Reilly Newman | In a free market, the best product or service should always win, right? The business with the best quality, the best service, the most innovative, or even the best priced should win the free market.
The problem here is that these are all subjective. Yes, even pricing is subjective (Exactly why $100 could be a lot for some people and not for others). So if the free market is fair and “the best” is completely subjective, then what actually determines the crowd favorite? Brand. To win in a free market, you must win at brand.
“Brand” lives where business meets perception. It thrives on the subjective influence our brains have on our perceptions of things based on experiences, knowledge, and personal perspectives.
Having the best food, product, or service simply isn’t enough. Why is that? Every business thinks they are the best. So by default, you are joining the white noise of your market. And a free market is driven by choice. The free choice of the market to choose who they give their money to. The chosen succeed, while the others slowly wither away.
So in reality, it’s not about being the best. It’s about being chosen by the market. Being chosen by humans.
In fact, research shows humans make about 226.7 decisions each day just on food. And that’s just your conscious mind, now add in the rest of your day PLUS what your subconscious is deciding behind the scenes. Yes, a lot is going on.
From impulsive decisions to compliance and avoidance, choices come in all shapes and sizes. The bottom line is that your service or product is just another decision for them to make. Your job is to be that choice.
Your brand is the most crucial tool you have to help manage the choice of your audience. To signal to them that you are the solution they are looking for based on how they view and experience the world. Your brand allows you to say “no” to many, but give a strong “yes” to a select audience who appreciates your business and the value you bring to the marketplace.
The market is going to make a choice, no matter what. They are going to have a perception about you no matter what you do.
Your brand is your opportunity to help manage these variables and not only survive in a free marketplace, but thrive.
