Oh, branding! Some people find this to be the best part of owning a business and others just do not get it. At the end, however, it is truly important. This is the reason why people will come and buy from you. What makes your business stand out from others? Are you selling unique products? Are you helping a cause that people want to be a part of? Or are you simply the cheapest on the market? All these, and many other factors of course, position you in the market and how you strategize your placement in the marketplace is how others are going to perceive you.
Sometimes, it is very tough. There’s a product you would like to sell, you did your research and it looks like there is a demand for it and medium competition. But is that really enough to get your products to sell? I learned that the hard way and the answer is no! You have to understand your position in the market and build your brand around it.
Let’s take an example: Take a closer look at Nike and Tommy Hilfiger. Most likely, you already know these two brands and understand their market, but let’s talk about it. They both are in the fashion (clothes and shoes) industry, but what makes you shop at Nike and what makes you shop at Tommy? Well, Nike is more of an athletic store while Tommy is high end “regular” clothing store. Now, as established as Tommy is, imagine if they decided to get into making athletic gear aggressively and tried to compete with Nike. How would you react? Would you run to grab the latest Tommy running shoes? Research says no as you trust Tommy as a brand selling high end clothing and not athletic and same goes for Nike. They have already established their brand and positioned themselves in the market in a way that it would be quite difficult to compete with other markets.
While these are two major companies, it is important to look at your business the same way, no matter how big or small you are. I came up with a checklist that I go over with my clients to buckle down exactly what they are looking for in their business. I will be sharing it in the Freebies Page soon where you can look into and really ask yourself these questions.
Before opening up your business, take some time to really understand the market you want to get into and how are you going to be unique. Why should I buy your product vs all the products in the world? People work hard for their money and (most of them at least) like to spend it wisely. Make it count for them to go out of their way to purchase your product.
Need help branding your business or want to go over the essential branding questions together? Let’s Chat! First consultation is FREE!