I’ve been into the branding business for more than two years now and I’ve watched myself grow from one level to another in my business. I must tell you that the journey itself has taught me more than any book will teach me.
In the course of trying different approaches, checking what works and what doesn’t, and my growing understanding of how clients behave, I’ve come to understand a few things that can benefit you in your business. What are they?
– People will only pay you based on how they feel the weight of the problem you’re solving for them. If they see your service as just luxury (or a nice-to-have stuff), they will keep pricing you as they price snacks on the roadside.
– People will not place more value on you than the impression of value you’re creating around your business.
How we create impressions around our business.
- Your visual communication
- Your verbal communication
- Product/Service Offers &
What you’re giving people to see around your business and how it’s been run, matters a lot. These are the things they often form their perceptions on. How you appear on social media, how your office (brick & mortar store) looks, your adverts, your delivery style, your process of bringing clients on board, etc. One good test to always do is to ask yourself, “if I’m my own potential customer, how much would I consider too much to pay for what I do?”
There are communication codes and styles that can only appeal to high-end customers. There are topics, subject matters and pattern of speech that can only impress premium clients. You don’t just talk generally on your digital platforms and think you can attract specific groups of people.
How you package your products/service is also a brand communication and positioning strategy. That is the difference between someone selling groceries in a local market and a company that does home delivery and grocery procurement for restaurants. There’s no much difference between the exact services they’re rending, but great difference in how they’re offering them. And of course, the kind of people who patronize these two classes of service providers already justify their different positioning. So, how are you offering your products/services? What class of customers are you as a result of it?
Another thing people weigh you with is, the class and number of people talking about you. This forms a lot of perception around your brand. When someone you respect a lot talks in honour of another person, you will definitely want to have a high perception of the person even without having any encounter yet. That’s how it works. And when you keep hearing of a particular name from quite a number of persons, you would also want to think the person must be a force to be reckoned with.
So, what’s the size and class of people talking about you?
Whatever value people place on you, the truth remains, you are the one who allows it. It’s from your continued pattern and style that they concluded how to price you.
And can I tell you? The quality of people you serve will determine how profitable your business will be. And trust me, those who would serve kings won’t bring their food in plastic plates.
This is why you should pay keen attention to grow your brand equity.