5 Mistakes in a Brand\'s life!

In this day of fierce competition, great brands are results of great perseverance. A good brand asks for a tall order. But despite the fact that a brand needs to be handled intricately, we do take it for granted at times and subject it to things we should have not ever. These are great mistakes which may be in the form of –investing carelessly or avoiding R & D, etc.  But whatever it is, it does dent the value of the brand. Let’s see the five common mistakes a brand may be subjected to, and how to avoid them.   
Never compromise on price: According to a survey, customers prefer a shop that sells at low price. They call it value for price store. The sudden realisation to penny pinch has come from the learning of recession coupled with inflation. Price has become better consideration than brand in convenience of buying.

If the competition is giving you a run for your money, do not be under confident or be tempted to lower your price. Because in doing so you are taking a reverse gear to bottom which may proof detrimental to the image of the brand and take a lot of time to come up. For example: I know of a writer who became a sensation with three consecutive bestseller books and a brand to reckon with. Film producers signed him right, forth and centre. Then came his 4th book, hastily written so as to cash in on the success of the previous books. Unfortunately, it fell flat bang on and with it, his reputation went kaput. He slashed down the price of the book that was not selling, which ruined his reputation more as people looked at him with doubt for offering something at cheap price. I think, the best solution would have been to totally remove the books from the shelves and save others from getting a taste of the bad book; today he is biding his time just in figuring out what he should write next to come back on the lost ground which looks a wee possibility. Brands do matter and a customer understands the kind of effort that has gone into building that brand and the resultant trust. So, do not compromise with your price. The road to success may be long at first but you will reach there with perseverance. Quality does not come cheap, there is a bigger tag attached to it. And if you start from a low price, it may take you to the bottom of the pyramid and at par with already cheap brands while closing all doors for you to come back to the old league.

Read the full article here: https://www.franchiseindia.com/entrepreneur/article/managing-a-business/sales-marketing-advertising/5-Mistakes-in-a-Brand-s-life-426/