How to develop a brand identity for your blog ? part 11

Let there be light… But Which Company?

If you missed my earlier posts of the series, here they are: Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, Post 8, Post 9 and post 10. And here goes part 11:

Do you really think that product pricing has anything to do with your brand or brand development? Let’s find out:

We often find that people offer cheap products – like “cheap xyz for sale”. A lot of webmasters believe that if they can offer cheaper products, more people would be interested to buy. Sometimes, this is true – but it is not necessarily always true.

Just think about it from a different perspective – how low you can go? You would often say that as your competitors are offering the product at a lower price, you must do the same to stay in the business.

There are two types of products -

1. A product that you manufacture or develop and sell on your own website.

2. A product that is developed by another company and you act as a seller of the product.

In both situations, you may have huge competition. But, I believe, pricing strategy should be different for these situations.

In case of the first one, you must understand what your target audience is looking for – price or product quality and service and act accordingly. However in the second situation, you do not have much to do – here the pricing, more or less, depends on your profit margin.

Now in the first category, your brand name is directly associated with the product and thus the pricing would play a huge role. But in the second category, the product does not have much to do with your personal brand. It has its own brand and it would continue to develop its own brand via you. Here you are not selling a product – you are actually selling a service. And your brand development depends on the quality of service you are providing. It is more about the availability of a brand.

To be continued: