Hey! I know I haven't been around much in May, and now it's June. I'll tell you about it in my next post, but TODAY...
I have a very neat thing to show you.
I've told you that I work in the financial services sector right? To be more specific, I work in business financing. And one of my jobs is to prepare contracts for entrepreneurs whose applications for financing have been approved.
Along the way, I've read a lot of cool business proposals. Different industries. Different kinds of businesses. I've always made a point to read through all the proposals to see what business-related stuff I can learn.
And one day, I saw this diagram that immediately lit a huge lightbulb over my head:
It's a great way of looking at the kind of brands that are ALREADY in the market and how your brand fits into it.
You can also picture it as a map. Where is your brand right now?
I'm not an expert on handbags, but I sure do know that it's fricking impossible for us mere mortals to get a Hermes Birkin bag. I've read somewhere that you've got to know people -- JUST TO GET ON A LIST.
Super duper exclusive, right? And the price matches that level of exclusitivity.
On the other hand, Longchamps! They're not considered cheap, but I guess I wouldn't call them a luxury handbag either. And though I always see people carrying Longchamps everywhere, they're not exactly available at your local boutique or mall.
The biggest lesson I got from this diagram is that your brand can't be everything. It can't be accessible, affordable, exclusive and expensive all at the same time. You've got to find your PLACE in the market.
Basically, you need to choose what you want your brand to be.
The diagram up there is about handbags, but you can definitely do it with any other industry or product. Food, skincare and even notebooks (ahem, Moleskine).
Anyway, comment below and let me know which industry/product you most like to analyze!
P.S. Salam Ramadhan!