Do you know what truly differentiates you from your competitors?
Is it your product/service?
Hundreds or thousands of businesses offer the same products or services you do.
Is it your features?
Your competitors probably have more or less the same features. Even if they are missing a feature here or there, they can easily build them.
Is it the awards you’ve won?
Awards can be bought ( Hec, I get hundreds of mails from people trying to sell me awards!)
Is it your price?
There's always going be somebody cheaper than you.
The fact is, if you want to truly stand out from your competition, you need something that goes beyond your products, features, pricing.
You need a strong Brand.
But what's your brand?
Your brand is the intangible stuff. Something that cannot easily be copied.
Contrary to the popular belief, your brand is not just your logo.
Your brand has several aspects to it, including:
Your visual identity (which includes your logo)
Your messaging and the stories you tell
The experience people have when they interact with your business
And much more
Why your brand matters
Most small and mid-sized businesses ignore their brand.
They focus too much on features, pricing, technology etc, not realising that at the end of the day, won't help you stand out from the competition.
If your business cannot stand out, then you're just another business in the market selling 'X', and you know what happens in that case?
You end up competing on price. Most buyers tell you that you are too expensive compared to your competitors.
So you are left with no choice but to lower your price.
If you don't want to be in that situation, invest in branding, because it's your brand that will truly differentiates your business from the thousands others.
Branding is the reason why people trust some businesses more than others, and happily pay 5x the price everybody else is charging.
It's the reason why some companies attract and retain the best talent.
And yes, it's also the reason why Apple can charge 500 dollars for a pair of headphones that come with a case that looks like a bra (I mean, can you imagine another company getting away with that?)
All this doesn’t happen by accident. It’s the result of months and years of strategic brand-building.
And it's more important for B2B businesses than ever before, because regardless of the industry you're in, it's going to get very very crowded.
So start building your brand today, or you’ll find it very hard to differentiate yourself and attract your ideal customers.
Related post: Importance & Advantages of Branding for B2B companies