The Importance Of A Well Thought Out Business Model
As an avid fan of The Apprentice, I have recently been glued to the television screen every Wednesday night. I relish watching the challenges they face and seeing how they cope with the different scenarios. I watch and analysis with admiration as the candidates face an immense amount of pressure each week. I secretly want (don’t tell Fiona) to apply to see how I would react in that environment.
This week’s semi final was fantastic as I feel it highlighted several key points. When tasked with the brief ‘create a new affordable luxury product range’ both teams came up with completely different concepts. Team Phoenix created a high-end chocolate company ‘Sweet Thing’ and team Sterling created a modern grooming range known as ‘Modern Gentleman.’
‘Sweet Thing’ created a visually stimulating environment for their prospective clients and panel of experts. As soon as you entered the room you were greeted with a positive atmosphere, bright colours and engaging props. I personally didn’t love the logo however it was right for the brand.
‘Modern Gentleman’ created a very slick, male brand identity. The business model was extremely structured and well thought through however the studio space was somewhat dull and incredibly minimalistic. The ambiance was in complete contrast to ‘Sweet Thing’ however it was obvious they had done their homework and answered any questions with ease.
After both teams pitched their ideas it immediately became apparent that Phoenix had skimmed over some of the finer details, in order to create a fun experience. Phoenix however had clearly worked through the logistics of the business model to ensure they knew the business plan inside out.
I was sat at home cringing when Adam (Project Manager) said, “our target market will hopefully appeal to absolutely everyone” how is that a target market? It is essential that you have a market to aim your product towards. Chocolate is obviously going to appeal to a large market however it is still essential to have a direct audience to aim towards, which you can then categorize into specific customer archetypes.
I feel the pitch went downhill from there, he seemed nervous and unprepared. The line of products was somewhat muddled and they really didn’t seem to have a clear direction for the brand. It seemed vital questions were missed, such as what is your niche? How can you own and defend that niche?
As Brand stylists, the visual aspects are obviously fundamental to us and we thrive on creating award winning, mouthwatering design. A gorgeous design is nothing without vision and focus, it means nothing if you don’t know yourself who you are talking too. A well thought out design will put you head and shoulders above your competitors, however The Apprentice has highlighted the fact that it is essential to have a well thought out business model. It is integral to know your brand inside out.
