With a great team, your business can attain unimaginable heights. The key to the growth of any business lies on the people behind it; from the ceo to the janitor. Everyone is just as important. The challenge that faces most employer is therefore “how to get the best out of the employees”.
As at the time, I am writing this article, the naira is now 414 to 1 dollar with predictions of further decline.
It therefore boils down to how business can keep operations alive even with the present economy. A lot of startup business are closed down and terminated in their prime for the same reason.
In this article, I am going to show you to weather through the poor economy climate and still have your business soar high. It’s called Value Chain Development in business parlance. I simply call it Income Channel Development for easy understanding.
The secret to successful hiring is this: look for the people who want to change the world. –Marc Benioff, CEO of Salesforce.
If you’re not a risk taker, you should get the hell out of business. – Ray Kroc, founder of McDonald’s.
Branding has a direct correlation to sales. Poor branding results in poor sales. Average branding equals average sales and great branding brings about great sales.
Thus your branding errors (blunders) can drastically affect your sales. Under listed are 5 very common brand blunders a lot of companies (not limited to but commoner in Nigeria) commit.
A brand is a distinguishing symbol, mark, logo, name, word, sentence or a combination of these items that companies use to distinguish their product from others in the market.
Key phrase to note here is the purpose for branding to distinguish a product from other alternatives in the market. But in today’s fierce market with so many competitions, it is not enough to just brand your product or make it look different. You must brand your products to seduce and lure the consumers to yourself. A lot of the time, people make purchases based on emotions and not logical reasoning.
People are subconsciously indebted to you when you activate reciprocity. It builds brand/product loyalty. It is noteworthy to quickly point out to you that reciprocity compared to deals and promos must be subconscious. Your customers must never suspect you are giving them something to get something back. This is what distinguishes it from Buy A and get B free and kind of promo.
Your choice of color may the reason your business is not moving.
It is not enough to brand your business color based on your own personal favorite color. You must understand that your business is directed to the general public not you and therefore it would be wrong to set it up based on your personal bias. I have met a lot of businesses with great models ruined by their brand color because it was not professionally chosen.