As time is moving forward, competitiveness is increasing between businesses. They either compete in prices, capabilities, quality of product or service, the experience they provide to customers, or their brand image. But how can branding and customer experience play a major role in your business’ success?
Branding & Customer Experience in Competition
If these businesses compete in prices, one of these businesses in a specific sector or industry is going to reach the minimum selling price that they could sell with while operating their business. As a result, customers will have this price as a defined standard for the product / service quality received and experience perceived in their subconscious mind.
That as well, sets a standard in the market for this particular quality, if a new entrant sells the same quality and experience with a higher price, they will never succeed. Having said that the target audience is the same of course.
In addition, this is why businesses struggle raising their prices, because customers have defined a standard for your offering.
If these businesses compete in the customer experience they provide, customers will define a standard of the experience they had with this business, and compare any other experience they have with the mentioned business’ competitors. This is exactly why you need to design your experience, elevate it, and keep up with your competitors’ experiences.
To prove this, imagine being used to a certain quality by a certain brand, and then a drop in the quality happens; you will never go back to that brand again.
The same thing goes for branding, businesses do re-branding for the sake of making their brands stronger and more solid to deliver the perception and image they wish to deliver after analyzing their target audience and competitors. Moreover, they use that to compete with their competitors as it plays a huge role in the subconscious mind of customers.
Now that you understand that customers do define standards in terms of your offering, you can imagine how important your branding and customer experience are as success factors for your business. In fact, it is not about your price or quality anymore, customers are searching for experiences that sum up all of the elements of your business altogether.
The Impact of Excellent Strategies
As a lot of elements play into your competition, you’ll have to focus your strategy on specific elements as your strength points. You either follow a cost leadership strategy to lower your cost and compete with your low prices, you elevate your branding and experience to overcome other elements, or you build solid capabilities and provide a unique offering.
At Convert, we do believe that currently in this digital age, branding and customer experience come first. Based on our market analysis, experience, and talks with CEOs, we firmly believe that building the right brand and designing optimal experience for your specific target audience will be your prioritized success factors.
If you are interested in revamping your brand and customer experience, our team will assist you in that journey. You will only have to contact us at: info@convertjo.com
