Do you have a 0-60 Brand?
A 0-60 brand is one that “It does exactly what it says on the tin“, in that if you brand is called ‘cheap beds’ then it is really easy for a consumer who’s never heard of your brand before to deduce what you do (you sell cheap beds).
I use 0-60 to reflect the acceleration of the brand, much in the same way the accelerating ability of a car is measured with the time it takes to get from 0 to 60km/hr.
The problems with 0-60 brands are that they don’t go past 60km/hr and they are are not agile.
To get a brand past (continuing the car analogy) 60km/hr you need to start appealing to the part of the brain beyond the neocortex. The problem with ‘cheap beds’ is that your brand and therefore product will always be evaluated rationally. “these beds are cheap, ergo everything I know about cheap also applies, they’ll probably break quickly, not be comfortable and I don’t expect much service”.
As a business you’re doomed to always compete on price and therefore squeezed margins.
The other major problem with a 0-60 brand is that they are hard to charge direction. What if you also sell mattresses, pillows and sheets for beds? The same benefit you gained from the quick understanding of what you sell is now working against you. Even with a customer at a store or website where they can see you sell pillows, you’re going to have a hard time convincing them to buy pillows from a company that only sells beds, and cheap ones at that.
There is a reason you hear people talking about building a brand. It is the magic that lets you define what you sell, what you stand for and importantly charge more than a company that simply sells ‘cheap beds’.
So unless you only want to achieve mediocre business success and limit your business expansion options , invest is a truly brand-able brand name. What that you can sculpt into a highly scalable, fat margin business that will overtake the competition at 60km and keep accelerating through to 100km/hour 😉