The Matrix of Success Determines Business Success
I came up with this thing that I call the matrix of success, and it will show you four types of businesses. You will see that only one of them, one of these four types, experiences business success. So let's get started.
First Type - The Product is Poor and Nobody Knows About Your Business - Not a Successful Business
So first up with business is when nobody knows that you exist and even if they did, they still wouldn't want your products. This is the type of business that Kevin O'Leary wants to take behind the barn and shoot. This type does not characterize a successful business.
Second Type - People Are Aware But Don’t Want Your Products or Services
The second type of business is when a lot of people know that you exist, but they still don't want your products or services. This is a new Coke scenario. Some of you know what that is and some of you don't.
If you don't, look up Wikipedia. It was one of the Coca-Cola company's big debacles. They decided to change the formula and nobody liked it.
So that's the second type of business. A lot of people know you, but they don't want your stuff.
Third Type - The Product is Decent But People Don’t Know About Your Business
The third type of business is when in theory, you've got something that people want, a good product or a good service, the problem is that nobody knows that you exist. Nobody knows that you offer this product or this service. This is how you get all those desperate people who are trying to stuff their business cards in your face at networking events.
I'm sure you've met those people. Some of you may have been those people, really. That's not a great situation to be in.
Brand awareness is critical for successful businesses. You can have a great product or service, but it doesn’t matter if customers are not aware of your brand
Let me tell you a story. A few years ago, I was giving a presentation from the stage. After I finished, there was a lineup of people who wanted to talk to me and ask me some questions. There was this woman at the end of the line. So when her time came, she comes up to me and says, "Andre, I really loved your presentation. It was so useful. I learned so many things."
Great. Did you have a question for me? She says, "Yes. I've got a question." What is your question? And she says, "Andre, I was just wondering, do you have life insurance?" It was a business proposal that reeked of desperation. Don't be that woman.
Fourth Type - Product is Decent and People Know About Your Business
The final category. The final slot in this matrix is where we all want to be. It's when a lot of people know that you exist and a lot of those people want whatever it is that you have for them.
They want your products or your services. If you think of any successful business out there, you will notice that a lot of people know about them. They're famous in their niche.
A lot of those people who know them, buy their products. You can't find an exception from this rule. That's what makes them successful.
Have a Desirable Product or Service
So really, there are two things you need to focus on. One is you need to have a product or a service that people want. You need to have a good product and service.
You need to have something you're proud of. Really, if you're running a business, and you don't think you're offering a good product or a good service, maybe it's a good opportunity for you to go back to the drawing board and think of how you can make your products or service better.
Make People Aware of Your Business
The second thing you need to take care of is to make sure a lot of people to know that you exist. This is why you must have a good brand because really the brand is what people think about when they're thinking of your business. If they're not thinking of your business, there's something wrong with your brand.
Build A Stronger Brand With Trademark Factory
Now we can't help you build a better product or build a better service, but we can and we do help you build a stronger brand.
Trademarking is a part of that, but you also need to understand what brand elements you need to trademark, what brand elements you need to build, what brand elements you need to protect. That's the kind of stuff we deal with all the time.
So two things you need. You need a great product and great service, and you need a strong brand. Part of having that strong brand is having that brand protected.
I hope this answered your questions. And I hope that you'll be one of those successful companies that everyone looks up to, that everyone uses in their presentation of an example of what a strong brand is, what a strong brand does, and how you can build a great business with a great product and a great brand.