Picture the scenario.. You have just started up a new company and are struggling to generate revenue. You begin to panic and look for other short term revenue streams that will provide a quick fix of cash flow. Sounds like the sensible thing to do right? Wrong!
This thirst for short term success could result in you having to defer away from your long term objectives and into other markets. Yes this short term success will validate the decision at the time but in the long run you will cause confusion between your consumers and will end up without a loyal following.
So how do you ensure that you remain focused?
Firstly, it is important to build a brand around a solution or objective and NOT a product. Did Nike build the company around a shoe? NO.. Granted the trainer was the first product but Nike was built around a vision to innovate and changing the sports apparel market. By building the company around this vision it allowed the company to explore other market places in the long run without confusing the consumer and losing focus.
Let me ask you a quick question... Can you imagine Blackberry watches existing in the wearables market? Most of you would say NO but how come it is so natural to associate Apple with anything and everything? This is simply because Apple was built on a vision and not a product.
Once you have decided the vision of your brand it is essential to be extremely self aware of both your own and your team's capabilities. What skills do you possess? Nine out of ten start ups will consist of small teams with limited resources to hire experts in certain areas, so it is essential that you identify your strengths and weaknesses and build your company around them. If your team consists of extrovert characters then capitalise on this and focus on building your brand around these characters or yourself by producing a lot of digital content to connect with the consumer. On the other hand if your team is full on introvert characters then focus on producing content via a different method that does not expose the weaknesses of yourself and your team members.
Being self aware allows you to remain focused as a brand and not attempt to venture into different markets or areas that will ultimately result in you not achieving your long term vision.