Business strategists always suggest having a great "elevator pitch." In other words, if you were to encounter an influential figure in an elevator or at the theater, could you pitch your business in 30 seconds or less? Now what if you took this concept one step further and were able to boil down your business's essence into a single word? Here's how this simple business exercise can help define your brand and measure the success of your marketing strategy.
Benefits of brand simplicity
No matter how complex or esoteric your business is, you gain an advantage by presenting it to customers with a one-word description. Whether it's "innovation," "beauty," or "efficiency," you make it easy on your audience by allowing them to associate your organization with a single concept. This can be a very effective way to cut through a very cluttered marketplace.
Dharmesh Shah, co-founder and chief technology officer of HubSpot, outlined how important simplicity is when defining a personal brand, and the same can be said about your business. Ideally, this one word will come up whenever someone mentions your company and go on to serve as the basis for further conversation and the foundation of your business as you head into the next phase of growth.
Your business in one word
Nonprofits, tech companies, and mom-and-pop shop owners will all consider different choices when searching for the one appropriate word they feel defines their business. Grocers and others working with food, for example, would love to have the word "quality" associated with their store, but it takes a lot of work to live up to this simple business description. Other business owners may decide that "affordable" or "convenient" serves them better.
Tech companies that specialize in simplifying business operations should think about a target market when coming up with their one-word descriptions. Will your solutions always be "cutting-edge," or do you see your company focusing more on "practical" applications for small-market firms to use in growth stages? There is enormous potential in either case, but you are better off starting out with a singular focus that lets your target consumers know that your company is the right choice for their needs.
Nonprofits that battle a perception of organizational waste would corner an attractive piece of the market if "efficient" or "sustainable" were the word associated with their organization. Yet there are many other directions to pursue. A nonprofit known as "creative" might attract more funding than one known as the best at counting dollars.
Simple business measurement
Wanting to be described by a certain word and actively being described by that word are different matters entirely. Finding out how people see your company has to be a part of your strategy in defining your brand simply. Whether you launch a survey to measure impressions, or monitor social media pages for feedback and keywords, metrics are essential. Online surveys and social media marketing campaigns are two solutions that canhelp entrepreneurs take stock of their business in the live marketplace.
Finding the right way to measure your company's success may be as tricky as finding that one word to describe it. For a business that focuses on Millennials, your measurement should make it a point to look at mobile device analytics. Activity on social media, which serves as a platform for today's word-of-mouth recommendations, is critical for any brand operating in the modern marketplace. Wherever you find your target market gathering and talking online should be considered the place to go to measure success.
Boiling the essence of your business down to a single word will help you define strategy and position yourself in the marketplace. No matter how complicated things get, this simple business approach will deliver returns.
Business strategists always suggest having a great "elevator pitch." In other words, if you were to encounter an influential figure in an elevator or at the theater, could you pitch your business in 30 seconds or less? Now what if you took this concept one step further and were able to boil down your business's essence into a single word? Here's how this simple business exercise can help define your brand and measure the success of your marketing strategy.
Benefits of brand simplicity
No matter how complex or esoteric your business is, you gain an advantage by presenting it to customers with a one-word description. Whether it's "innovation," "beauty," or "efficiency," you make it easy on your audience by allowing them to associate your organization with a single concept. This can be a very effective way to cut through a very cluttered marketplace.
Finding out how people see your company has to be a part of your strategy in defining your brand simply.
Dharmesh Shah, co-founder and chief technology officer of HubSpot, outlined how important simplicity is when defining a personal brand, and the same can be said about your business. Ideally, this one word will come up whenever someone mentions your company and go on to serve as the basis for further conversation and the foundation of your business as you head into the next phase of growth.
Your business in one word
Nonprofits, tech companies, and mom-and-pop shop owners will all consider different choices when searching for the one appropriate word they feel defines their business. Grocers and others working with food, for example, would love to have the word "quality" associated with their store, but it takes a lot of work to live up to this simple business description. Other business owners may decide that "affordable" or "convenient" serves them better.
Tech companies that specialize in simplifying business operations should think about a target market when coming up with their one-word descriptions. Will your solutions always be "cutting-edge," or do you see your company focusing more on "practical" applications for small-market firms to use in growth stages? There is enormous potential in either case, but you are better off starting out with a singular focus that lets your target consumers know that your company is the right choice for their needs.
Nonprofits that battle a perception of organizational waste would corner an attractive piece of the market if "efficient" or "sustainable" were the word associated with their organization. Yet there are many other directions to pursue. A nonprofit known as "creative" might attract more funding than one known as the best at counting dollars.
Simple business measurement
Wanting to be described by a certain word and actively being described by that word are different matters entirely. Finding out how people see your company has to be a part of your strategy in defining your brand simply. Whether you launch a survey to measure impressions, or monitor social media pages for feedback and keywords, metrics are essential. Online surveys and social media marketing campaigns are two solutions that canhelp entrepreneurs take stock of their business in the live marketplace.
Finding the right way to measure your company's success may be as tricky as finding that one word to describe it. For a business that focuses on Millennials, your measurement should make it a point to look at mobile device analytics. Activity on social media, which serves as a platform for today's word-of-mouth recommendations, is critical for any brand operating in the modern marketplace. Wherever you find your target market gathering and talking online should be considered the place to go to measure success.
Boiling the essence of your business down to a single word will help you define strategy and position yourself in the marketplace. No matter how complicated things get, this simple business approach will deliver returns.
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