Build Your Brand for Growth Over the Next Decade.
Most companies believe they can achieve growth through sales only. Yet when you look at brands that have innovated their way to phenomenal success (Airbnb, Amazon, Toms, Hoka, TikTok, Kind, and even Coke recently), nothing is further from the truth.
And service industry brands - who are beholden to their talent - and manufacturing companies tend to believe that their output is what they do.
A Decade of Change and Growth
The future is ready for some brands to succeed. The next decade will be a time of significant change and opportunity for businesses of all sizes. First, however, companies must be prepared to adapt to the changing landscape to grow.
One of the most important things companies can do to prepare for growth is to think about their business and what they want to achieve for the customer. What problem are they solving? What value are they adding? Once a company clearly understands its business (Amazon, for example, is in the 'CustomerObsession business'), it can start developing a growth strategy.
Growth is more than just looking at sales numbers. First, you needed to understand the change required by looking at the inputs that drive growth - the customer experience, a strong brand, team structure, and a positive work environment.
When all of these elements are in place, a company is well-positioned for innovation in the future.
Here are some specific tips for preparing your company for growth:
Define your brand. When everyone has the same access to the same tech, the same inventory constraints, the same supply chain, and to the same people, what makes you different from your competitors? (See below.)
Understand the business you are in. If you're a coffee brand, are you a commodity buyer that roasts good beans, or do you 'inspire and nurture the human spirit — one person, one cup and one neighborhood at a time' (Starbucks - at $7 a coffee.)
Focus on the customer. Everything you do should be focused on providing a great customer experience.
Invest in innovation. The only way to grow is to innovate. This means investing in new products, services, and technologies by considering the customer first.
Organize the team. Your team is your most valuable asset. Invest in training and development so your team members can reach their full potential.
And when the above is achieved, you'll also have a happy and engaged team.
3Bs: Belief, Belonging, and Behavior
In addition to the tips above, three fundamental principles can help your company become a power Brand. These principles are:
Belief: A Belief Brand has a clear and compelling mission that inspires its employees and customers.
Belonging: A Belief Brand creates a sense of community and belonging for its employees and customers.
Behavior: A Belief Brand walks the talk and lives its mission in everything it does.
When a company embraces these principles, it becomes more than just a business. It becomes a movement that people want to be a part of. And that is the key to sustainable growth.
How to Become a Belief Brand
Ensure your company's behavior is consistent with its mission and Principles. This means making decisions that are in line with your values and acting in a way that is ethical and responsible.
End
By investing in who you are as a brand, and filtering that across the entire brand, is critical for the years to come. And if you don’t do it now, someone else will.