17 May Why small nations are prosperous
One of the key reasons why a small nation like UK is prosperous is because of its brands.
Perhaps Cadbury, H&M, Marks & Spencer, BMW etc earn more money from around the world than UK itself.
A brand changes the way people believe and see things. Once you establish a brand, people want the brand more than the underlying product .
We need a Coke more than the drink, we need a Marks & Spencer more than the
T-Shirt, we need a Cadbury more than the chocolate, we need a Apple more than the phone, we need a BMW more than the car etc.
A brand is the most effective scale up tool.
Once you build a multi national brand, the world’s your oyster.
First world nations have understood this and have invested in building their brands and are now they are reaping rich rewards.
Their domestic market size is too small for building a flourishing business.
Without their brands, their businesses wouldn’t have taken them anywhere but today they are earning from world over because of their brands.
Brands besides are their virtues are the most effective scale up tools for any business.
As business people, we need to invest in creating our own brands if we wish to scale up our business.
Fortunately, India has many consumers and even small brands like ‘Goli’ wada pav in Mumbai can enhance business profits in a very big way.
Today, if you can create your own brand and use the internet / social media to amplify your value proposition, it will not take too long for your brand to cast it’s footprint on a substantial share of available business not just in your city, not just in your state, not just in your country but even beyond.
We are living in interesting times, perhaps the best that anyone ever had. To make the best of these times, invest in building your brand and leverage the free media at your disposal to make it big.
My message for IFAs is a simple one. Join this race. Start by creating your own logo.