Start a brand, not a product.
Many entrepreneurs think that a product is a brand and that a brand is a product. Wrong. Brands matter, especially when it comes to consumer choices.
Consumers pay a premium for their favourite brand because the brand created a perception of trust and quality over the years. Brands make them loyal and push them to buy more.
Brands trigger loyalty.
When companies market products instead of brands, they quickly realize that a competitor can come up with a better, faster and cheaper version of the same product.
That's when they lose.
That's why you shouldn't lose too much time on marketing your product's features and functionality. You should instead focus on marketing your story and message.
Here are some reasons why you should start a brand, not a product.
1. Consumers seek peace of mind
Consumers tend to seek safety. It is in the human nature to do so. When a brand delivers a positive experience, it will give them peace of mind to do business with that brand.
People try to avoid risk when buying.
2. Your ideal customer has no time to waste
If you create a brand and market it well, it will create loyalty and make your brand stand out in your customer's mind. This will help them in the decision making process.
Your customer has less and less time to waste taking decisions. If you create a brand and stand out for them, your brand will become a no-brainer for them.
3. Brands add value.
Why do you think consumers pay higher prices for their favourite brands? Because it gives them the feeling of quality and stature in the society. Brands can charge premium prices.
4. It is a statement.
When we use a brand, we make a statement to the world. Brands express who we are. If you wear a Rolex, you make the statement that you are successful. If you have an iPhone, you make the statement that you are creative and tech-ready, and part of the Apple tribe.
People like to make statements. Turn this to your advantage.
5. Building a brand help you play the long-term game
When you launch a product -- and marketing that product -- you become known for that. But if you launch a brand, you give yourself the permission and the ability to evolve over time. It gives you the chance to launch other product lines under that same brand and evolve when the trends and consumer demands change.
It's time to build brands.