Walmart, Home Depot and Apple are the undisputed champions in their respective industries. How do they squash the competition?
The strategy is deceptively simple; each corporation should chose a corner of the Brand Triangle and focused on succeeding in that one area. Consider a statement like, "we make the best blenders at the best price with the best customer service." We've all heard this a thousand times: and at some point, because we hear it all the time, it becomes white noise. You can make your business memorable by focusing on one area of the brand triangle (and doing it really well).
The 3 corners of the Brand Triangle are:
Price
If you chose to focus on price, you’re concern is about offering the best price for the quality of the product. You’re offering the cheapest price. When prices are extremely low, customers will accept a low level of product quality and customer service. They understand that quality and service are sacrificed to keep those prices low.
Quality
If you have the best product on the market, your clientele will throw money at you. You aren't concerned with having bargain-basement prices. You don't offer seasonal sales or coupon codes, and your competitors will have cheaper products. But your customers know that your product is the best on the market and worth every penny.
Experience
You don’t have the best prices, or the best products but your help outranks negates the need for either. Customers know that when they shop with you, you will hold their hand and walk them through the steps of their next project.
Here are some examples.
Walmart’s focus is on price. You won’t get a better price anywhere than Walmart, they promise. Shelves won’t be meticulously stocked, products aren’t likely to be top of the line, and there isn’t a staff member standing by in every department to help you... but the price can’t be beat.
At Home Depot, you can find a staff member to help you at every turn of your DIY project. Someone is ready to help you find materials, cut wood, mix paint, install your appliances, and rent you tools. They have good prices, the quality of their merchandise is fine, but their service is outstanding.
The quality of Apple products is a heck of a lot more than fine. Their products cost hundreds of dollars more than competitors’, the shopping experience is fine, but your Apple Watch is top of the line. With Apple you have no doubt that you get what you pay, which is why you’re willing to pay.
A good deal of research and work goes into the brand strategy. Walmart, Home Depot and Apple are mega-stars largely because they have set attainable goals and pour – that’s present tense, it’s a constant work-in-progress – all of their resources into being the best in their corner.
If you stick your company into the middle of the Brand Triangle, your business will fail. It’s a harsh truth, but consider the facts;
• If you’re good at everything and outstanding at nothing, you won’t stand out from the competition.
• The cost you’ll pay in time and money to achieve symbiotic stardom things leaves nothing left in the budget to live on, let alone remain competitive.
Think about the places you shop most often, and then ask yourself why you choose to shop there. Which corner of the Brand Triangle do they focus on? Why does it work for them? How would that apply to your brand? Use your own experiences to choose who your corner.
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