Instead, create a product that commands a premium price. How do you do that? By building a strong brand.
Here are five key aspects that can elevate your brand above the competition:
- How the product works: Your product must deliver on its promises.
- The feelings it evokes: Forge an emotional connection with your customers.
- How it aligns with someone’s style: Make sure your product resonates with your target audience’s lifestyle.
- Its reputation: Establish trust and credibility in the marketplace.
- Its overall appearance: Design a product that’s visually striking.
When developing a product, stop competing on price. Look at generic products like oil, corn, or iron. They’re stuck in a price war, racing to the bottom, and that means lower profits for everyone involved. Ditch the Price Race: Create a Brand That Stands Out and Sells!
These concepts are straightforward, but you need the right tools to measure and leverage them effectively. Focus on these five aspects, and watch your brand thrive on its own!
Brand attributes are the qualities that make a brand unique and help customers connect with it. Key aspects include product functionality, emotional impact, style alignment, reputation, and appearance. For instance, Louis Vuitton bags exemplify high quality and luxury.
See a real-world example of how it’s done! Use this template to identify key aspects of your brand and stay ahead in the market.
1. How the Product Works
Your product needs to deliver—no ifs, ands, or buts. If it fails to meet expectations, you’re setting yourself up for disappointment and losing trust. Look at Louis Vuitton; their bags are all about durability and quality, and that’s why customers keep coming back. So, get in your customers’ heads! Ask them, “What specific features do you think set our product apart?” This question will help you discover what truly matters to them. If you want to dive deeper into ensuring your product is market-ready, check out the importance of product testing before launch.
Move Away from Price Competition: Develop a Brand!
2. The Feelings It Evokes
Ditch the Price Race: Create a Brand That Stands Out and Sells. You want to create an emotional connection with your customers. People buy feelings, not just products. Think about how owning a Louis Vuitton bag makes someone feel—luxurious, exclusive, like a million bucks. Dive deeper by asking, “What emotions do you feel when using our product?” This insight is gold; it’s how you build loyalty and keep them coming back for more. To enhance customer loyalty, explore how measuring customer satisfaction can lead to improvements in your offerings with our guide on 10x retention without spending.
3. How It Aligns with Someone’s Style and Your Brand Identity
Your product must fit seamlessly into your target audience’s lifestyle. If it doesn’t resonate, it’s just another option on the shelf. Louis Vuitton bags are more than just bags; they’re statements of luxury and sophistication. To understand this alignment, ask, “How does our product fit into your everyday life?” This will guide you in shaping your brand to fit perfectly with your audience’s vibe. To ensure your ideas align with customer expectations, consider the importance of concept testing.
Shift Focus from Price Wars: Create a Brand!
4. Its Reputation: Building a Trustworthy Brand
You want a rock-solid reputation—this is your ticket to gaining trust and drawing in customers. If people see you as unreliable, they’ll look elsewhere. Louis Vuitton has mastered this with their quality and luxury image. Measure how you’re perceived by asking, “How would you describe our brand to a friend?” This question will reveal the truth about your brand’s standing in the marketplace. To further strengthen your reputation, check out how to keep your label memorable with our article on are your customers forgetting your brand?.
5. Its Overall Appearance and Brand Appeal
First impressions are everything! Your product should be visually striking and memorable. Just look at Louis Vuitton; their iconic design grabs attention and screams luxury. To assess your visual appeal, ask customers, “What visual elements do you think make our product stand out?” This feedback is crucial for elevating your product’s appeal and ensuring it turns heads. Plus, learn how to optimize your pricing strategies with insights from our piece on unlocking profit through price competition.
Stop Competing on Price: Build a Brand !
By honing in on these five key aspects, you’ll ditch the price race and create a brand that stands out and sells—it commands a premium price! For further insights on how label-building and performance marketing can work together, check out this article from Harvard Business Review: How Brand Building and Performance Marketing Can Work Together.
See a real-world example of how it’s done! Use this template to identify key aspects of your brand and stay ahead in the market.
