A Thought For Today’s Entrepreneurs

When deciding what you want to offer, or where you want to be positioned, think carefully. i.e., As to being a cheaper version of a market leader to make sales in an attempt to gain market share vs establishing your own brand power to make more margin per sale and seen as an alternative on a par level with an established leader.

There is one underlying issue that many never consider only to then find themselves after what seemed a great start suddenly faced with diminishing sales or returns wondering how or why it happened as the higher priced, or brand leader regains market share. It may have to do with the following…

The desire or “feeling of need” to have a certain branded item, then settling for another brand because of price constraints doesn’t satisfy the want no matter how logical the choice. In actuality many times: It amplifies that need or desire. Even if the lesser priced product may fulfill all the needed functions in a utilitarian aspect.

Nobody loses their desire for a Rolls Royce™ by saving 2/3rds the price driving another brand. Regardless of how good the fit and trim of the vehicle may be. It will always be a “lesser” choice in the mind of the purchaser.

You may look upon this sale as an opportunity to build brand loyalty yet, it may in fact be the last time this customer ever buys from you.

Knowing who or what you represent to the customer will allow you to understand or interpret sales data properly, rather than kidding yourself on the want or need of your product in any customers eyes.

© 2014 Mark St.Cyr