Golden Circle In Business Definition

GOLDEN CIRCLE DEFINITION, 3 PILLARS, AND THEIR APPLICATION IN BUSINESS A. Definition of the Golden Circle The golden circle is a technique used to find the goals of a business or brand. Apart from business, the golden circle can also be used to find personal goals and motivation. In business, the golden circle will help you to discover what consumers want as well as the benefits and value you offer. The golden circle is depicted with 3 focused circles, with each circle representing a particular aspect of market differentiation. B. Three Pillars of the Golden Circle Summarizing HMS, there are 3 pillars in the golden circle that need to be understood, including: 1) What we do (what we do): what in the golden circle means the products or services offered by a business. This includes everything produced by the company. 2) How we do: in the golden circle, how is the stages in which a business creates a product or service that suits the market and consumers. 3) Why we do: the main pillar of the golden circle is why, where this pillar explains the goals, causes and beliefs that exist in a business. This is also the reason why a business exists, apart from making a profit. In the book entitled Start With Why: How Great Leaders Inspire Everyone to Take Action, Simon Sinek explains that many start a business by creating a product first, then determining the goal. However, according to Simon, it would be better to determine the goal or "why" first in a business. After that, you can determine the "how" and "what" aspects of making the product. When you start a business by identifying its goals first, this will encourage consumers to support the brand's goals. So, businesses will automatically gain trust and loyalty from consumers. C. Golden Circle in Business Development and Marketing Golden Circle will help marketing processes and practices as well as business development of a brand based on its characteristics. The following is an example of applying the golden circle to brand marketing: 1) Brand mission (why) A brand's mission explains the reason why the brand exists. Please remember, the brand mission does not include financial considerations and general profits. For a brand and business that wants to connect with its consumers in a more personal way, the brand mission must be designed well and positively. A brand mission can be in the form of solving problems and/or issues experienced by consumers at large. 2) Brand character (how) When the goals and mission of a business have been determined, then you have to focus on consumer habits. To be more effective, the habits and strategies a brand develops must be in line with the goals to be achieved. A brand with a mission and goals that are in line with its strategy and habits will seem more authentic and also bring a positive aura. 3) Brand identity (what) A brand's identity is a physical form of the mission and character that the company wants to carry. Brand identity also includes products, services, as well as the company logo and other visual elements that represent the company. That's the information about the golden circle that you need to know. It should be remembered that the golden circle concept is one that explains how a business can provide maximum value for consumers. When you start a business with a goal and mission, its presence and resilience will develop better. Golden circles are very useful for branding and developing a business because they relate to the message and story behind a brand. Branding and marketing are indeed crucial things. There are many concepts that can be applied to develop a particular brand and business.