KUALA LUMPUR (Oct 7): To build an iconic brand that is relevant, business owners should keep three approaches in mind, which are to invest at the right time, hire the best talent and execute strategies that separate the company from competitors.
Winnie Loo, founder and chief artistic director of hair salon A Cut Above, shared how property was her main source of investment back when she started out. She stressed, however, that the market now is not the same as it was four decades ago, and advised business owners to be cognisant of investment strategies that align with both their interests and expectation on returns. “If you do not have deep pockets, don’t overspend all your money… Invest wisely with the methods [available today],” said Loo.
Ivor Lim, co-founder of sustainable skincare start-up HYGR, emphasised on recruiting the right talent to support the business with more diverse opinions when it comes to problem solving for the company.
“If you hire [the best] salesperson, you’re one hire closer to solving a problem in sales, [or you may] probably be one viral video away from boosting your marketing,” said Lim.
Meanwhile, Chew Hoi Meng, fellow co-founder of HYGR, highlighted how sustaining a business through relevance must be a priority for business owners looking to stay in the market for the long game.
This can be done by concentrating on the proper execution of strategies to be a step ahead of competitors to ensure smoother operations.
“What makes your company different from your competitors is the speed of execution and how focused you are in your executions without distraction,” said Chew.
On the operational end, he shared that having an intentional link between the business and the consumer’s thoughts through certain products, or in HYGR’s case, Lim as an influencer, would make a long-lasting impression that will keep the brand fresh in consumers’ minds.
“In order to build an iconic brand, how deep we can tie in our consumer’s mind and see the words that can [connect to our business]? I think that’s the most powerful and the focus that we have to go after,” said Chew.
Loo also advised founders to be unconventional and break the rules where applicable to make a business stand out.
She shared how decisions such as straying away from an eponymous name for her salon, refusing to increase prices during Chinese New Year and photoshoot sponsorships for media presence were some of the defining moments that have propelled A Cut Above to be a unique business in the hair and beauty market.
“One day, [these choices] will build up. I did all these little things that people didn’t see and sowed it 40 years ago. I was already pushing the boundaries, going against the norm, doing the things people thought weren’t good, and I thought to break [the rules],” said Loo.
Lim also said that business owners must learn how to take negative comments in stride, and to distinguish hateful remarks from real feedback to grow the business more sustainably.