Buy the Brand
Before the product
Apparently, the current economic conditions of high inflation and high interest rates are a result of the current frenzy of consumer spending as we come out of Covid pandemic restrictions and catch up on our spending plans. The economists and financial analysts have described it as YOLO thinking – You Only Live Once, so live it up, spend like hell!
I’m suggesting to buyers and sellers, beware! If you’re buying – don’t be too impulsive or irrational in your purchasing decisions. And if you’re selling – don’t take advantage of anxious buyers, shortages in the supply chain, and expectations of inflation for a quick sale at exaggerated prices.
I’m reminded of my own advice for sales success that still applies. Not just the 4-Ps of sales success: be Persistent, Patient, Polite, and Persuasive, but also sell yourself first, then the brand and the company, then the product. Customers need to be confident that the product is sold and supported by you, the company, and the brand, and that you’re all dedicated to making sure that the product is the solution to the customer’s problem.
If you and your company don’t believe in that process, then you’re doomed to fail together. Don’t be fooled by a few short-term sales successes. Successful businesses are built on long-term loyal, profitable customer relationships.
Be better. Do Better. Be an Enlightened Entrepreneur.
Del Chatterson, your Uncle Ralph
Learn more about Enlightened Entrepreneurship at: LearningEntrepreneurship.com Read more of Uncle Ralph's advice for Entrepreneurs in Don't Do It the Hard Way & The Complete Do-It-Yourself Guide to Business Plans - 2020 Editions.
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