We all want to belong and to be accepted by our family and friends. However, if you want to build a business, you have to find your own way to develop the services and products you can deliver better than anybody else.
Ultimately, this is what branding is all about: standing out from the crowd. You have to be different.
Mimicking the herd invites regression to the mean (merely average performance).
Charles T. Munger
Since we arrived at the letter M with our series, I chose Charlie Munger and some of his quotes as inspiration for this article. Charlie Munger, who belongs to the wealthiest people on the planet, is an investor, philanthropist, and Warren Buffett’s business partner and friend.
The Myth of the Low Hanging Fruit
If you are building a business, you tend to accept any kind of offer to catch the so-called «low hanging fruit.»
Personally, I think that there is no such thing as «low hanging fruit» because if there were, everybody would harvest them. If you want «low hanging fruit,» you have to create it.
Before you can do this, you have to create your portfolio of services and products. Find a point of difference, also known as USP. It is very important to love what you do and what you offer. Building a business is hard enough, but I assure you it is impossible if you are not passionate about what you do.
My Definition of Low Hanging Fruit
Let’s say you found your niche, and you love it. You probably have read everything about it; you know your processes or your supply chain like the back of your hand.
Taking it from there, you can think about what extra services you can easily deliver as your infrastructure aligns perfectly with it. These are Created Low Hanging Fruit. And, they are only easily achievable because you did your homework.
Reputation
Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat. – Charles T. Munger
Reputation is part of your brand, your corporate identity. Are you known for having lousy customer service or not showing up when you say? I hope not.
Even if you are known for delivering the finest products and the best service, you will make mistakes. Nobody is perfect. As long as you own your faults, replace faulty products, or make it up to your customer in another way, your reputation will remain intact.
Expert Tip
If you would like to speak with an expert about the value of your brand, your reputation, or how to improve either of them, please contact Diana. She is more than happy to assist you.
