Have you ever wondered why you prefer some brands over others? Whether it’s the clothes you wear, the food you eat, or the car you drive, there’s always a reason why you choose one brand over another.
It turns out that there’s an economic principle behind this phenomenon called the scale of preference. The scale of preference is a way of ranking different goods and services based on how much you like them.
For example, let’s say you’re choosing between two different brands of chocolate. You might prefer one brand over the other because it’s made with higher quality ingredients, it has a better taste, or it’s more affordable.
By understanding the scale of preference, you can develop a stronger brand for your business. Here are a few tips:
1. Identify your target customer’s scale of preference. What are the most important factors to them when choosing a product or service? Once you know this, you can focus on developing your brand in a way that appeals to their needs and preferences.
2. Differentiate your brand from the competition. What makes your brand unique and desirable? What benefits does it offer that other brands don’t? Make sure that your brand stands out from the crowd in a positive way.
3. Position your brand in the marketplace. Where does your brand fit on the scale of preference? Is it a premium brand that offers superior quality and service? Or is it a more affordable brand that offers value for money? Position your brand accordingly and communicate your brand message clearly to your target customers.
4. Build a strong brand identity. Your brand identity is what sets you apart from the competition and makes your brand memorable. It includes your brand name, logo, tagline, and overall brand personality. Make sure that your brand identity is consistent across all of your marketing materials.
5. Deliver on your brand promise. Once you’ve built a strong brand identity, you need to deliver on your brand promise.This means providing your customers with the products, services, and experiences that they expect from your brand.
Real-life examples
Here are a few real-life examples of how businesses have used the scale of preference to develop strong brands:
- Samsung has positioned itself as a premium brand that offers high-quality electronics products. It does this by focusing on innovation and design. Samsung products are also known for being reliable and durable.
- Toyota has positioned itself as an affordable brand that offers value for money. It does this by focusing on fuel efficiency and reliability. Toyota cars are also known for being easy to maintain and repair.
- Coca-Cola has positioned itself as a fun and refreshing brand. It does this by using bright colors and catchy advertising slogans. Coca-Cola is also known for its strong brand identity, which includes its iconic logo and bottle design.
Conclusion
The scale of preference is a powerful tool that can help you develop a stronger brand for your business. By understanding your target customer’s scale of preference and differentiating your brand from the competition, you can position your brand in the marketplace and build a strong brand identity. Once you’ve done this, you need to deliver on your brand promise to keep your customers coming back for more.
