More than IP for the Success of Your Business
There is one thing stronger than all the armies in the world, and that is an idea whose time has come. – Victor Hugo
The most powerful ideas are accelerating changes in markets in a way that has never been seen before. The two great forces of our era driving progress are technology and globalisation. Dynamic and shifting ideas are shaping social, political and economic structures. Rapid technological progress and the substitution of smart machines for labour mean that the winners of the future will be the innovators with good ideas who create new products, services and business models.
Success will come to those who turn an idea into a great business and brand, offering reliable products and services to their customers.
1. Brand Recognition
The purpose of branding is to raise awareness about your products or services. The steps to brand recognition plays an important part in building the identity of your business. You want your brand to be trusted and valued by your customers. Branding is far more than just a trade mark. It encompasses everything your customers know about your business including the quality of your customer service, your reputation, how you communicate with your customers and your identity represented in a way that brings customers back. The best branding has the ‘promise’ of a connection with people and helps you win new customers.
2. Build relationships with your Customers
Share your knowledge and expertise with customers. Good relationships are built on educating others in your field to expertise to engage them and put them in a better position to help them make an informed decision. Become known for consistently delivering a reliable outcome by taking the time to know who your clients are and what they need. Don’t assume you know what they need or try to sell them something they don’t need. Success comes from your ability to interact with customers and delivering products and services they value.
Listen more. Tell less.
3. Intellectual Property plus the X Factor
The success of your business depends not just only on your intellectual property but the management and growth of the promise of a brand that truly delivers value. Turning your business into a great brand means building strong customer relationships which requires time, effort and persistence. It is only then that you can truly say that your trade mark stands for value!
As Steve Jobs said:
“Innovation has nothing to do with how many R & D dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R & D. It’s not about money. It’s about the people you have, how you’re led, and how much you get it.”
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Disclaimer. The material in this post represents general information only and should not be taken to be legal advice.