In the race for brand recognition, two things are important to keep in mind. First, quality. A quality product or service is the distinguishing marker between just being an overnight success and a being a lasting brand. Look at the major names in the business, from Sean John to Beats by Dre, they all have this one thing in common. A quality product. It is this key factor that individuals are searching for to feel comfortable putting their well-earned money into, from both sides: as an investor and as a consumer. If you consider making a superior quality product the strategic aim of your business, from the get-go, you are guaranteed to see profitable results.
Second is diversity. I know diversity sounds like the main reason people establish brands of color. And most times it is. However, to gain significant market share in any industry a product or services must cater to the broader market to sustain itself. Economies of scale only help boost the profitability margin when the market is diverse, both in terms of location and ethnicity. Use diversity as a leveraging tool to bring people to your brand and not as a means of shutting consumers and investors out. This is a tip from Kerry Baynes, manager of Alpha Strategy Group, an Urban Media company. Strategist for Cobb for Congress in 2015 and Anthony Giordano for Assembly. Currently an associate at World Financial Group. and former fiscal analyst for the New Jersey State Senate responsible for the state budget and tax policy.
