Whether you operate one location or multiple ones, and regardless of how many decimal places represent your revenue, your business has a brand. It may have been carefully created through time, or it may simply be the unintentional result of your day-to-day activities. Either way, it is your business identity, your promise to the customer. It can be more valuable than your entire inventory, more priceless than seasoned staff.
You need to treat it as the asset that it is – define it, cultivate it and protect it. The consequences of not doing so can be disastrous, as can be learned by taking a look at one of the most infamous brand blunders in marketing history.
In the 1980s, Coca-Cola experimented with altering its classic Coke soft drink. Blind taste tests showed that customers preferred the newly formulated beverage to both regular Coke and competitive cola, Pepsi. Coca-Cola thought it had a big winner on its hands and it released New Coke with much fanfare.
It was a disaster; New Coke bombed on the market. Coca-Cola found that it had underestimated its customers’ sentimental attachment to the classic Coke product. New Coke had jeopardized Coca-Cola’s strong brand loyalty.
The company recovered by reintroducing the original beverage as Coca-Cola Classic, eventually dropping New Coke from production. Last year, BusinessWeek magazine named Coca-Cola as the top global brand for the second year in a row. Coca-Cola learned (expensively) just how strong its brand was in the eyes of its consumers. Coke may be a great beverage, but it’s a better brand.
PICK A ROAD
Your business’ brand is what connects you to the market. It is more than just a name and a logo; it’s a culture and an assurance to your customers that they can depend on your company for their needs, whether parts or service. Often, distributors stock the same parts on their shelves, and many shops offer the same services. The way you differentiate yourself in the market is what’s going to attract – or repel – potential customers. Time spent fully considering and developing your brand strategy will pay dividends.
The heavy-duty aftermarket is changing rapidly. Globalization and consolidation are forcing many companies to re-evaluate how they do business and with whom they partner. Now is a critical time for aftermarket businesses to take a closer look at their brand strategies and to make sure they stand out positively in the market.
