I start my Business 101 class asking students, “who buys from companies that you haven’t heard about, from or seen before? In other words, “do you buy from companies that haven’t used a marketing strategy on you?” I quickly like to make the point that we all shop from companies we know.
As a small business or startup, the goal we should all be striving for is to create relationships with people who we know, like and trust. Successful business is done through relationships, not transactions. Those relationships are created by companies who understand the significance of having a distinguishable brand reputation.
The 2017 Fortune 10 has the most recognized names. Their marketing teams have mastered this concept, otherwise they wouldn’t be on this list. However, the order is determined by their revenues.
I included the links of the companies in case there is one or two you may not know. Here’s the list:
1. Wal-Mart – https://www.walmart.com
2. Berkshire Hathaway – http://www.berkshirehathaway.com
3. Apple – https://www.apple.com
4. Exxon Mobil – http://corporate.exxonmobil.com
5. McKesson – http://www.mckesson.com
6. UnitedHealth Group – http://www.unitedhealthgroup.com
7. CVS Health – https://cvshealth.com
8. General Motors – https://www.gm.com
9. AT&T – https://www.att.com
10. Ford Motor Company – https://www.ford.com
While I was typing these companies in my search engine, I realized they consist both of products and services. There are even some that own other companies as subsidiaries. For example, Apple owns Beats by Dre headphones. Even better, Berkshire Hathaway just gives you a link to the list of the 50+ companies Warren Buffett oversees. I mention services because a good brand reputation includes both tangible and intangible products.
To make it a bit more clear, I’ll use what Mark Cuban said to someone on Shark Tank. As I paraphrase, the brand is the feelings a customer has after the purchase. So it doesn’t matter if it’s a burger or a carnival ride, once the consumer has made the purchase the experience has begun. Hopefully, the anticipation matches or exceeds expectations- because that will be their brand experience.
So for all those that don’t believe a website, social media site, logo or video doesn’t impact their business, you’re wrong. People spend their money with familiarity: who they know, who they like and who they trust. Therefore, give them every reason to know you, like you and trust you.
I write this because my business is personal because this service is for the advancement of all humanity. My failures and successes are for your gain. No strings attached.
Nathan A. Webster, MBA
Consulting | Marketing | Web Design
April 19, 2018
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