I know I have a great product so why am I not seeing business growth?
Manufacturing and product-based companies are worth almost two hundred billion pounds to the UK economy, occupying just under two percent of the global market. Unsurprisingly, it’s a highly competitive sector and is why so many manufacturers can simply get lost in the marketplace.
Your product may be great, innovative, or of exceptional quality, but your business can still end up getting sidelined and forgotten. So, in a cramped market, how can a manufacturer differentiate itself from its rivals?
The answer is a comprehensive brand strategy.
About half of manufacturers view a brand strategy as an extra cost, and one that doesn’t apply to them or their specific audience. Only around 7% have “strong and differentiating brand value propositions” where their offerings are both coveted and also able to command a premium. Recent research found that overseas consumers were prepared to pay as much as 22% extra for quality British brands: think about companies like Dyson, Mulberry and Aston Martin.
Whilst price point and product quality are important factors to customers, there are deeper issues and questions that all manufacturers should be asking themselves:
– What is it that makes my product distinctive?
– Am I still trying to sell to everyone or have you found your niche market?
– Is my brand the first that comes to mind?
– How effectively am I telling my audience about it?
By successfully addressing these questions you can start to build trust with your customers. Humans are creatures of habit, and will always return to brands they know and trust – they value the consistency, quality and assurance that the brand provides.
When your brand becomes special it also becomes more powerful. People will want to invest in the best, especially when you’re providing a quality product in a specific market. Cost drops away from being the most important consideration. It is an enviable position to be in when you can set the price of your goods.
Connecting with sales teams and retailers is notoriously difficult, but with a recognisable and confident brand the pitch process will be significantly easier – if the client understands the brand with little or no explanation they are more likely to invest. With your brand in demand you can leverage your influence on distributors and retailers, ensuring prime positions where customers and end users can easily find your products.
What do you need to do to create a distinctive brand?
It starts with asking yourself some occasionally difficult questions, and answering honestly. You may have invested in all other aspects of your business, but have you fully considered your brand image? Does your offering deliver to a targeted audience? Does your brand generate trust with your customers?
If you’ve answered ‘no’ to any of the questions above then it could be time to take action and talk about your brand strategy – one that works for your company in the long term and successfully elevates your products above the noise.
Contact us if you would like to chat about creating a distinctive brand.