Know your Brand

Ask yourself- what are you selling? Or put it this way, what is it that customers are buying from you? Many businessmen sell commodities to their customers in a way to maximise profits without knowing as to what exactly it is, that they are selling. Businessmen turn successful if they understand as to what is there in their product that the customer would like to purchase. You cannot sell your products if you don’t know what they are.

Five points to help you understand your product clearer:

1. What do you sell:

Do you sell a product, a service or both? Companies like PepsiCo, Godrej consumer goods, Britannia, Unilever and other FMCG companies sell products while a company like Maruti Udyog, GM sell both, products and services, i.e., the car and after sales service.  IT consulting companies like Accenture, Infosys and Legal and medical professional services firms sell services only and not products. Similar is the case with multiplexes like PVR and Wave Cinema.

2. Use and Benefits:

What value, do you think is your brand likely to add to your customer’s life in terms of benefits and advantage? Also think how is your product better than your competitor’s or in other words, what is your product differentiator and USP. A brand like SBI (State Bank of India) provides easy banking solutions and is better than others due to its largest chain of ATMs. Similarly, retail stores like BigBazar and Walmart are famous for their discounted sales in India and in the US respectively. A clearer picture of this would also help you in marketing your product better.

TIP- Sell product ‘benefit’ rather than selling product ‘features’

3. Product Kind:

Is your product a luxurious commodity or a necessity item? A product like Mobile or Cell phone which was considered a luxurious good some time back is now a necessary product. Is you commodity one of these kinds? Is your product seasonal or something which can be sold throughout the year?

TIP- Try to convert your product or service into a ‘need’ for your customers rather than selling it as a ‘want’.

4. Market it caters to:

What kind of market is your product meant for? Is it for Upper, Upper-middle, Middle or Economic and budget item? A car like, Mercedes and BMW, is meant for the upper-class group of people while Tata Nano is a budget car meant for middle class customers. Similarly a mobile phone of blackberry is a luxurious item (though it is changing) while the basic models of Nokia are an economic product.

TIP- Marketing of products meant for different class of people should be done differently.

5. Limitations:

It is also important to note the limitations of your product. However, good your product might be in the market, it would always be having some limitations and drawbacks. Think on how can these limitations be curbed. You should work on the drawbacks to improve your product.

Keeping these points in mind, identify your brand to make it better understood by your customers.