Page 23 - Branding Yourself and Your Business

10

DON’T BE A STUCK UP BRAND

I f your brand gets to the point of being a leader in the marketplace,
do not be afraid of other companies getting into the market to give
your brand some competition. In fact, it is
good for brands that are leaders in their market to welcome the
competition. One of the good things about competition is that
consumers like to have the ability to choose a product. McDonald’s
would not be where they are today if it was not for Burger King and
Wendy’s. The same can said for Coca Cola. The brand would not
be the same without Pepsi. One more example would be
pharmacies. How often do you drive down the street, see a
Walgreens, and no more than a block later see a CVS. They are
basically the same store yet there they are right next to each other,
it does not matter what town you are in they are always next to
each other. If there is no competition in your category consumers
may look at your brand with doubt and pass on the opportunity to
purchase it, which is why competition is important.

When the competition does come, you have to fight against the
impulse to expand your brand in order to protect your market share.
However, you do not want too much competition. This is because
when there is too much competition it is equal to too many choices,