Why I’m Investing Into My Brand

Summary

• If you increase your prices by 10% and lose all your customers, it’s a sign that your brand isn’t strong.
• Evaluating brand strength can be practical and straightforward in a business context.
• Recognizable companies like Ben Bridge Jewelers, Dairy Queen, and Geico have brands that contribute significantly to their value.
• These brands are attractive for acquisition by larger entities like Berkshire Hathaway because of their established market presence and customer loyalty.
• Observing investors like Berkshire Hathaway has reinforced my understanding of the critical importance of brand building in business.
• As a business owner, the realization that investors and entrepreneurs both value brand equity validates my efforts to focus on brand development.

Video

How To Take Action

I would suggest starting with a price check. If you feel brave, try increasing your prices by 10%. If you don’t lose customers, that’s great! It means you have a strong brand. But if customers start leaving, it’s a sign to work on your brand more.

Building a brand doesn’t have to be expensive. You can do simple things that don’t cost much. For example, always give great service. When people trust you, they come back. That’s how you build a loyal customer base, just like big companies like Dairy Queen or Geico.

Also, think about what makes you different from others and make sure people know about it. That could be your story, how you make your products, or the way you treat your customers.

Keep an eye on big investors like Berkshire Hathaway. They go for companies with a strong market presence and customer loyalty. That shows the power of branding. If these companies are doing it, that means it’s really important and works!

So, put effort into making your business stand out. Have a good name, a logo, and use social media to share what’s special about you. Talk about how you solve problems for customers. This is how you start building a brand that people remember and prefer.

Remember, it’s not always about spending a lot of money. It’s about being smart and focusing on what makes your business unique. That’s how you make your brand stronger over time.

Quotes by Alex Hormozi

“If you raise your prices by 10% and all your customers leave you, you don’t have a brand”

– Alex Hormozi

“The strength of a brand in a real business setting”

– Alex Hormozi

“They were willing to buy those companies because they saw that they had a strategic moat”

– Alex Hormozi

“It wasn’t because they had some novel business thing, it was because of the brands that those companies had built”

– Alex Hormozi

“The importance of brand to me was very confirming on my investment now in trying to build the brand that I am”

– Alex Hormozi

Full Transcript

if you raise your prices by 10% and all your customers leave you don’t have a brand and so that’s a tactical way to see the strength of a brand in a real business setting and when you think about you know Ben Bridges Jewelers Dairy Queen you think about Geico these are all companies that are wholly owned by Berkshire hathway and they were willing to buy those companies because they saw that they had a strategic Moe and it wasn’t because they had some novel business thing it was because of the brands that those companies had built and when I saw that them as investors and me as a business owner in different hats both saw the importance of brand to me was very confirming on my investment now in trying to build the brand that I am