There are two types of goods in the world: commodities and brands - Canny Bite 45
Gold, silver, copper, and steel are examples of commodities – you don’t pay attention to brand because the gold from one seller is the same as the other. You simply buy from the cheapest vendor. A commodity is a product that serves a function, and does nothing more. A commodity does not add significant value to the customer because it is indistinguishable from the other commodities available.
The value of a brand is harder to calculate, but it can be proven by differentiating from the other commodities within the market.
Humans can be commodities or brands. For example, if your job is to do something entirely functional, your capacity to earn is going to be relatively low. You cannot be differentiated, and can be easily replaced.
Differentiation, therefore, is the best tool a professional can have in an increasingly competitive world. To be irreplaceable, and to create wealth, you must build a brand. The aim is to become the go-to authority in your niche. Think about how you can start marketing yourself so that people trust you above your competitors. Build on this difference and make your personal brand centre around it, making clear that when someone invests in you and your time, that is what they will be getting in return. This way, your customers will choose to work with you because they know the value that you are giving them simply can’t be matched by anyone else.
A bit more about the Canny Bites format:
Canny Bites is a creation by Safaraz Ali of Pathway Group, Quick informative bites of business wisdom for entrepreneurs and business leaders where it is all about sharing of valuable content, at times its original content written by Safaraz and other occasions it is about sharing and curating other peoples content.
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