When it comes to running a successful business, one of the most important aspects that a business owner should focus on is branding. Once the entrepreneur has been able to deliver their message clearly, connect emotionally with their target market and motivate their potential buyers, they will then be able to say that they have been successful at branding their business. One of the best examples to follow with regards to business branding is Andy Warhol.
Ruth La Ferla from the New York Times had this to say:
“But even the seer in Warhol could not have envisioned the degree to which he has become commercialized. In time for the holiday season, nearly 20 years after his death in February 1987, the marketing of Andy Warhol is in full flood.”
If there was a single thing that could be learned from Warhol, it was the fact that he literally became his business brand. This is what made him so successful in the world of entrepreneurship. In fact, his unique ways of branding have been an inspiration to a wide range of entrepreneurs in various industries. Even 20 years after his death, Warhol’s inspiration and ideas are still being seen all over, including on jewelry, coffee mugs, carpets and greeting cards. Many shoe designers and fashion houses have used this artist’s images as inspiration for a wide range of designs. According to the New York Times article, Andy Warhol is being positioned to become almost as popular as the ever-famous Hello Kitty brand.
Once a brand has been created, it is important to ensure that the reputation of the brand is upheld at all times, as this could very well become one of a company’s most important assets. That is why it is important to for a company to choose its advertising channels carefully, as some of them will have a lot more impact than others. Although new businesses may have a limited budget for advertising in the beginning, they should aim to spend as much as they can possibly afford on this in order to achieve the best long-term results. For example, it may be cheaper to place adverts on public notice boards or on lamp posts, but it would be far more professional to reserve advertising space in newspapers.
Businesses that make use of Warhol’s design ideas usually pay royalty fees which are then used to fund the Warhol endowment. This initiative is then used to fund various areas of the arts, which are usually in dire need of financial support. Over the past few years, this revenue has quadrupled to approximately $2.25 million, according to Joel Wachs, who is the president of the Warhol endowment. With an increase in revenue that is as high as this, it can only mean good news for the struggling arts industry.
Entrepreneurs who wish to achieve the same levels of success as Warhol should remember that a lot of hard work and dedication went into his branding campaigns. This has ensured that people from all over the world have remembered him not only for his quirky personality; they have also remembered him for the completely unique methods of advertising that he used.