Proverbs say that a Great wine need no bush.
However, if you ask someone who sit Toyota. He or she will say that Toyota is the best car in the world.
On the other hand, if you ask someone who sit Honda. He or she will say that Honda is the best car in the world.
Same with those who sit other branded car in the world.
Say if Toyota and Honda merge. Those who love toyota or honda will be in complete flux and confuse.
So, if Toyota and Honda merge. We will need 3 brands such as Toyota, Honda and a merge brand such as Tohonda to cater for people from different groups and increase brand awareness and loyalty. Thats why we have Lexus brand name for Toyota in America.
If you go to a bookstore, what will eventually make you decided to buy a book or choose another book? It is the title on the cover of the book. How many books that we buy from a bookstore in our house that we never flip past the first page? This show the important of brand awareness in generating brand loyalty and sales.
Same in life brand name is essential in this 4th industrial revolution. In instant, the Coke brand name is worth billions and even if Coke go bankrupt the brand name of Coke will ensures its survival and will worth billions.
Gone is the day whereby great wine need no bush philosophy works but internet marketing is a fight at every inch of marketing place in the internet edge.
Everyone of us surely can make better burger than Mcdonald but we cannot compete with their marketing, sales force and real estate in prime location.
In medival China, wars were won based on the flag and drum beat, which will increase the morale of the soilders in war. It is the same in business, brand awareness will increase sales and brand loyalty.
Moral of the story: In business it is all about location and in sales it is all about marketing, brand awareness and brand loyalty.
God bless you.
In God we trust,
Dr. Lion.
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