The most fundamental question business owners should be asking themselves is: “Am I looked at as a commodity or a brand?” because the answer to this question makes everything in business easier.
Unfortunately, many business owners do not know to ask this question, so they likely don’t know the real answer. Most business owners believe that they are a brand and that they are different than their competition, but they are often too close to see through the public’s eyes.
Not sure if you are a brand or commodity? Consider this:
• You celebrate having the lowest price
• Business comes to you because you are the most convenient
• It’s believed within your company that you have the best customer service
• There is a lot of competition your company faces
• Everyone is your target audience
If this short list describes aspects of your business, you may be viewed upon as a commodity through the eyes of your customers.
• Your customers see no difference between you and your competition
• They have no deep feelings for you
• Business comes to you because you are convenient, cheap, or nice
The problem with this is that there is no brand loyalty developing between you and your customers. It’s just a matter of time for competition to start mattering to them on a deeper level. As a result, they will leave you without a second thought.
Branding is an act. It is a strategic approach to how you run your business. The act of branding is designed to keep you from being perceived as a commodity.
At Enticity, we see so many companies realize that they’ve been selling as a commodity when they could be branding. That’s when brand transformation can happen! Check out our Portfolio for a few examples of this.