When I worked at RR Donnelley, the largest printer in the world (to the tune of 12 billion +), it was a running joke “Quality, Price or Service – pick 2, but you couldn’t have all 3.” Even in Economics class in college we learned about the opportunity costs you have when trying to be the best at everything.
But which of them is most important to getting your brand out of the hell hole of a price driven market?
None of them. It’s about brand experience, just ask brands like Apple, Mercedes, BMW, or Louis Vitton. In fact, sometimes exclusivity or scarcity will work for you, not against you.
Yep, “brand experience” is a feel good, buzz word laden phrase. And, if you know me at all, I hate marketing mumbo jumbo when talking about ROI or any other financial matter. But the reality is – an awesome brand experience is one of the only avenues you can choose without fearing hitting the hidden speed bumps of trying to compete on price.
Brand loyalty will not come without a great brand experience – and trying to find a way to keep the attention from consumers who seem to frozen like deer in the headlights of too many choices. First come, first serve, unless you suck of course.
Bottomline? You better get there first, you better wow them every second, and never, ever lie or cheat to get their business. Then and only then do you have a chance to compete on anything but price in a “what’s in it for me” focused world.
Apple has developed an amazing level of brand loyalty. People actively seek out Apple products and happily pay a premium for them. Did the iPod offer more memory than other MP3 players? Not really.
Are Macs and MacBooks more expensive than similarly equipped PCs? Absolutely. And yet people buy them in droves (Apple is the fastest growing “PC” maker).
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