What Business Are You Really In?

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Introduction 

Asking yourself the question ‘what business am I really in’ is well worth doing periodically – the answer might just help you to discover hidden opportunities or an angle for business development that you otherwise wouldn’t have considered.

Show Notes

Asking yourself the question ‘what business am I really in’ is well worth doing periodically – the answer might just help you to discover hidden opportunities or an angle for business development that you otherwise wouldn’t have considered.

  • Somewhere along the line cinemas began to look at their business in a different way
  • The classic example that is given when people are talking about this topic of what business are you really in is the railroads
  • The businesses that best understand the customer and create solutions that the customer wants to buy are the ones that ultimately win
  • Kodak is a cautionary tale that illustrates why it’s imperative to stay relevant to customers
  • I see a potentially worrying parallel for many law businesses such as my own intellectual property law firm
  • Clients need to get a brand, create an identity, and protect their intellectual property
  • Customers face real problems attaining a brand that’s legally protected and makes them more money because they often don’t know who to turn to achieve that goal
  • The intellectual property dimension falls by the wayside because its relevance isn’t that obvious to clients or to the agencies they use
  • Once the brand is created, businesses are unsure how to promote themselves
  • Clients need to promote their business to get customers and build their brand online
  • Smaller businesses lack the insights into brand management so don’t get the best from their branding spend
  • It makes complete sense for us to offer products and services related to intellectual property to support clients to get a helicopter view of their business, build effective brands, and have a more joined up approach to marketing

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