Every small business owner would like to be able to charge more for their services or products than competitors without losing demand. With a strong brand, you can.
If you don’t believe me, visit your local drug store or neighborhood wine shop. There are generic drugs available at pennies a piece sitting alongside the same exact product but with the name of a major drug company somewhere on the box. Want a good bottle of red wine? You can buy one for thousands of dollars a bottle all the way down to $5 a bottle. Vineyards that are known for great wine can sell just OK wine at a premium price just by virtue of their name.
A strong brand takes the concept of pricing out of the equation. David Avrin in his book, It’s Not Who You Know It’s Who Knows You, says that the four most dangerous words to hear when pitching a client, asking for a raise, or selling a product, are: “All things being equal.” This implies that you haven’t been able to differentiate yourself from competitors and haven’t effectively communicated the promise of quality or unique value. Instead, you are now competing on price, location or any other factors that have nothing to do with the value of the service or product you provide.
A strong brand should convey quality, consistency and reliability. A company or individual with a strong brand can command a premium over competitors who offer the same product or service…
Mary Rosenbaum is a Master Certified Personal Branding Strategist and Career Coach with over 25 years experience as an entrepreneur and career professional and 10 years in business and finance. Mary is a dynamic and passionate coach whose talent is empowering entrepreneurs and careerists to perform at their peak by gaining clarity and more effectively communicating and leveraging their value proposition. For more insight into her work visit her website.
Source from Fox Businesses, author Mary Rosenbaum
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