What Business Are You In?

Last week, I was guiding a bio-medical company toward unearthing the soul of their brand –when suddenly the CEO realized that his company wasn’t in the pain relief business – it was actually in the patient empowerment business. This aha moment led us down a path to expansion that previously was unimagined.

I’m sure that when Coke grasped that they were in the happiness business a major opening occurred. The same is probably true for American Express who sees itself as more than a credit card service, but a club where members receive desirable rewards. Similarly, Southwest’s competitive advantage lies in its realization that it’s not in the travel business, but in the customer service business.

If I had limiting beliefs for my own company – thinking that it was merely an advertising agency or branding firm, we would have died a long time ago. Knowing that we were in the potential fulfillment business gave us our true purpose – a deeper meaning that makes what we do relevant in any economy and for any type of client.

Whether you are in charge of a corporate brand, small business brand or your own career’s brand, you must look underneath your product or service and find its soul. To figure out what business you are really in, follow these three steps:

Step One: Gather Some Insights
Contact ten clients or key influencers and ask them why they buy from you and/or like to do business with you. What is it about the product or service that you deliver that sets you apart from the rest?

Step Two: Make A List Of Top Brands
Look at your research findings and think of major brands that you admire that share these same qualities. Write down five of those brands and what business they are in.

Step Three: Look Deeply Into What You Do
Great brands have meaning beyond their names that create emotional connections. Knowing this, look at what you do with fresh eyes, redefine what business you are in and adjust the way you compete accordingly.

Let’s say you own a chain of successful bakeries. Knowing that you are in the comfort business, how will you cater to your customer’s need to feel comfortable? If you have a coaching practice and you now realize that you are in the high performance business, how will you make your clients accountable? If you are the head of human resources at a major corporation and you realize that you are in the sensitivity business, what steps will you take to understand and inspire your employees?

Taking the time to understand what business you are really in will expand your vision and at the same time sharpen your brand’s focus.

Robin Fisher Roffer is a leading brand strategist and reinvention specialist. Founder and CEO of Big Fish Marketing, she is the author of Make A Name For Yourself: 8 Steps Every Woman Needs To Create A Personal Brand Strategy For Success, The Fearless Fish Out Of Water: How To Succeed When You’re The Only One Like You, and Reinventing Yourself: 10 Steps To Shifting Your Career Into High Gear. Learn more about Robin at: http://bigfishmarketing.com