Once upon a time in a land far, far away, a little entrepreneur dreamed of making millions of dollars with his idea of inventing apples covered with peanut butter. Unfortunately for that young lad, his dream never came true. It wasn’t until recent, he (I) realized why that dream never came true. I know what you’re thinking, apples covered in peanut butter? Maybe it would have worked, maybe it wouldn’t have (picture me giggling) but the fact of the matter is, an idea, more specifically a brand will never sell without having and telling their Brand Story.
Traditionally speaking, Entrepreneurs raised capital from friends or maybe even family with the hopes that they would break even or hopefully turn a profit within 2-3 years and from their they would look to use their profits to grow or possibly even sell the company. Today’s Entrepreneurial landscape is much different than it used to be. You have companies like Amazon, Uber, Twitter and Spotify that are valued in the 100’s of millions and even billions of dollars but either lose money or are barely profitable. Yes, they all dream of being profitable and Twitter’s acquisitions of Periscope and Vine were an example of that attempt but companies like Amazon with over a 70% growth rate will not become profitable without a double digit percentage drop in operating expenses. (Fox Business News)
So how do these companies continue to drive value? They have an incredibly strong brand story! They continue to use their brand story to raise billions of dollars collectively in funding from investors. They tell a story not of being profitable but of year to year growth to establish their leadership position in their market and use it to raise as much capital as possible. So what can the rest of us learn from this? No matter what size of a business you are looking to start or what type or size your current business may be, building value has and always will be the key to raising capital and ultimately the growth of your business. The difference now is that value isn’t just about your systems, your operations and numbers, it’s about story telling. You have to paint the vision with your brand message that tells a compelling story to build immense value to capture market share. Now, of course you also need to provide value to your customers and clients with a highly effective product and service and we are becoming an experientially driven consumer base but with the ability to communicate your brand story, the ability to “story-sell” , you can become a disruptor, a competition crushing, market insistent brand!