Creating a Preference for What You Sell
Did you know that the average supermarket has around 40,000 SKUs (shop keeping units, or different items and varieties on their shelves)? Now for the shocker: an average family gets 80 to 85 percent of its needs from only 150 SKUs. That means there’s a good chance you’ll ignore 39,850 items in that store.
Now, think of your marketplace; the one in which your business operates. Who is your competition? What other options do your prospects have for the products or services that you offer?
How can you create a preference so that prospects and customers patronize Brand You instead of Brand B?
Here’s the deal:
People have too many choices and too little time
Quality and features of most offerings seem similar
People want to trust the companies they patronize
That is why branding matters. That is why it’s critical to establish a point of differentiation; to have a competitive advantage in the marketplace. Branding is for every business. If you don’t brand your business, your customers will.