What’s the Difference in Selling Your Product or Your Brand?

As a business owner, you probably hear about the importance of branding all the time. However, I’ve seen many small business owners confuse selling their product with selling their brand. You already thoroughly understand your product, but since 30% of Canadians base their purchasing decisions on their trust in certain brands, it’s essential to note the differences between the two.

When businesses come to me wanting a better ROI on their lead generation, I often find the issue is not with their product, but with understanding the difference between their product and their brand. If we push one without the other, the results can be sales stagnation. Products and branding should go hand in hand. To do this, you’ll need to understand how they are different. I’ve outlined below what I feel are the differences between products and branding and why these differences are significant.

Product

Your products are specifically the objects or services you provide to customers in exchange for payment. They fulfill your customers’ needs. There are likely many competing businesses that offer the same or similar products that would also adequately fulfill their needs, so it’s your job to convince your target market that your products are the best. That’s where your brand plays a key part!

Brand

Your brand is how your target market perceives you. When they think about your business, what words come to mind? If your customer surveys and reviews are coming back with negative descriptors like “slow”, “unavailable”, or “no follow-up”, it might be time to rethink your brand. The goal is for your brand to resonate with your customers.

Your product may fulfill your customers’ needs, but your brand fulfills your customers’ wants. When you and a competitor have similar pricing and quality, the business with the better branding comes out on top; it determines which business they want to purchase from.

Your brand is your promise to your customer. Your brand clearly differentiates your company from your competition, so your audience will not only understand who you are but also clearly identify your value and the benefits of buying your product. Strong branding equals increased business results. Believe it or not, businesses have just as much personality as people.

A short and simple way to remember the difference between your product and your brand is this: You sell your product, but your brand sells you.

For award-winning help with your branding and help determining your brand’s personality and the direction it should take, contact CreativeWorks Marketing today!

What We Should Learn from Facebook’s Cambridge Analytica Fiasco

If you have accessed social media or any news source recently, you are likely just as dismayed as I am to hear about Facebook’s recent data breach.

If you’re not in the loop, here’s a rundown of what happened.

Even if you don’t avidly use social media for your business (which you may still want to consider), there is much to learn from this scandal. Here are my takeaways from a marketing perspective:

Continue Collecting Data

Whether you collect data from surveys, social media, loyalty programs, or any other form of data collection, don’t let Facebook’s data breach deter you. Data collection is essential in marketing. With it you can send customized offers and gain valuable product feedback for future improvements. Marketing without client data is marketing while blind.

Be Honest

When conducting a survey or asking clients to register for your loyalty program, it’s obvious to them what data you are collecting. What isn’t as obvious is what you will use the data for. I suggest including a disclaimer at the bottom of the survey or loyalty program confirmation email that states your intentions. Is there a chance that you may provide their information to a third party? If so, say so. It’s better to be honest now and get one less survey response than to be hit with a lawsuit later.

Review Your Privacy Policies

Now that you know some best management practices for client data collection, ensure that your existing privacy policies meet your clients’ expectations. If they don’t, now is definitely the time to update them with a fine-toothed comb.

Many of your clients likely won’t mind sharing personal details in order to receive some discount or other benefit from your business, but they are entrusting that data to you and only you unless you state otherwise. The trust between you and your clients is essential for your continued success; don’t squander it.

If you would like to discuss how data breaches might affect your business, call CreativeWorks Marketing today!