Defining and Developing Your Brand
As reported in Modern Distribution Management, a company’s brand includes the products, services, and overall experience that define the relationship the company has with its customers. A good brand clearly communicates core competencies to target customers, as well as other constituencies. It paints a clear picture about how the company is differentiated from its competitors.
In an effort to keep up with consumer demands and growing competition, wholesaler-distributors must first take a look at their brand. Branding defines and communicates the tangible and intangible value that a company delivers in the marketplace. This means focusing on your value package—the combination of tangible and intangible products and services that the company represents in the marketplace to customers, prospects, suppliers, employees, shareholders, and the community.
Based on this research regarding differentiation and branding in wholesale distribution channels, here are some common traits of great branders, regardless of size:
- strong leadership that provides a clear vision for goals across the company
- entrepreneurial employees who take initiative in meeting customer needs and are enthusiastic and motivated to meet goals
- customer-centric orientation capable of identifying emerging customer trends and developing business opportunities to meet them
- process discipline that translates the tedious work of strategic planning; customer segmentation; strength, weaknesses, opportunities, and threats analysis; and branding strategy into executable marketing and training and development capabilities
- leverage of external resources (e.g., suppliers and technology providers) adds distinctive value and competitive advantage to the company’s core capabilities
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