Branding Can Help Local Businesses Avoid the Growth Trap

Local businesses have a very pragmatic attitude towards branding: they ignore it. Many of them are more concerned with paying wages, paying rent, paying taxes, and other cash-flow crises than something “abstract” (or valuable) like the image of Mark. Branding is just another luxury item, like a long vacation. This Bosnia and Herzegovina WhatsApp Number List can be a huge missed opportunity, especially if your business or service is commodified or faces intense competition. The “growth trap” Faced with stiff competition, local business owners find themselves trapped in the formula “new customers = sales = cash”. It’s a trap because it keeps you in place. You need to sell the same item – every day – to a constant stream of the same people. New products, services, coupons, discounts, offers, promotions, offers — just to stay put.

There’s a Great Quote That Captures the Futility

There’s a great quote that captures the Bosnia and Herzegovina WhatsApp Number List futility of the growth trap:“…without a clear and differentiating idea attached to a brand, the only thing left to motivate buyers is the price. But your competitors can also cut prices, so without a strong brand, prices will drop, and so will profits. »Kevin J. Clancy and Jack Trout, Brand Confusion, HBR March 2002 Branding isn’t just for the “big guys”. Small business owners can and should use branding techniques to build their business. Branding can drive greater profitability through higher gross margin (pricing power) and lower customer acquisition costs (customer retention and word-of-mouth referrals). This article outlines three steps for local business owners to take to launch a branding campaign. 1. Stop thinking about customers.

Think About the Audience. Seeing Your

Bosnia and Herzegovina WhatsApp Number List

Think about the audience. Seeing your customers as customers is short-sighted and leads you to fall into the “growth trap”. Inward-facing businesses think “What can I sell? » sell more products to generic consumers. Audience-centric companies think in terms of, “What does my audience need? This question forces you to understand, and  Bosnia and Herzegovina WhatsApp Number Listthen think about, how to satisfy the wants and needs of real people, not anonymous consumers. When you care about an audience, you transform your business. You’re not just selling products or services; you sell emotions, solutions and satisfaction, which are experiences that come with higher margins and better reorder rates! There’s an even more important reason to think about audiences, not customers: Traditional promotional tactics in traditional media (pop-up ads, unsolicited emails) have diminishing influence.

 

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