Apple is now the most valuable brand in the world, according to the BrandZ Top 100 brands survey . How can a small business achieve the same success? By knowing exactly who you are, according to Mario Simon, managing director of Millward Brown Optimor, which released the survey.
“Apple was once a small business, too,” he told BusinessNewsDaily. “Since the beginning of their brand, Apple has known who they are serving and has had a clear vision of who their customer is,” Simon said. “They are thinking about how to make the life of that customer better. They are so good at focusing on that purpose of allowing people to self-express through technology. It’s allowed them to make tough decisions over time and carve out specific space for themselves.”
Branding is especially important for small business owners , Simon said. “Many small business owners think you have to be a Proctor and Gamble or a Coca-Cola to invest in brand. But, the concept of the brand and what brings employees, consumers and customers together is super powerful. Great businesses understand that intuitively. They do that systematically and leverage that asset.”
For small business, building that brand equity – no matter what kind of business you are – starts with deeply understanding your customer and then developing a strategy to allow your company to add meaning to their lives, Simon said.
“Think about it every day and focus on it and make the tough decisions,” Simon said. “You have to keep the course and weather the ups and downs.”