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The Difference Between a Business and a Multi Million Dollar Business

by remega
15 replies
The major difference between successful multi millionaires/billionaires and the average joe business person is that the multi millionaire and billionaire understand the power of branding.

Create a Brand rather than a promotion.

A brand builds Trust.
A brand builds Equity.
#business #difference #dollar #million #multi
  • Profile picture of the author ryanman
    Branding would be useless without a value driven product which helps the customer in one way or another. Branding comes later - Your product & the value it provides comes first.
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  • Profile picture of the author remega
    Are you a multi millionaire or billionaire? REAL multi millionaires and billionaires know this simple concept. If you could, ask Richard Branson...He would give you this same advice. I received this advice from my multi millionaire mentor who was responsible for making me a multi millionaire and my mentor received this very piece of wisdom from Richard Branson himself. If you make more money than Richard Branson, I will gladly listen to your advice.
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    • Profile picture of the author Joseph Robinson
      Banned
      Originally Posted by remega View Post

      Are you a multi millionaire or billionaire? REAL multi millionaires and billionaires know this simple concept. If you could, ask Richard Branson...He would give you this same advice. I received this advice from my multi millionaire mentor who was responsible for making me a multi millionaire and my mentor received this very piece of wisdom from Richard Branson himself. If you make more money than Richard Branson, I will gladly listen to your advice.
      Quick to attack. Ryanman makes a valid point. Let's say that Virgin decided to sell something moronic like...oh I don't know, used diapers. Needless to say, people are going to be hesitant to purchase from Virgin. Come on, they decided to sell used diapers.

      Branding is great, and like you said it will take an average businessman over the top. It is not the be all, end all though. You need to provide value first and foremost, and that is what ryanman was getting at. If you can't provide value, then branding doesn't mean much.
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    • Profile picture of the author ryanman
      Originally Posted by remega View Post

      Are you a multi millionaire or billionaire?.
      I would not be okay with discussing how much money I make here:p nor do I feel anyone should take my advice seriously as I still have a lot to learn. But I do know some folks who are multi-millionaires and don't exactly have a brand but do have products which deliver great value. I also know some offline businessmen who are working under the radar and making millions in real estate, they have no brand either yet take home big paychecks.

      Also, how many people do you feel will do what Richard Branson has done? Not everyone can have their own record label or an airline company.
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    • Profile picture of the author Dominican
      Originally Posted by remega View Post

      Are you a multi millionaire or billionaire? REAL multi millionaires and billionaires know this simple concept. If you could, ask Richard Branson...He would give you this same advice. I received this advice from my multi millionaire mentor who was responsible for making me a multi millionaire and my mentor received this very piece of wisdom from Richard Branson himself. If you make more money than Richard Branson, I will gladly listen to your advice.
      I am curious to see what you would define a "brand" as? Please give me the in depth definition of/on how you view such a thing.
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    • Profile picture of the author dfs_dean
      Originally Posted by remega View Post

      Are you a multi millionaire or billionaire? REAL multi millionaires and billionaires know this simple concept. If you could, ask Richard Branson...He would give you this same advice. I received this advice from my multi millionaire mentor who was responsible for making me a multi millionaire and my mentor received this very piece of wisdom from Richard Branson himself. If you make more money than Richard Branson, I will gladly listen to your advice.
      I'd be interested to know what your Brand is that you trade under and that made you a multimillionaire. Sharing a little more than you have so far may benefit a lot of us here on the Forum.....and further your brand.

      Peace
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    • Profile picture of the author Tsnyder
      Originally Posted by remega View Post

      Are you a multi millionaire or billionaire? REAL multi millionaires and billionaires know this simple concept. If you could, ask Richard Branson...He would give you this same advice. I received this advice from my multi millionaire mentor who was responsible for making me a multi millionaire and my mentor received this very piece of wisdom from Richard Branson himself. If you make more money than Richard Branson, I will gladly listen to your advice.
      So, what's your brand?
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  • Profile picture of the author Woodward82
    Originally Posted by remega View Post

    The major difference between successful multi millionaires/billionaires and the average joe business person is that the multi millionaire and billionaire understand the power of branding.

    Create a Brand rather than a promotion.

    A brand builds Trust.
    A brand builds Equity.
    Branding is a major part in your business model. I just don't understand the point of the thread. You didn't offer any insight on what branding is, or how to implement it.

    Your brand consistently and repeatedly tells your prospects and customers why they should buy from you
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  • Profile picture of the author Ashley C
    Branding certainly helps. It is crucial to a business like Virgin. But what is a brand without a business? You don't have to be a millionaire to understand that.
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  • Profile picture of the author Exel
    Branding is important, but I'm not sure how far Apple would have come if it hadn't been for their top notch products.

    I'm no multi millionaire by any means, but I think Steve Jobs' goal was to create an awesome product first,
    and not to brand himself unconditionally.
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  • Profile picture of the author Maraun
    Brands are built on top of good products, not the other way round.

    If you have a lot of great products and are NOT branding however, you are loosing money. Because in essence a brand is a trust bonus that is instantly available for the launch of every product you release. If your brand is good, people won't bother researching your background, your level of service or your quality in general because they know already it's gonna be good.
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  • Profile picture of the author Fred_Acker
    I'm going to go out on a limb here and say that the "Brand" is only one part of the cycle. If you consider branding and USP (unique selling proposition) the same thing or similar and even if you don't I suppose there's still the little matter of letting people know about your brand, your business and your product. The same goes for the logo. Brand X is useless if not marketed properly.

    And, I'll go out on a limb again here...
    "The major difference between successful multi millionaires/billionaires and the average joe business person is that the multi millionaire and billionaire understand the power of branding."

    I was under the influence that The major difference between successful multi millionaires/billionaires and the average joe business person is that the multi millionaire and billionaire chooses to be a multimillionaire or billionaire. They've made the decision to be successful and let nothing stand in the way of that decision regardless of their circumstances (unless of course they were born into it). While the average Joe businessman either chooses to be the average Joe businessman or simply doesn't know how to get past that point and needs to be educated on how to do so.
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  • Profile picture of the author Clandog
    Banned
    I think money backing you up is also a huge factor
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    • Profile picture of the author dsafeer
      A value proposition with a brand will make you millions.

      A value proposition without a brand will give you a job. The brand DOES make the millions. Not sure? Just look at a Mom & Pop hamburger chain vs. McDonalds

      My guess is that the Mom & Pop hamburger stand/chain have a better value proposition. McDonalds has the brand plus a certain amount of value.
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  • Profile picture of the author kevin roche
    Brand name is built on the basis of the quality and services of the product.Brand building is a process that have always been necessary to make a profitable business successful.
    • Increase Public's awareness of your business name and logo can prove to be very helpful.
    • Build loyalty and trust in your current customers.
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