Is it good and possible to compete with brands in the business?
I assume you mean specifically something like “Is it good for me as a small business/entrepreneur with no known brand yet, to compete against big name brands in my industry?” The answer is yes.
The world is full of people bartering whatever they can get for themselves. Brands are just a shorthand for explaining who you are, what you represent, and the kind of personality surrounding your product or service. It helps humanize you and what you have to sell, and yes, I suggest building your brand in competition with others. Just don’t go too crazy or antagonistic with it. I believe in a concept called co-opetition. You’re competing, but you’re not averse to cooperating with your competitors when it is mutually beneficial.
Every major brand today started its journey as a single product or concept. Its the advertising and marketing that built the brand around it and kept it relevant in people’s minds. Fun fact: the first McDonald’s restaurants did not have the golden arches, Ronald mascot, or another iconography we associate with them, that all came later. This journey is common for all products. Some products form a winning brand identity early on. Some products may take a longer time, and a few might not be able to complete it and fade into obscurity.
Competition in the market is inevitable. Here Darwin’s theory fits in very well: “Survival of the fittest.” A product can survive for a long time in the market if it has utility. With heavy spending on marketing and advertising, it might get good sales initially. It certainly doesn’t hurt when the product is being backed by a financially strong company with a good brand reputation. But that doesn’t mean new products won’t enter the market to draw people’s attention away. To understand that better, let us see the three milestones that a product covers to be a brand.
1) Introduction to the Market
This is the first time a product enters the market. Here advertisements are key. You have to introduce the product to people who know nothing about it, a.k.a. a cold launch or prelaunch. If there are similar products in the market, then the introduction becomes comparatively easy, but the competition gets tougher. On the other hand, if yours is the only product of its type, then the introduction becomes difficult, but if people understand and like it, you’re the first to market. Whatever the situation, the aim is to introduce your product to the people. It’s a fact that advertisements make people try new things. As a beginner when you are yet to establish your product and brand, don’t chase the myth: “Spending more on advertising always yields good results.” Sometimes advertisements drastically fail. For that, set a budget (big or small), and make wise use of it. Try multiple things before committing a lot of money. Of course, you may leave a reply for more tips on that.
2) Setting Up Brand
After you have introduced the product, specifically to your target audience, now is the time to create brand awareness in the market. Make use of all possible sources, with social media being one of the most preferable for that. Tell people about your brand and how it is better than others. Content marketing is one of the best ways to do this since it’s giving something and makes your audience want to reciprocate.
3) Working for Sales and Revenue
After you have covered the above milestones, and a significant number of people know and like your brand, now is the time to reap the rewards. Every business is different. You might have already been selling products, so now you can introduce new ones that you’re most excited about to an eager audience. Or, you might have waited until this step to launch anything, like an online magazine building its name before launching a paid elite article program. In any case, I would suggest you make use of online techniques to get orders and keep customers coming back. Depending upon the product you may plan to strengthen sales channels and other necessary steps.
After covering these milestones, a product or business becomes a brand. To retain value in the market, don’t forget to reconnect with people. Keep advertising even if you get the required sales as in business there is no limit. That would let people remember your product. Don’t be afraid to try new things and update your brand image, as well, over time. In the above milestones, you must have seen that advertisements play a great role. If anyone is born with a silver spoon in their mouth, then the journey becomes easy. But it doesn’t mean that others should not work for the same things. I would recommend you to make use of online techniques for advertising, with the budget as low as the cost of a salad bowl and the results worth a gold bar. It’s possible.
What I have learned over the years as a digital marketer is that advertising boosts up a business and helps consumers in three ways:
1) People Get to Know All Their Options
2) Ads Make People Try New Things
3) Ads Give Personality to your Business
In short, any product becomes a brand in response to consistent efforts and a vision, with advertisements being chief drivers to that. Can you imagine a world without advertising? In case you asked your question out of fear or reluctance toward branding or advertising, here’s a link to my post “Welcome to a World Without Advertising”, that would help you think about it from the other side. I recommend you to read that post and start working on these things if you were hesitant before.
I hope the above points have given you the answer you needed. Straightaway, I would say yes to your question. It is good to compete with the brands in the business as who knows when your product too might become a brand while competing.
Please feel free to leave me a reply if you need more information on any points.