What is your brand famous for: Quality, Service or Price?
IN THIS DIGITAL WORLD, YOUR CUSTOMERS HAVE MORE PLATFORMS THAN EVER BEFORE TO SHARE THEIR THOUGHTS ABOUT WHAT THEY THINK OF YOUR BUSINESS. WHETHER YOU LIKE IT OR NOT, THEY ARE ON 35 PLUS PLATFORMS RAVING ABOUT THE GOOD, THE BAD AND THE UGLY OF BUSINESSES ACROSS THE GLOBE. SO, IF YOU DONÍT KNOW WHAT YOU WANT TO BE FAMOUS FOR, YOUR CUSTOMERS GET TO CHOOSE, AND THAT IS DOWNRIGHT DANGEROUS!
Get ahead of the game
If I ask you to think of each of the following companies, I am sure you could tell me what they are famous for. McDonalds, Virgin Airlines, Coca Cola, FedEx, Nike, Mercedes. They own their place in the market because they know their market intimately.
Riding the tricycle
Most businesses are famous for one of three things – Quality, Service or Price. It’s almost impossible to be famous for all three. So you need to choose one and be absolutely clear on why you want to be famous for that particular thing. Just because you choose one, doesn’t mean you shouldn’t pay attention to the others. It’s a bit like riding a tricycle. What you are famous for becomes the lead wheel. It gives you direction and purpose, but you need the other two wheels to provide balance. It’s not much fun trying to ride a tricycle with only one or two wheels; you end up going around in circles or going nowhere!
When you know exactly what you are famous for and deliver it without fail, your customers will market you; your employees will be more engaged and committed (because they know what game the brand is playing) and you have something to differentiate your business. Something to measure its performance against. That’s what makes a winner, and winners become famous.
There are two main reasons you need to be clear on what your brand is famous for:
- Your customers will know what to expect from you. This means they are in your game from the get go. They know why you exist, why they have chosen you and can measure your business against something. You have control of how you are perceived, not them.
- Customers know how to position you and sell you to other customers. The best form of marketing on the planet is word-of-mouth marketing. We trust a friend’s or colleague’s recommendations much more than any advertising. So if you know what you want to be famous for and are delivering on it, your customers will market your business for you exactly the way you want them to.
Famous for QUALITY
Imagine you want to be famous for Quality, That’s your lead wheel. Obviously if quality is your chosen strategy, it’s going to cost you more to do business, so you can’t be cheap with price. But you do need a pricing strategy that matches the quality you provide. Too cheap and the perception of quality disappears. Too expensive and the quality is not valued. You will also need to provide a good level of service. There is an expectation that quality products or services come with good customer service. Ultimately price and service are the back wheels of your tricycle, keeping it in balance, but quality is the lead wheel. It’s what you stand for. It’s what your customers rave about. When your customers talk about you they are saying; “you make the best xxxxx or “you provide the best yyyyyyy”. That’s what makes you famous!
Famous for PRICE
If you’re famous for Price, people expect lower quality and will accept poorer service but not to the point that either of those no longer exists. Ultimately they want value for money. When your customers are saying; “they are the best value” or “they do such a good job for the price” it’s not that quality and service don’t matter, they do. However, the price is the driver.
Famous for SERVICE
And finally, if you want to be famous for Service. Lots of companies want to be, but very few manage to deliver, and that’s why it’s my favourite business strategy, and the one I spend the most time implementing in the companies I work with. If you can get it right, you can really own the market. So the idea is that you take better care of your customers than anyone else. Again quality and price matter but customers will pay more for less if you provide a level of service that blows them away. When they talk about you and say; “you are amazing” or tell people that “you are the best to deal with” – Winning!
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