Many product lines have become commodities in the mind of the customer, which is why it's important for distributors to build a strong brand to rise above the constant chatter that customers are bombarded with every day.
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If you can't differentiate outside the product box, you're forced to compete at the lowest levels of the playing field, writes MDM Publisher Tom Gale in Converging Channels. A strong identity of the great value your company delivers – your brand – differentiates you from the competition. It defends your turf and gets you into the developing markets you have to find for growth ahead.
Branding is a critical tool to ensure stability and growth. The best brands help defend and gain market share by communicating your company’s unique value package to your customers. Without it, you may be able to defend your territory against some of your traditional competition through other means such as lower price, but you’ll have to work harder to define what makes your company different.
The power of your brand is the promise that it makes to your customers, according to Ken Wong, a professor at Queen's School of Business in Kingston, Ontario. (Read How to Keep Your Brand’s Promise). Is your message coming across clearly?
