Planning For A Profitable Brand
Let’s be real. We all secretly hope for one of those fairytale brands. You know them. The ones that go from unknown to the coach of Oprah. The ones that make millions of dollars as their founder sleeps. The ones that always have the perfect product offer for their market. The ones in which the audience will do anything, pay anything, to get anything - aka, you can sell your old packaging on eBay. (Yep, that’s a thing. Look it up.) And these brands give us hope that our brand can be this mythical unicorn of perfection too. But for us, we don’t experience the fairytale stardom or the millions as we sleep or they do anything; even our trash has a value approach. Yes, profitable brands rarely happen by accident. You must make a conscious effort to make continuous cash. What does that mean? What does that look like? Well, it is easier than you think. Because, like everything, planning is the easy part. Now I am sure you know the basics. So let’s jump into a few areas that most people skip.
7 independent streams of income. Yep, 7 independent streams of income are what your brand will ideally need to stay thriving no matter what. This does not mean you need to launch 7 income models at once. What it does mean is that your brand’s strategy overall should have 7 independent income models at some point during its life.
The Cost of Client Nurture. Nurturing your client relationship takes time and money. Many brands underestimate the cost of both. Your clients can be your greatest asset, or they can be just numbers on a spreadsheet. Make sure to show your clients love, and they will show your love back.
Offer Evolution. You need to evolve your offers often. Now, this isn’t necessarily about creating new products or services. This is about updating your approach, language, visuals, etc every 4-6 months so that your brand and offer stay relevant to your audience.
The truth is to build a profitable brand, you must think and act on both the short and long-term game at the same time. And yes, it does cost money and time to create the money and time you are looking for in your personal life. So plan with purpose, produce with passion, and prepare for profit.