There are many things we know, be it business or personal related, but sometimes just knowing something isn’t enough. It may take a certain way of presenting an idea to us, or the particular phase of our life at the time that gives us greater clarity. Either way, something we “know of” can turn into something we know to be true, to the extent that it truly resonates within us. It’s during these rare moments that we’ve just opened the door to brand new possibilities.
When I read the following quote the other day, it occurred to me that this might be a great opportunity to create one of those resonating moments for small business owners:
“The art of marketing is the art of brand building. If you are not a brand, you are a commodity. Then price is everything and the low-cost producer is the only winner.”
– Philip Kotler, Kellogg School of Management at Northwestern University
Each business should be purposeful with owning their particular brand. It cannot be left up to chance, ignored, or cast aside. If it is, then price is king, the lowest price that is, and we find ourselves winning customers but losing revenue. A cycle like that can surely put a company out of business.
If you are in business to build your brand, what sets you apart from your competition? What compels customers to prefer doing business with you? From the logo on your business card, to the layout of your company website, to the means by which you communicate with your target audience ~ build a brand that can withstand the test of time. A brand where pricing may be a factor but not the only or most important one. Price alone does not build loyalty, but a brand can.
Keep it disciplined.