So many entrepreneurs make the mistake of thinking they need a fancy logo and kick-ass brand to be successful.
What was your new year’s resolution?
Most people try losing weight, being healthier, or something similar. Me? I’m trying to work less while producing more.
At its peak, Hugh Hefner’s Playboy Enterprises was valued at over $1 billion. It’s an iconic brand that’s stood the test of time (even through abysmal financial performance).
Playboy owns adult entertainment. It’s unlikely that any brand will touch upon it’s legacy. But I’ve got a secret for you: Playboy isn’t about sex, and Hefner didn’t use sex to build his mega-brand.
A few weeks ago, I rented the recently released “Friends With Benefits” (aff). Besides being a pretty decent movie, it (surprisingly) taught me an important lesson about life (and business).
If you know anything about me, you know that I’m a bit of a risk taker. I guess it comes with being an entrepreneur; but sometimes the risk is too high, even for me. And I often come across clients who are too conservative to be truly successful in their business.
Right now you’re thinking I’m full of crap.
It’s true though! The key word here is can. You see, many small businesses just blindly throw up a page on their website listing all their testimonials. That, or they ask all their friends to review them on Yelp or Google Places (don’t look away in embarrassment! You’re probably not the only one).
What do the most powerful brands have in common?
They have an army of loyal brand ambassadors willing to spread their message across the world. I read an interesting book a few weeks ago by Mark Hughes (pick up Buzzmarketing from Amazon.com – affiliate link). About half way through, he talks about Britney’s brand.
Have you ever thought about our transportation infrastructure? It’s really something quite amazing. Millions upon millions of miles of paved roads connect us to each other.
Yet it seems like there’s a lot of waste in roads. They wander and curve all over the place. You’ll rarely find a completely straight road (especially outside of a city).
It’s easy (especially when you’re starting out) to work with any and all potential clients. You don’t think to screen your clients when you need the money to stay afloat.
But in my experience, it’s not always beneficial to “dog it out” and work with clients that might not pay on time, even if the alternative is no business. Of course, this principle is even more important if you’re selling a product that costs you money.