ARE YOU A COMMODITYOR A BRAND?

The most fundamental question a business owner should be asking themselves is:

“Am I viewed as a commodity or a brand?”

The answer to this question makes everything in business that much easier.

COMMODITYOR BRAND?

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WHAT IS A COMMODITY?

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A commodity is undifferentiated products or services with little or no perceived

differences between competitive offerings.

With no difference, consumers shop primarily on a low price, service or distribution basis.

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Is your business unique?

If you ask any business owner, they will list the reasons for why they are unique.

But when you ask the public, there may not be such an obvious difference. 

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Producers of commodities are driven to compete on

low price and high volume.

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• You are taking a reactive stance and allowing your customers and competition to dictate your business. If your competition lowers the prices, you feel pressure to do so as well. If your customers request a product or service, you feel pressure to add that to the list of what you offer. 

• You often feel that your customers do not fully understand or

appreciate your business. 

• You often get customer feedback based on commodity

attributes (prices, customer service, location).

• Running a business as a commodity will often have you

feeling worn out (trying to be everything to everyone).

• People shopping a commodity are not loyal customers. They

are strictly buying the product or service.

• As a commodity, you have lots of competition.

When Operating as a Commodity: 

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WHAT IS A BRAND?HINT: Just because you are a business, does not mean you are actively branding.

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Brands are not logos or designed collateral. They are the thoughts, feelings, and psychological relationships between a business and a consumer. 

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Your brand is the sum of your customer’s emotional experience when dealing with your business.

Brands are unique and individual, based off your promise to your customer.

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• You are taking a proactive stance to shape your business and to attract a specific consumer based on your beliefs, core values and mission. You are attracting a loyal fan base that falls in love with your company values.

• Your customers not only fully understand you, but they celebrate you! They are your advocates. They become your sales force.

• The customer feedback you get will be a reflection of your core values, your story and your reputation. Price, service and location are still required for success, but is not what makes the company unique. And most people are willing to pay extra or drive further to experience a great brand. 

• Businesses operating as a brand are often passionate for what they do. They are able to attract their ideal customers, charge the ideal prices and build a loyal following.

• People shopping a brand are loyal customers. They are willingly buying

the emotional experience.

• As a brand, you have minimal competition.

When Operating as a Brand:

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Your brand becomes an extension of your customer’s

individuality by defining who they are. They are proud to buy

your product or service.

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Business – Meaning = Commodity 

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Business + Meaning = Brand

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If you own a company and you are passionate for what you offer, you owe it to yourself to start running

your business as a brand.

Share your passion and attract people who

appreciate you.

Your loyal customers will come to you because you matter to them

and because your business makes a difference in their lives.

All buying decisions are made emotionally. People want to buy the

emotional benefit over the need. Otherwise, no one would be paying

$5 for coffee or driving a BMW.

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You owe it to yourself and to your customers to charge the amount of money for your product or service that allows you to grow and become the business you and your customers want you to be.

By charging that premium you can ensure your brand stays true to your promise by:

• Offering the best purchase experience

• Creating a corporate culture that attracts fun and talented staff

• Staying up-to-date with online expectations and experiences

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People fall in love with how a brand makes

them feel. +

We believe that every business has the potential

to be a brand.

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The First StepLet’s begin with a conversation.

Our Discovery Session will give you insight on how you can positively change the way you do business.

Visit our website or call us today.enticity.ca | 866.790.1711