01/19/2025
"You don't expect to buy a Lambo from a Kia dealer." This was my analogy yesterday, at the Boss Mares business event at the Cowgirl Museum in Fort Worth. (Cool place BTW). A friend asked the speaker about marketing their ranch-raised horses for sale. Now, most there didn't know my friend's story; they are ranching heritage breeders and turn out quite a few nice horses. But they don't have their brand built up like Terry Stuart Forst (the speaker) has their Stuart Ranch built up to brand recognition.
It doesn't matter what your product is--perception is reality. And, there is nothing wrong with a Kia. But if you're trying to sell a Lamborghini, and 30 Kias are sitting out in front, it confuses the brand and the value perception. And, conversely, if you can only afford a Kia, you're probably not seriously shopping at the Lambo dealer.
Think about what you have out there for your brand. Location, employees, website, packaging, ads. What is the brand perception? Does it align with your product, pricing, and target audience? A master's degree project was on Old Navy vs. Gap vs. Banana Republic. You could get a black T-shirt at all three. Old Navy $5.99, Gap $18.99, Banana $39.99. Just like you can get a AQHA bay weanling at many places. Some for $800, maybe $3500, and some $20k. But there are many variables to that price. Some of them are tangible (parent earnings) BUT, some of them are brand perception, perceived value, and recognition.
This leads me into my next post which is going to be on brand audits and why you need to do one. Because what you THINK may not be what is the reality to your buyer.