The value of a brand. How valuable is it?
Only this morning when I was stacking the dishwasher was I refreshed of the value of a brand. Allow me a few moments to set the scene.
I’ve grown up using the super amazing, Finish 5 in 1 Power Boost action with Powerball dishwater tablets; yes the name really is that over marketed! So the last time I went shopping, I decided to buy the cheap brand. I pondered over the product, I analysed the price variation and eventually picked up the smallest box of no-name dishwasher tablets, just in case it was rubbish and ended up washing our dishes by hand. Can’t have that can we!
However, contrary to popular belief, our dishes came out just as clean and just as sparkling. Guess who’s buying the big box next time!
There are a few lessons here…
1) It is the wonderful performance of Mr Advertising and Mrs Marketing that has made me believe that the completely over the top named, Finish 5 in 1 PowerBoost action with Powerball dishwater tablets (breathe) are actually a better product. Which they aren’t.
2) I was so hesitant to purchase the so called ‘inferior’ product (again thanks to Mrs Marketing) that I almost, almost didn’t purchase it. How silly.
But the biggest lesson here is how the value of a brand is unmeasurable. How many others on their weekly shopping trip, all around the globe choose Finish 5 in 1 PowerBoost action with Powerball dishwater tablets over the cheaper, just as good, brands? Millions. And why? Because of the power of branding! The marketing department have created such a formidable brand that is so well trusted by consumers, its competitors don’t get a look in.
What does this mean for you and your business?
It means you need to push your brand to a level where your competitors can’t compete. If you achieve this, you will be the chosen provider of your product time and time again.
Create trust in your brand and your product will walk off the shelves.
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