Evolution can often be optional. Like, in a business you can either choose to remain a commodity and can be quite a good one undoubtedly. Or, you can choose to turn it into a brand sometime down the line when you are ready for it. One question that seem to puzzle a lot of people today is that, if they are doing fine remaining a commodity, do they really need to go that extra mile and turn themselves in to a brand? Yes, definitely – if you ask us. Let us tell you the why part of it.
Remaining a Commodity can cost you more than you realize!
Being a commodity may feel like living happily within your comfort zone and sailing through tested waters. But, it also means that you are still putting up with some hidden strains and drawbacks attached to it on an everyday basis. Like,
- By being a commodity type of a business, you generally don’t have a say in the market simply because you don’t have the monopoly. It rips you off the power to negotiate or to have an upper hand.
- Dealing with the current scene of inflation becomes even more difficult for you as you can’t just reduce or raise the price of your product due to a huge number of competitors lurking around. One slip from your side and they will snatch your business away.
- India is typically and predominantly owned by unorganized retailers. Take the example of apparel shops, grocery stores, barber shops etc in your vicinity. An average Indian has the mentality of going to these around-the-corner outlets for his day to day requirements. But when it comes to valuing an experience, he will always fondly talk about the sophisticated services he gets at the salon which is a part of a chain across the nation, or the fashion label that makes him look special in an authentic way or the branded grocery store where quality is a sure shot. That time he chooses to praise the brands that he has experienced and not the commodity he has often opted for. So the point is, by continuing to be a commodity and an unorganized retailer, you are risking to remain faceless and not-so-valued in the consumer’s mind.
Perks of evolving in to a Brand
- The coolest thing about evolving your commodity business in to a brand is that you earn a certain level of trust and personal equation with your consumer. And that gradually gets translated in to the consumer’s loyalty towards your brand/product.
- Once you have earned the consumer’s loyalty, he readily pays the price that you set for your product or service. The possibility that he might get a similar product somewhere else for a lower price won’t alter his decision then. For instance, an admirer of the brand Apple will always find the ways to buy its products. He won’t really mind the fact that Apple products will cost him way more than the non-Apple products. What makes him stick to Apple irrespective of the high prices? It is his trust that Apple has won and the association that they have always lived up to.
- Becoming a brand generates a recall about you in the consumer’s mind. Meaning, the consumer remembers you distinctlywithout mixing you up with the others from your segment. That can win quite an edge for you.
- For example, let’s take an unorganized handicraft manufacturer on one hand and a brand like Fabindia on the other. Which one, out of these two, will you remember markedly? Which one do you recommend to others with confidence? It is clear that a brand enjoys more of your exclusive attention than a commodity.
So, is it actually the time for you to go for THE leap?
The switch from being a commodity to becoming a brand should be rightly timed. When you know that your product is well in alignment with your vision and it has that USP which makes it stand out distinctly in your segment; it is time for you to rise above the rest by becoming a brand and thereby becoming a trailblazer. Dare to dream bigger and bring in the change that sets you apart. Now THAT calls for a new and exciting endeavor, doesn’t it? Fix a rendez-vous with ENSO and we will be more than glad to assist you through the process of becoming a brand.
Let’s make you the trailblazer, let’s make you the change-maker
and let’s do it together!