Growing a business and growing a brand sometimes go hand-in-hand – but then there are many differences. When you Google the term brand and business, you will find lots of results with lots of different explanations of what exactly is a brand. They of course all work together, but each is a little different. Knowing what is unique about each can help you determine how to grow your business or brand the right way.
Important Parts Of Growth
One of the first differences you might be able to spot is the revenue model. Frasier was an advertiser’s dream, offering a monthly magazine with inside reports on everything from food preparation to fashions. The great thing about Frasier was that it was a brand that everyone understood: the sets, the colors, the characters – they all made a statement that said “this is fun, this is relevant, and this will make me money.”
Most brands, in this example, would become less attractive and more difficult to maintain as their revenue grows. Frasier, for example, gradually expanded into other media. It didn’t take long before he was inked into the television set, where his “I Love Lucy” shorts made him a TV icon. It wasn’t long before he became a movie actor, then a TV series, then a full-fledged show on both coasts. A lot of this growth was helped by the fact that people loved Frasier, and their nostalgia for the show made it easy for him to capitalize on that nostalgia. That means that the brand name and the revenue came from a steady base of steady customers – and that’s what makes it grow.
The second big difference is the revenue model. The earliest models for growing a new business were usually traditional sales and distribution model, where a brand would have to start with a product that was either well-known and loved by the public, or a niche product (think of Quaker Ovens). As the business grew, those products changed; people grew with it and its customer base grew. But when you are just starting out, it’s very easy to go for the next best thing, to copy the success of someone else who was also successful.
Instead of starting at square one and working through the process, step-by-step, building the company from the ground up, why not learn from the successes and failures of others? You can learn a lot from the differences between two businesses. By learning from others, you can apply that knowledge to your business quickly and easily. When you’re ready, your next move should be to build a sales funnel that will bring in new opportunities for you to create new revenue streams. You don’t need a website, a blog, a monthly magazine, or even an Internet business newsletter to do this. In fact, you might actually want to remove most of the elements of the sales funnel as you go along.
Learning how to grow a business without a growth strategy is like learning how to ride a bike – you just read about how to do it, figure out what you need to do, and figure out how to do it. When you have a plan in place, you can focus on your internal processes instead of spending time creating “roadblocks” along the way. The result is faster growth, more profit, and less stress.