When I ask most Brisbane business owners why they started their business, I receive a mixed response. It varies because the motivations are many. Some start a business to run towards a goal, dream, or lifestyle. Others start a business to run away from a feeling of nothingness from their current circumstances.
Because we start businesses for a variety of reasons, we need to make sure that the attitudes we bring to a business are as logical as they are commercially viable. Businesses are generally started from an emotional standpoint. This drives us to make the calls, develop the logo, and write a marketing action plan, usually before we have derived any money from our new venture.
The market is seldom in the same ideological state as we are. And yet we consistently and deliberately ask the market to meet us half way with our business ethos. This theory is flawed, as we must understand our own commercial value prior to establishment. It is with this that we can go to market, fully knowing what business we are in, what we bring to the table as far as commercial value, and why our market should engage us for trade.
Due to the excitement of various market opportunities, many Brisbane businesses fall into the trap of building their business and marketing strategy on emotion. We know we are the best, we feel like the best, our friends and family tell us we are worthwhile, so that means we should be a commercial success. Wrong! Unfortunately, businesses aren’t built on passion alone. If passion aligned with profits, it would certainly be reflected in the number of Brisbane businesses closing down, or not closing down to be more direct.
From my standpoint, especially in the duel for brand seniority, it is good marketing strategy, coupled with passion that drives a business to be a brand leader, and a formidable competitor. When Socrates said “Know Thyself” I am sure he was not thinking of the running of a business enterprise in the 21st century, however this quote is as relevant to business now, as it was to western philosophy back then.
Knowing your businesses brand position is extremely important, as it allows you to confidently step into the market place, place your flag in the sand and say this is us, this is what we do. By knowing your own business, it allows you to focus on your core activities, and we all know that what you focus on expands, both in business and in life.
When you understand what business you are in, it provides you with justification to say NO! to the many and varied media and marketing opportunities that will present themselves to you, all promising to hold the golden goose, with the golden egg being new customers.
Such a large part of business is in understanding the relationship between the market place and your brand. Forget products and services for a moment, they are in assistance to the actual brand and the business. They are an output if you like of the brands personality, what the brand is in the market to achieve, and what value the brand brings to the market place.
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