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Posts Tagged ‘Connected Economy’

What Happened To Target’s Canadian Brand?

Target_logo.svg

Let’s first ask the question, ” What Is A Brand?”.

 

It’s not a Logo , it’s not a Name….a brand is a series of expectations that people have of your product or service, based on the promises you’ve made.

Using that as the definition of a brand, answering the question of what happened to Target’s Brand in Canada, it was broken from the moment they opened their doors. They didn’t keep their promises, lower prices, more selection, and so on.

They broke their promises, and now they are closing 133 stores in Canada….why? Because you didn’t trust them when they said they would make good on their promises. You had a bad experience with Target Canada.

So what’s your businesses Brand? Have you gone the traditional Industrial Age way of thinking, where your brand is a logo or a name, and don’t really care, or have you decided to give your market positive experiences, based on the promises you kept, reflecting how much you do care. The later is the new connected business model, it’s open & it’s free….The Open & Free Business Model.

 

Future Of Business – What Kind Of Business

Considering all that is changing, how business is changing, how global and yet how locally our businesses must be, does your business line up with that future? Is your business social, or is it traditional? Does your business advertise on the Internet as part of its marketing mix, or do you stick with traditional modes of advertising. There are many questions to ponder when starting a new venture, but the main questions is, what kind of business, what structure, what type, and will it meet the needs of the economy.

The new economy is a connection economy, how does your business connect consumers, how do you connect to other businesses. Just using social networks is not connecting, depending on how you use them, most use them as another channel to yell, flood, to do what you’ve always done. You use them with a traditional mindset, it’s not connecting, it’s telling.

The traditional way, meant you had to have ads in the yellow pages, maybe you ran radio commercials, and you mostly used Newspaper. You never had to consider the Internet as part of your mix, and most still don’t have a clear understanding of how it works, and how to you use it for business. Today you have to think about where to best spend your time & money, adding the Internet as another way of enticing consumers to your business, to buy. But consumers act differently online, or do they?

More than ever , there is much to consider, it’s not black & white as it was back 30 years ago. The Internet is 25 years old, and brings with it challenges, and incredible opportunity. Asking yourself if you’re on LinkedIn, FaceBook, Twitter, YouTube, Google Plus is the new normal today, knowing what to do on them, and how to leverage them, is not normal, not like Radio, TV, and Newspaper. But you’re already figuring that out aren’t you.

Business is getting much more complicated, it’s causing you to rethink what kind of business. Traditional or The Connected. And what does a connected business model look like, it’s the Open & Free Business Model. And that you can learn here on owengreaves.com.