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WHAT IS YOUR BRAND WORTH

WHAT IS YOUR BRAND WORTH

What is your brand worth?

Read this life-changing story of a father with his son.

There was a boy who asked his father this question, “how much am I worth?” His father thought for a while and gave him a piece of rock and told him to go to a local market with it. He then instructed him that anytime someone comes around to purchase and asks for the price, he shouldn’t say a word, but only raise two fingers.

He went there and did as his father told him. Someone soon got interested and stopped by where he sat with his piece of rock. “Oh! This stone is nice. Can I have it for my garden? How much is it worth” The person said. As his father told him, the boy lifted two fingers. “Oh! I see! Two dollars. Right?” The person replied. Without replying further, the boy rushed home immediately and gave his father the feedback.

As he got home and narrated the whole story to the father, the father told him to go with the same stone again to a museum and repeat the same experiment. He got to the museum and as someone indicated interest, he repeated the same thing, but this time around, the person interpreted differently. The prospect simply said, “you must be saying 200 dollars. Right?”

The boy went back home again with much excitement and narrated everything. Finally, the man told his boy to go to where they sell precious STONES and repeat the same thing.

This time around, a prospective buyer on seeing his two fingers lifted, shouted, “200,000 dollars”. By the time he got home, the father simply asked him, “do you now know what you’re worth?

Your Brand & Your Positioning

Most time in life, your worth is always determined by where you are placed. Your positioning often determines your value. Finding yourself scrounging for appreciation is often a symptom that you’re in a wrong place. When the place is right, what you carry will be appreciated. For instance, look at a scenario where a Soft Drink hawker is walking with a Sausage Rolls (Gala) Hawker. By virtue of association, they will both benefit in sales. Why? They are solving closely related problems and the presence of one will always trigger the need for the other.

Your position is not just about where you are standing or situated as a person or a business. It’s about the market you choose to serve. Your positioning is about the difference between your value proposition and your competition’s brand expression.

How have you been positioned? Has it been quite profitable so far? How much value do people place on your brand?

Let me know your observations in the comment section. You can also visit us on Instagram to learn daily on how to grow your brand equity.

 

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