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So what does this phrase really mean? It’s a short statement, but it accurately describes how a company’s success doesn’t necessarily depend on having the best or most innovative products. Rather, the most well-known company sometimes wins out in the end. IBM, for example, didn’t always have best-in-class products or the best overall customer service, but it was a name so synonymous with quality that “nobody ever got fired for buying IBM” if plans went awry. This of course also implies how dangerous it can be for individuals to take purchasing risks with new and lesser-known companies.
Consider your average start up: they certainly have an incredible breakthrough technology, they are small and nimble enough to always be on call, and they attract top-tier talent. So why doesn’t everyone immediately transition to their new and amazing solution? Simply put, they have no history of past performance. By nature, humans follow the path of least resistance and are more likely to buy from brands that they know and trust.
So what can you do? You can start by investing in building a well-known brand to deliver the strongest possible industry presence for your company. Product marketing may lead to small sales here and there, but having a powerful brand will give you more credibility, which will help you to attract more prospects and foster beneficial customer relationships for the long term.
If you want to stop losing sales to the IBMs of the world, start promoting your brand and become the next IBM!READ MORE