A Simple Lesson

This is a basic lesson 

What is a Brand? A name that somebody can trust. The moment the trust goes away, the brand goes away. 

Question: Who had the best TV brand years ago? (SONY) 

Sony had, what was called, “Brand Equity” that said Sony makes a superior TV. When you have brand equity, what can you do?  

Charge Anything You Want, LOL! 

Along comes Amazon… when you buy something from Amazon, what is the first thing that you look at? 

Customer Reviews 

Why do customers do reviews? What do they get out of it? Nothing. They feel like they’re playing their part in informing people about a certain product. 

People write about things when it exceeds or did not meet their expectations. 

When people go to Amazon to get a product, they scroll down to the customer reviews and they start seeing things like: “You can get a cheaper TV with the same quality”. Problem is, you’ve never heard of the brand. 

Over time, people start to believe the reviews, and Sony’s brand equity goes down, and other company’s equity start to go up. 

What’s really happening is that the idea of buying things because of a “Brand” has gone away… because we now have the true information. 

The Simple Lesson: The Internet Shines A Bright Light On Mediocrity 

If the brand means “Trust”, and people purchase something and get ripped off, they will go online and tell people, and the brand equity will go away! 

So, If You Put Out Bad Music and Products, your Brand Goes Away!