One of the biggest transitions I think any business owner can make is to realize that at the end of the day they need to be the BRAND, not the product or service. Most things we sell these days are commodities, meaning that they can be bought or sold in multiple places. You sell watches but so do a hundred other places in your area. You’re a plumber but there are a million plumbers around. Someone will always beat you on price and someone will always build a better mousetrap. You need to eventually remove your product or service as what you’re selling and replace it with the value of YOU.
The greatest (and most overused) example of all is Starbucks. You can get a cup of coffee literally anywhere. Including your own kitchen very easily and not to mention for FREE in your bank’s lobby. So why do we pay an ungodly amount for a Starbucks coffee? Because we’re not just buying a cup of coffee, we’re buying an experience, a feeling.
In your business, you need to become the brand, to raise your value to the point that what you’re selling isn’t the primary driver of sales. The easiest way to do this is to figure out what you client or customer really wants and give them that. You have a hundred RVs on your lot but you’re really selling dreams, and travel and a lifetime of experiences. If you become a resource for RV-related travel tips and destination ideas, then you’re moving closer. If you become the best in the area at providing accessories and top-notch RV service, then you’re moving closer. If you become SO knowledgeable about the industry and provide a level of service unlike any other, again, you’re moving closer.
You can buy RVs all over the place but why will people seek you out time and again? Because you’re a one stop shop of amazing, immersive experiences.
As an aside, it’s not a smart business idea to make you, the owner, “John Smith”, the brand. Someday you’ll want to retire or sell the business and if your business’s value is tied solely to you as an individual then you’ll have a much less valuable asset. Make the business the brand and stand alongside your employees and procedures as the true value in the equation…
Need help making this transition in your business? Send me a message, let’s chat!
