routinely survey your customers on ways you can serve them better
Your customers decided to patronize you for specific reasons, but if you’d like to build a profitable brand, never assume that those reasons are static. Consumer needs evolve daily and it is your responsibility to routinely survey your customers, so you can determine if you are truly serving them the way they want to be served.
The failure to do this might lead to waking up one day to find out that you lost your most valuable customers to your competitors.[Great Read: 24 Hot Trending Apps That Will Help Your Business Operations Run Smoother]
Thou shall be consistent in the delivery of your products and services no matter how big you become
The success of every business lies in how consistent you are. You must be consistent in the delivery of your products no matter how big you become. Customers want to feel special and treated with dignity and respect.
If you scale up or grow bigger than you used to, hire more hands so you can continue the tradition of excellence upon which your brand was built.
Thou shall maintain an active presence on social media
Social media has revolutionized the way business is being done in the 21st century. Consumers will choose not to buy from you if your brand does not have an active social media presence.
This means that if you own social media accounts for your business but you are inactive or inconsistent, then you stand the risk of losing your customers to competitors. When you lose your customers, there’s no way you can build a profitable brand.[Great Read: Understanding Influencer Marketing and How to Use It to Grow Your Business]
Thou shall be innovative
Innovation is the key to elevation. To build a profitable brand in the 21st century, you must be innovative and look for ways to help you stand out. If you are innovative even in a saturated market, you’ll get noticed.
Thou shall strategically build your client base
Yes, it’s good to do everything you can to retain your top customers, but you should rely totally on your top customers. Not relying on your top customers will prevent catastrophic consequences should such customers decide to do business elsewhere.
The better approach is to strategically build your client base by looking for ways to attract new customers while also making current and older customers happy.[Great Read: How to Negotiate Like a Pro]
Thou shall monitor sales and profits
One of the mistakes that lots of entrepreneurs make is the failure to pay close attention to sales and profits. High sales do not automatically translate into profit. It’s possible to be making $1,000,000 in sales daily and still run at a loss. This is because if your operational costs are high then the proceed from your sales might not be enough to keep up.
Thou shall hire exceptional people
There is no way you can grow a profitable brand entirely by yourself. This is especially true if your goal is to build a multinational. You might be able to run your business solo at first but as you grow, you’d find out that there is the need to get more hands. When hiring, be sure to hire exceptional people. Hire people who have passion, determination and are willing to give their best so your business can grow.[Great Read: 10 Ways to Make Customers Stick with You]
Thou shall consistently upgrade your skills
If you acquired a skill 10 years ago, it might be the time to sign up for a refresher training. Why? Skills become obsolete by the second due to the unprecedented advance in technology. The skill you were used to doing manually might have been fully automated so in order to keep up with your industry trends and remain relevant, you must continually upgrade your skills.
Thou shall study market trends
Studying market trends is important if you want to build a profitable brand. This is because when you study market trends, you can foresee the nearest future. Foreseeing the nearest future helps you prepare for changes and also it helps you to stay ahead of the curve. This is an essential part of building a profitable brand.
Thank you for reading. Which of these commandments do you follow, and which are you planning to follow? Share with us below, subscribe and share this post with a friend.
Need business mentoring? Join our business mentoring platform, #OSBSElite. The next open enrollment starts September 1 – 14, 2019. To get on the waitlist, click HERE