Discovering the SOUL of your business might be the antidote to your dwindling sales and rejected brand.
Have you ever wondered why all your efforts towards building your brand and driving sales have failed? Have you had sleepless nights where you look at the books over and over again and you are left clueless as to why you have been seeing a reduction in sales and outreach?
I know why.
I’m not in your head, neither do I control your business, but research has proven that there are some failings of business that are universal.
And it would be shocking that you have been the reason for this downward spiral in sales and brand reach.
Hold your horses, am I blaming you?
Yes I am!
Blatantly blaming you.
Hey, don’t feel awful. It happens to the best of brands.
From Coca-Cola to Pepsi to Amazon, every global brand you see today have constantly had to tackle the ever changing world of business, striving to keep up and also make profits.
Some have been successful in keeping up, and making profits, some, like Amazon, have forgone profit for growth, but which either way, most brands have had to deal with one or two of these issues at one point or the other.
Well, some are still facing those problems because business is not a one stop thing; it is a process that never really ends.
Are you tired of complaining about low sales and poor brand value? Are you sick, tired and totally losing it with this whole business thing?
I know. Please be calm.
The stats don’t favour start-ups. According to FundRaiser, 20% of businesses in America fail in their first year, 30% in their second year and a whopping 50% in their first five years. Also, a recent research revealed that the lifespan of companies in the S&P 500 have reduced from 61 years in 1958 to 20 years now.
The business world is changing fast. Yours might not be changing with it, that’s why you still feel stuck.
Every business wants to grow and become global. Even with the damning statistics, people are still starting up ventures.
The business world of the twenty first century has shifted the tectonic plates from the traditional ways of doing business – from marketing, to customer service, to raising capitals, to branding. There is a huge difference in the way our fathers of old did business.
Technology for one has caused business to become more fluid and innovation a needed asset. A must have.
With the multiplicity of cultures, ideas, sexuality, and generations, it behooves the 21st century entrepreneur to make room for these diversities. In meeting all these different cultures and people, there is a dire need for creativity and SOUL.
EVERY BUSINESS NEEDS A SOUL
A core that creates value first before demanding for money. A core that serves before asking to be served.
This need for creating value for customers is at the core of today’s business.
You may have been stuck with the “old and trusted ways” that you find it hard to take a leap of faith into the world of the unknown. You may have been substituting all the while, believing you are evolving.
Business has gone past the days of huge capitals and massive land space. It has evolved from the days of Ford Motors and Exxon mobile to Uber and Amazon and Jumia and Facebook. We have seen a drastic change from the status quo with tech companies taking over the business world. They have proved that the twenty first century business is not about who has the cash but instead who has the soul.
Uber, one of the leading companies in the transport business today don’t have a single car of their own. Alibaba does not have a retail store, neither does Airbnb. These companies, all worth billions of dollars, started with no physical capital. All they had was an idea and a soul.
Are you seeing what you have been skipping past?
Stay with me, please.
What does a SOUL mean?
A business’ Soul are distinct set of values that color its priorities and behaviors. It is the feeling that stays with a customer after engaging your product or employee. The soul could also be defined as the WHY a company is in business.
As a business, you should be a able to communicate your soul, your WHY, your reason for doing business to the employees and the customers in few words. Or rather, in a few interactions. In a previous post, we dealt with a company and how they can build a brand with their employees. We also made mention of how employees are your biggest brand ambassadors. Yes. If they understand the soul of your business.
A company’s soul is entrenched deep within its organizations value and how it delivers its services or products. It is how you would change the world in your little way using your business. With a business soul it means that even though the product or service changes, the core of WHY you are in business can still be seen and felt.
The Soul also means that you look beyond the product you are offering but more at the reason you are here.
If your business’ soul is to “Create healthier children”, you know that it doesn’t matter what product or service you put out there, the goal is to create healthier children. Be it shoes or clothes, or pharmaceutical products, or even baby foods, your main reason for going into business is to create healthier children. It must be a world view that adds value, not product or just service.
For example, Apple, they can decide to make a school bag and still have people kill over it, or decide to make a pot of soup, people would stay in long queue to have a taste of it. Why? They have been able to, over the years, communicate the soul of their business to their customers that it doesn’t matter what product they offer, what matters is the soul. A soul helps build a circle of trust and loyal customers over time.
Another example is Nike, whose Soul is to bring inspiration and innovation to every athlete. They know why they are in business and are sure going to stay true to this WHY no matter the product they choose to produce.
Does your business have a soul? You just might have gone into business for the wrong reasons.
Ask yourself, dear Entrepreneur, WHY am I in business.
What were your answers? Please share with us so we can know how to help you grow it.
If you have found your business’ soul, let’s move on to How you can communicate that SOUL to your customers and reach them where they are.