BUILD BRAND, NOT BUSINESS.
Business survive, brand thrive. A brand is the BEST DEFENSE TO COMMODITIZATION. When your business is in the business just to make money and pay the bills for the month, you may NOT last in the business. People are loyal to brands and relationships, not corporations or businesses.
For example I love coke and hate pepsi. I am loyal to Coke, and I dont care if Pepsi suddenly becomes one buck cheaper- I will always buy coke. COKE HAS A BRAND, AND THE POWER OF THAT BRAND IS A FIRM LOYALTY THAT IS DIFFICULT TO SEVER. IS coke objectively better than Pepsi? I dont know or care
When you think of automobile VOLVO, what do you think of? I think SAFETY, How about Toyota, RELIABILITY, FERRARI, I think RICH, BENZ, i Think PRESTIGE,
But when someone mentions CHEVROLET, nothing clear comes to mind other than looming BANKRUPTCY AND UNPREDICTABLE RELIABILITY. Some auto manufacturers have carved out a strong brands, while the others fortify a business.
FELLOW CEOs, if nothing tangible can come to people’s mind when the name of ur company is mention, just know you are building a business and not a brand. And businesses always crash while brands are always BUILT TO LAST.