Viva’s Blog: Are you letting price decide?

Don’t let price decide. Give consumers a reason to buy your brand over others so price is just another factor.
Brand building is all about communicating how your widget is different and better than others sold on Amazon, various e-commerce sites and in retail stores.

It’s about listening to people who use your product and have tried others, how they describe their experiences and how each product makes them feel. It’s about listening to people who are dissatisfied with the available options and digging deep to uncover what would really excite them.

But it doesn’t stop there. You may have a superior widget but if you don’t effectively market it, you won’t reap the rewards of your innovation.

It’s easier to sell on price, but resist the urge. When price decides, then margins erode, profits shrink and consumers think of you as a commodity. Sure, some products may not lend themselves to branding and differentiation, but if Clorox could successfully brand bleach, Chiquita bananas, and Kleenex tissue, then you too can create something special about yours.

Here’s how to do it:

Step 1: Listen and observe.
What do your customers think of your brand? What words do they use to describe it? What do they value most about your product/service? What bugs them about it? How does it make them feel? What would they buy if your brand was not an option?

These are just some of the insights needed to begin formulating your unique selling proposition (USP). How do you uncover this critical feedback? Conduct research. Pick the optimal research methodology, respondent pool and questions. Include a sentiment analysis, which involves evaluating the language and attitudes of people sharing their views on social media sites about your brand and others in your space.

Step 2: Understand the marketplace.
In addition to understanding how customers and prospects think and talk about your brand, it’s key to understand how other brands in their consideration set are being marketed. What are competitors’ ads selling? What “reasons to believe” do they use to substantiate their brands’ value propositions? How are their brands presenting themselves visually? What do their colors, typeface, layouts, formats, media placements, etc. say about their brands? Your marketing dollars will go farther if you are different.

Step 3: Market effectively.
Many companies invest in research and competitive analyses but then fall for the beautiful ad campaign that lacks a strategically sound message.

A stunning ad with the wrong copy won’t result in sales. It’s the message that matters. Sure, nice design bumps the engagement effectiveness of an ad, but a relevant, compelling and differentiating message can mean the difference between lackluster results and a record breaker.

Before you create that email campaign for this week’s 2 for 1 sale, spend a few minutes reading those customer reviews. Build your brand. Don’t let price decide.