Going head to head with your competition is not as much about price as it is the consumers perception of size and quality. While we all look for a bargain in buying lesser priced commodities like food and drinks, when it comes to big ticket item like automobiles, TV’s, Cameras, computers etc., it is our perception that the quality of what we are looking for has as much to do about the name that’s on it than the features it offers. Most of us would buy a Ford over a Yugo, or a Sony TV over a lesser known brand.
The established perception “The More You Spend The Better It Is” for the most part is a true statement. We judge the items we buy by the reputation of the manufacture and how well they service what they sell. Better known brands are not only manufactured with the high quality standards we expect, but consumer demand for these brands lends to their perception of quality. Does this mean the lesser known brands are inferior in quality, absolutely not, but it does mean in order for them to compete they have to keep up with their better known adversaries in innovation, design quality, price and general public perception. They have to look as capable and as reliable as the big boys do.
Do you have to be the size of Ford or Sony to compete? No. If you heard the following news report, “X-BRAND company reported annual profits of 300 million dollars” what is your perception of the size and success of this company? You first impression would be that they are probably global in their sales, that they probably have a lot of employees and they are obviously successful. Would you be surprised to learn that many perceived large and global companies have fewer than 20 employees? It’s true. What is the secret to their success when Ford and Sony employee 100’s of thousands? Easy, it’s the perception of size and quality in the mind of the consumer that translates into professional capability and corporate stability, and most of all, increased sales and demand for their products or services.
For all we know some of these companies may actually be struggling to survive but outwardly their image portraits success. Creating an image of stability and professional capability is really not as hard or as costly as you think. If you cater to a local clientele you’d spend fewer marketing dollars than if you were trying to reach a global market. No matter where you customer is located the best place to start is right at home.
Date : 10/18/2011