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!

Why is Marketing one of the Least Respected Business Disciplines?

Many business owners consider marketing to be a necessary evil, you know you need to do it, but you’re not exactly sure why or what you need to do.  Marketing is an indefinable grey area covering the various activities you might do between producing a product, offering a service and selling it.

Although online marketing has helped to improve this, it’s often hard to directly attribute revenue to marketing, it’s always been one of the least-respected business disciplines — poorly measured activities that are deemed “not necessary” and are the first to be cut when times get tough.

I like to think of marketing as all the steps that lead up to the sales conversation — whether it’s market research, branding, pricing and distribution, packaging and promotion, market segmentation or advertising.  All of these disciplines help to bridge the gap between the product/service and the customers who either buy them or ought to.

Simply stated, marketing is everything you do to place your product or service in the hands of potential customers.

You might think of marketing this way: If business is all about people and money and the art of persuading one to part from the other, then marketing is all about finding the right people to persuade.

No matter how terrific or unique you company is, people (consumers) don’t just “buy” a product/service.  It is not happenstance that they want to buy YOUR product or service. They “buy” the concept of what that product/service will do for them, or help them do for themselves.  For example people who are overweight don’t join a franchise diet centre to eat pre-packaged micro-meals.  They “buy” the concept of a new, thin, happy and successful self.

People have their own unique perceptions of the world based on their belief system.  The most innovative ideas, the greatest products, or a superior service succeed only when you market within the context of people’s perceptions. Once you understand and accept this premise, you are ready to start marketing your brand to your audience.

I leave you with the immortal words of Aretha Franklin, “All I’m askin’ (oo)
is for a little respect…”

Do you feel you have a good understanding of what role your marketing plays in your company?  Do you feel your marketing should increase your sales or that your marketing should you’re your audience to the sales conversation? I look forward to hearing from you in the comments below.