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More consumer choice means quality matters more, and brand matters more – Bob Iger Disney CEO.
Generally, it’s unhelpful to point out the apparent impact major shifts technology improvements have on the world.
You know what the internet did to and for the world. You don’t need me to remind you that the world is more connected than ever, information travels faster than ever…. blah blah blah.
There is far more opportunity in the world today to create a product or experience and take it to market with relative ease.
Without presuming that the market wants it or the business will survive and thrive, we can agree that the preceding statement is accurate.
Social media and platforms like TripAdvisor accelerate word of mouth.
As word of mouth travels further and faster, as does your business’s need to improve the quality of your product or experience.
What you did five years ago isn’t good enough for today’s consumer and the competition you face.
Quality is replicable, however.
So how do you build something that lasts?
In today’s landscape not only do you compete on quality, you also have to compete on brand.
Brand isn’t replicable. It’s great news for you if you care about mindfully crafting yours. Bad news if you don’t care at all.
Your brand is the gut feeling each individual has when they think about your business. It is the sum of everything you do from design to customer service, product and anything in between.
If you want to survive and thrive, you need both a strong brand and a higher quality product.
Imagine this. You are travelling in a wine region. You have two extraordinary properties to choose from. Right opposite each other on the same road. You have time to visit one only. Which do you choose?
Both quality wines. Both stunning properties. Similar prices.
Yet one brand you have seen before. You shared a bottle of their Pinot with your best friend a couple of years ago. It was a great night. You only remember this because the brand design was playful and the story resonated with you. You vaguely remember they supported a charity you cared about. Which one was it again?
Your experience with their brand was minimal but incredibly positive.
Now…. which do you think you’ll choose?
Quality matters more than ever. Brand, even more so.