Hardwood Floors April/May 2019

By Katrina Olson

And fortunately, we know that purchase decisions are not always based on price. People are not always rational and will pay extra for a be er experience. A study by B2B consulting rmWalker found that by 2020, customer experience will overtake price and product as the key brand di erentiator. Furthermore, a survey conducted by Econsultancy for Digital Marketing Trends revealed that 65 percent of buyers nd a positive experience with a brand to be more in uential than great advertising. So if customers consistently have negative experiences with your company or product, they’re probably not coming back, no ma er how cool your logo or catchy your slogan. What is a brand? A brand is a promise a company makes to its customers. Customers rely on a brand to provide the same experience, the same quality, and the same level of service every time. A brand tells customers what they can expect and what di erentiates your company from the competition. How does a company determine its brand?Much like marketing planning, it’s a process requiring research, self-re ection, and brutal honesty. Branding starts with identifying your company’s position in the marketplace by answering some tough questions: • What is the point of di erentiation for your company? • What makes you be er than your competition?

• Why do your customers choose to do business with you? • What do you o er customers that your competition doesn’t? • How are you perceived by customers, relative to the competition?

e answers to these questions determine your position – what you do and who you are internally that makes you special in customers’ eyes. And it’s the foundation for all your messaging, including the external expression of your position – your brand.

the magazine of the national wood flooring association

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