Small businesses usually don’t have time to keep up with everything that’s going on in the factory let alone what’s going on outside your four walls. But every once in awhile, it pays to sit back and evaluate where you stand in the overall market. How well-known is your brand?
If you can answer “yes” to the following statements, your brand has clout:
· Our product is unique
· We face fewer than three direct competitors
· Customers of our product are not price-sensitive
· We have a larger installed base of users than any of our direct competitors
· Our quality is measurably better than that of our competitors in the eyes of our customers
· Customers insist on our brand when they are purchasing
· Customers will purchase only though a wholesaler-distributor that stocks our brand
A brand is a powerful tool in a competitive marketplace—don’t overlook yours.