Also, what are the most important factors to look out for in order to make the business a huge success?
Ian Reid, CEO of consulting and management firm Platinum Black, responds:
Your question is interesting as turnover in the marketing world can be huge, but PROFITS are the key.
Any business that keeps to the concept of “exceeding client expectations” is innovative and cost effective, and if structured correctly has the ability to be successful.
However, to build a “branding company” as you say, you need to be an expert in that field and have contacts and capital.
The best place to start is a business outline that sketches the concept and the business model.
Then you move onto a business plan, to plan your business future and the manner in which you will achieve the goals you have set.
This will enable you to start accessing capital to get going, and to then follow and adjust your plan as needed.
Below is a shortened article for your perusal on branding in general, from the book The Global Brand by Nigel Hollis.
Five brand success factors
An efficient and scalable business model combined with innovation is necessary to stay ahead of the competition. But individually these are not sufficient to make a successful global brand. Five further overlapping components are required:
1. A great brand experience
Brand experience is not limited to the product or service. Every contact with the brand counts.
2. A clear and consistent positioning
People need to know what a brand stands for. That's why an established and successful marketing campaign should not be abandoned simply for the sake of saying something new. When change is required, the challenge is to re-interpret the brand positioning in a way that is appropriate to the current time and culture.
3. A sense of dynamism
Innovation is key to brand success but it is not limited to the functional benefits of the brand. A brand that sets the trends rather than reacting to them is likely to be seen as different and more popular.
4. A sense of authenticity
Today consumers in developed countries have a finely tuned sense for what is true and authentic versus shallow and contrived. They are still drawn to brands with a strong heritage.
5. A strong corporate culture
Today people seek out brands that display their values by the actions they take. In industries with a strong customer-service component it is particularly important that everyone involved with the brand understands and embodies its values.
Which brand epitomizes these success factors? Apple. In the 2008 Millward Brown BrandZ™ Top 100 Most Powerful Brands ranking, Apple's brand value increased 128 percent as a result of strong business growth based on innovation and strong customer loyalty.
All the best in your business venture!
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