Efficiency | Branding – Another way to answer this question

Another way to answer this question is to reformulate it and ask, “Why do customers use power tools like a circular saw? Your customers probably want to use the saw to cut wood, perhaps to build a new dining table. But we can rephrase the question and ask, “Why do people buy power tools? If you ask the question this way, you will quickly find that one of the most common reasons for buying power tools is that customers buy Father’s Day or Christmas gifts So, when we ask you to think about your competitors, how broad should your look be? We suggest you start with the companies you are in direct competition with – in our example, these would be other power tool manufacturers. This raises the question that as a manufacturer of circular saws, you compete not only with other power tool manufacturers, but also with dining table manufacturers. In this context, you can see that power tool manufacturers are competing with other Father’s Day or Christmas gift suppliers, one of the most important of which is the tie. For example, a company can spend a lot of money on advertising, but if it has many customers, it can spread these costs over several transactions and thus slightly reduce its average cost per transaction. Who does it compete with as a power tool manufacturer? One way to answer this question is to look at who else makes power tools. If you find that our thinking about brand strategy and brand management is insightful and you want to understand yourself, your marketing teams or your management teams better, we can develop a training and development commitment tailored to you. It’s easy to ask: “Who are your main competitors? But this seemingly simple question is much more complicated than you think. The more customers are willing to do the dining room work themselves, the more they will pay power tool manufacturers compared to furniture stores. Under this framework, competitors like DeWalt, Bosch, Ryobi, Hilti, Hilti, Hilti, Hilti and other manufacturers of similar tools could be on your list. Ask yourself, what is the average cost per transaction you have compared to your competitors? Keep in mind that these are average costs. For example, they exchange performance characteristics and the cost of providing products or services.