In this multi-part series, I’ll walk you around and help you understand how to build your dominion from the ground up and expand it as far and wide as it can be.
In any venture, building business identity is the most important thing. Creating who you are and what your company represents is priceless. In a sea of businesses, being a practical nobody being stuck in perpetual mediocrity is the last thing you will ever want.
How do you build your identity though? We start with what you’re selling. So, what ARE you selling?
Who Are You?
You may have a brick and mortar business, an e-commerce startup or a simple co-op but at the end of the day you are selling something. What are you selling?
Explaining what you are selling helps you to understand who you are. You are your product. Knowing the ins and outs of your product is quintessential in building who you are. Ask yourself these questions and write down the answers. Don’t go to the next paragraph until you do.
- What’s your product?
- What does your product solve? Elaborate.
- Where is it needed?
- Who is it for?
- When are you the strongest? When are you the weakest?
- Why are you in your situation?
- How do you go up?
Have you written your answers? If you did, then good. Look at the things you’ve written. Are they adequate? You know your company more than anybody else in the world. This is the start of building up the identity that you want: understanding who you are and what your business is. Answering all these questions gives you a perspective on how much you know about yourself. Let me break it down even further for you.
What’s your product?
Many people out there sell for the point of selling, but don’t understand enough of what they’re selling to be effective. Your product is the cornerstone of your business and knowing it inside-out shows the customers that you know what you are and what you’re putting out there.
What problem does your product solve?
Your product does something, right? If you’re selling hamburgers, it should not simply solve hunger. Every hamburger sates the stomach. What your product should be solving people’s craving for meaty, cheesy goodness that hits the spot with every bite. See what I did there? You should define what unique dilemma you answer. Once you know it, we’re one step onward to domination.
Where is it needed?
Your product solves something. Where do people need it? Knowing where you’re needed gives you a laser target on which point of people’s lives you can focus on marketing. Bacon sellers tend to peddle their brands as breakfast staples and do their best to push their march towards the homemakers.
Who is it for?
The best brands out there know who they’re selling their wares for. Apple has targeted people from classes ABC, typically between the ages of 15 – 45 who are in technologically modern households that are willing to spend a premium and believe that it’s good to have a status symbol in their pockets. Demographics is an important key to unlocking your brand’s potential.
When are you the strongest?
When are you the weakest? For many businesses, every day is not an open season. There will be times where your merch sells like hotcakes and times when every sale is a hard sell. When is this? If you understand what drives your sales up and when you can understand better how to artificially replicate this on your own.
Why are you in your situation?
This is more of an introspection question. Maybe you’re in a budding business waiting to boom or your brand’s not exactly flying off the shelves and you’re wondering why. What decisions have you done that put you in this position? Walk back on your tracks. Separate the good things from the bad. Look at your good decisions. Can you replicate them? Look at the bad ones now. Can you do better?
How do you go up?
Sometimes it’s just a matter of asking yourself: how further up can you go? If you combine all the hard data, what does it tell you? Does it tell you that your company is headstrong and knows what it’s doing? Does it tell you that your brand needs improvement and you need to pedal faster to get ahead?
Knowing who you are and what you do gives a solid image of who you are to your customers. If they know what your product leads them and they’re willing to buy-in with you, this means you’ve built their trust. A strong, solid business identity is a clear path towards success.