This one is self-explanatory, but it certainly makes sense to me. A lot of new business owners are scared to enter the market because they feel that they lack “brand power”. This is incorrect, and that’s why we need to get better at this.
Brand power is exactly what it says on the tin and is a part of what makes a company or organization a “brand,” so it’s a good thing to have. But there are some key ingredients for the brand: a large, loyal target audience, a product that people are willing to pay for, and a recognizable brand image. It’s the small things we can do to put brand power back into the equation.
We have a brand-building problem we’re most interested in finding out about. If we can get more customers than we have in the past, then we can make a name for ourselves quickly.
But does this mean that we should just throw out every other brand and focus on one that is more likely to succeed? Not necessarily. If we get more than we have in the past, this means that we are more likely to have the same number of customers as we did before (and hence making us the brand that people want to buy from us).
If you are trying to build a brand by offering different brands to different customers, you are probably going to find that the best thing to do is to offer a similar option with different prices. This will keep the prices down for everyone and prevent competition from being fierce. This may have the effect of ensuring that there are less competing brands.
Also, to be a brand, you need to be profitable. To be profitable you need to be able to compete with other brands in a reasonable way. Competition is how you earn your living. If you’re competing with a brand that has a better price or better quality, you’re not making the best use of your resources.
In this case, the pricing and the competitive pressure associated with the threat of entry are two different things. The threat of entry is the threat of making your products and services more attractive, more valuable, or more desirable to potential customers. As it turns out, the competitive pressures associated with the threat of entry are the factors that actually drive the price of your products and services. A lower price will help you compete with other companies, but competing with other companies is not how you make a living.
The threat of entry is actually a good thing because it gives you an incentive to try harder. It is a positive thing because it motivates you (both you as an entrepreneur and as a consumer) to do things that are actually helpful to your business. As a good entrepreneur, you should always try harder to do things that will make a difference in your business.
This is the best part of what makes the threat of entry so much fun. It’s not necessarily about the competition. It’s about the feeling of accomplishment. It’s about the thrill of being able to try something that will help you get your idea off the ground. It’s about the thrill of testing against yourself and the competitors of your own organization.
a. The threat of competition is often the first thing to go. But the threat of entry can take over and make it worth it. You may have to learn to fight harder than you would normally do.
