Competitive markets functioning in equilibrium are boring. Every supplier offers the same exact product to consumers, and the only way to make a profit is to control costs. Maintaining the status quo may be comfortable, but it is hardly a means to the kinds of earnings you really want.
As a marketing expert, you know that your company is special. It’s not just another faceless provider of the same old products and services that everyone assumes it is. Perhaps you have better quality or more reliable on time deliveries. If you can’t communicate your message to your consumers you will never get your business out of the rut that the other competition is stuck in.
Changing the perceptions of your product in the minds of your customers is the most cost effective way to improve your revenue, and brand recognition is the strategy that offers the best possible means to this end. When everyone knows to expect more based solely on the color and logo placed on your products, you have reached beyond the confines of the cozy little supply and demand forces you have been stuck in. You have achieved a level of market power. This power gives you more of the flexibility you need to define your business goals and start setting your own prices.
To find out just how important brand recognition is and learn some common tactics used to get the best results, check out the infographic below: