In my recent post “Staying out of the price wars,” I wrote about brands that are highlighting unique features in their products to beat value players that compete on price. Another approach is distraction: focusing customers on your brand’s strengths, distracting them from making direct price comparisons with cheaper competition. There are three simple (but powerful) strengths you can leverage:
Source Credibility: Emphasize the quality of your product/service—e.g., highlight the raw material used, the source of key ingredients or the processes involved. The way Everest, an Indian brand of spices and condiments, advertises its saffron product is a case in point.
Brand Integrity: Draw attention to the values your brand champions. Surf Excel, a popular detergent brand, pledges its commitment to child development and education by giving scholarships to poor students in India.
Brand Heritage: Bring to the fore your legacy, the number of people you have touched, the kinds of relationships you have cemented over the years. Kellogg’s in Europe and the U.S. regularly underscores its long heritage to help counter the effects of store brands.
Distraction Strategy will not only help you keep your customers, it will also greatly strengthen your brand’s equity.