When customers love your brand they are willing to pay a premium for what you sell. And, best of all, they buy from you repeatedly. In a nutshell, that is what branding is all about-creating a unique identity for your product or service that customers can emotionally connect with. People love their Pepsi, they love their Starbucks, and they're willing to pay more for the brands they love on a regular basis. That's where the passive income part comes in: customers buy the brands they love over and over without having to be coaxed into doing so each and every time. And that is a beautiful thing compared to selling on price alone, where you have to constantly advertise fleeting sales events or limited-time offers to make a one-time sale.
Think of it as two sides of the same sales-and-marketing coin: On the branding side of the coin, customers want to come back to buy and do so without having to be coerced each time. On the selling-on-price-alone side of the coin, the company has to chase would-be customers with a constant barrage of ads that scream the daily price. This makes the selling-on-price approach extremely labor intensive because to stay competitive you have to constantly scour the internet to see what your competitors are charging. And if the competitive price changes the next day, you need to run another ad, again, screaming the daily price. So selling on price alone makes you work and spend for every sale made-completely obliterating any real sense of passive income.
And if the constant labor and expense of creating and running ads that tout the lowest price isn't reason enough to create a power-brand, there's the fact that selling on price alone naturally forces a rock-bottom profit structure. Selling with an ultra-thin profit margin dramatically drives down your return on investment (ROI). After all, you are going to incur some advertising cost, even if it's just the drain of your time working social media sites and blogs.
Should you look into branding your business? After being in advertising and marketing for more than twenty years, I can assure you the profitable answer is a "no-brainer." It's a no-brainer because customers make buying decisions first with their "heart," if you will. Emotion is the first aspect of the two-part buying decision. Logic is the second part. But even then the logic is really only used to "justify" what the person wants. And you know what, you can't emotionally connect with a product that sells on price alone because by default selling on price alone means the product or service is nothing special. Companies who sell on price alone have necessarily commoditized their product or service. They're implying, "We have the same thing everyone else has and there is no other reason to buy from us except for our low price."
So how do you create a great brand? This is the fun part. Branding means setting yourself, your business, your product, or your service-whatever it is you're selling-apart from your competition. It means creating a clear identity that customers can emotionally connect with.
Branding is an art and a science, and there is much to learn about both. Too much, in fact, to explain in this article. However, I have created a fun and easy-to-understand five-step program based on the same process that I do on a daily basis to create multi-million-dollar brands. You can find out more at http://www.amcass.com or search my name on Amazon.
So the best way to get rich online is to do the same thing that successful marketers have always done-create a strong brand. Because when you build a strong sense of brand loyalty with your customers, you aggressively increase your passive income.
Scott A. Lavitt
Article Source: http://EzineArticles.com/?expert=Scott_A_Lavitt
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