Hear Flight Centre’s Geoff Harris, MYOB’s Craig Winkler and Rip Curl’s Brian Singer talk about building a brand.
SmartCompany has teamed with Nine Network’s Your Business Success to bring you lessons from top entrepreneurs, including Flight Centre’s Geoff Harris (right).
Every week we take a different theme and share entrepreneurs’ insights, tips, challenges, mistakes and triumphs.
Brand! It’s one of the biggest misconceptions about marketing: that to build a brand successfully from scratch a company needs to spend large sums of money on advertising in mainstream media.
You can build a brand cheaply, if you are clever.
- Use viral and word-of-mouth marketing. It is the most powerful and cost-effective way to build a brand.
- Target a small number of customers to begin with, and ask them to act as advocates for your product or service.
- Identify opinion formers in your industry sector, such as analysts, and devote as much time as it takes to establish a relationship with them.
- Spend money getting the fundamentals right, but do not cut corners: get the best design and the best consultants.
- Do not follow big established brands down the media advertising path. It’s too expensive and you will be lost in clutter.
- A great website is essential.
Watch Flight Centre’s Geoff Harris, MYOB’s Craig Winkler and other top entrepreneurs talk about building their brands.