Brand Vs Business Model
You may be asking yourself why a book about digital marketing strategy has a chapter about business models and brands. There’s a good reason for that. You can’t really begin to determine your content marketing strategy until you determine how your company generates revenue and retains loyal customers. After you understand that, you’ll know what your customers find valuable in terms of products and content. You’ll be able to deliver the kind of content that keeps your customers engaged and buying.
Oddly enough, some companies don’t really understand the business they’re in. That may sound counterintuitive, but it’s true. Your company could be one of them. Many managers fully understand what their product does, but not what “job” (or jobs) it does for their customers. If you don’t know what job your customers are hiring your product to do, you won’t fully understand what your customers want.
Let’s start by defining two important concepts: business model and brand. After looking at the meaning of each of these concepts, you’ll find it easier to effectively address each one.
- Your business model: Your business model describes how you make money. This concept is inward-facing, meaning that you look inside your company to see what drives your revenue. You consider operations, suppliers, and all the things that go into delivering a sound product.
- Your brand: Your brand is what your company means to your customers. Regardless of how you make your money, your brand is defined by the connections it makes in the minds of your customers. You take into account things like customer data, retention, and buying habits to determine what your brand stands for. You can declare what your brand means to your customers, but you can’t make them believe it. They tell you. On social media, this message is amplified a hundred-fold.
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