7 Aspects That Make Your Start-up a Multimillion Dollar Brand

Overview: In this article, we will discuss the seven superpowers that potentially transform your startup into a business worth millions of dollars in an ethical and sustainable way. Also, at the end of our discussion, we will unveil the art of navigating the superpowers to increase its efficacy.

7 Minute Read.

In the era of technology and free flow of information, customers are better educated. Their comments about your brand can influence public opinion and therefore, contribute to the creation of a certain narrative around your brand, which then becomes your brand reputation. Whilst strategic marketing communication campaigns might help to shape the narrative in favour of your side, there is no way that you can totally control the opinion that circulates within our society, particularly in these days when business transparency has become the new norm. That is why many big companies are taking an anticipative action by mending aspects that they can mend within their reach. The aspects consist of seven things pertaining to business ethics, management and behaviour. 

1. Products and Services

The first aspect is simple, in the attempt to build a reputable brand that earns you a sizeable revenue, you need to focus on creating products and services that meet the needs of your target customers. In most cases, before falling in love with a brand and becoming a loyal customer, buyers connect with a brand at a functional level, through the products and services. That said, it is crucial to ensure that your products and services are functional in the sense that they answer to the problems that your customers want to solve. If you want to take one step further in your attempt to make your startup a multimillion brand, revamp your production budget so that it allows you to set a price point that is relatively competitive. Indeed, contemporary marketing taught us that price is a mere illusion and there are many people who are willing to spend more in the name of luxury and comfort. Nevertheless, according to the Harvard Business Review, value-for-money strategy is proven more sustainable especially in times of crisis. It is also a better path to take in making your customers feel satisfied. It is universally acknowledged that a happy customer is the best brand’s ambassador.

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2. Innovation

Data published by Statista.com showed that there are 422 million start-ups recorded worldwide and actively compete to promote their unique business ideas. They come with the same objective as you, taking over the market. Of course, this number will get smaller when you break it down into your niche. But even so, it is important to be aware of the fact that companies such as Netflix, Amazon and Tesla are valued billions of dollars because of their insatiable passion for innovation. These companies are the agents of change that transform the course of business by creating a new way for us to watch movies, shop for products and drive a car. With the inspiration in mind, always endeavour to think outside the box, utilise the power of data to characterise your innovative idea and be the change. In the end, companies that generate the most money are the ones with reputation for being different.

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3. Workplace

Your employees are your biggest asset. They are the dynamo that keeps your business running and a life-saving vest that keeps your ship from sinking when a huge wave hits you. Although some companies don’t realise the real value of their employees and see them as mere statistics, companies that earn recognition from the public are the ones that take a different path! Treat your employees as valuable human beings. Create a conducive workplace that stimulates creativity, the feeling of safety and well-being. There is no rocket science here, it’s as simple as applying the golden rules - treating others in the way you want to be treated.

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4. Governance

Setting a robust government structure in your organisation is important and ensuring that it relates to the political climate in the country your business operates. Companies that earn a good reputation tend to have a good stand on their political stance but still maintain a good relationship with the authority. On top of this, they also practice transparency when it comes to their actions.

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5. Citizenship

New research from strategic brand and planning consultancy has revealed how consumers are increasingly turning to brands to help enrich their lives and collaborate with them to create a better society. What does it mean? It means that your brand or product needs to be an intermediary that allows your customers to show support on social or environmental causes. In today’s era, the public is losing trust on politicians and they turn to brands/companies to help them be part of a solution for a certain problem the world is facing. Fortunately, many startups nowadays, which probably includes yours, are built based on a particular purpose and therefore, all you need to do is to communicate your mission statement clearly and consistently using a well-organised marketing communication plan.

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6. Leadership

Everyone must have heard about the news involving Yoshiro Mori, the former chief of Tokyo Olympics who faced international bashing and was urged to relinquish his role due to his controversial comments? Yes, the event demonstrates how crucial the role of leadership is in building a good reputation. Apart from having a strong leadership style, leaders who manage to bring their companies into the list of 200 most valuable companies in the world, practice transparency, empathy and open-mindedness. Companies like Microsoft, Zoom and Google enjoy the real benefit of this aspect and your startup also could, if you follow the path.

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7. Performance

Last but not least is performance. Brands with good reputation score high in overall performance that includes the other six organisational aspects that we have discussed above. So, if your long term business goal is to create a sustainable and profitable business that matches the performance of Coca-Cola company or Netflix, first thing first, ask yourself this question, have you taken a considerable effort in revamping the six aspects of your organisational management? because it affects how your company performs.

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In conclusion, a holistic approach to build a company that generates millions of dollars of revenue is prerequisite. Nevertheless, there is a less challenging way to start - prioritising. Select three aspects within the holistic approach that you consider more important based on your business model or how you want your brand to be remembered by the customers. So, from this discussion, which are the three elements that you think most relevant with your brand?