By Mike Michalowicz, an EO New Jersey member and CEO of Provendus Group
Customers buy from vendors they know, like and trust. Chances are you will buy a Pepsi or Coke over a generic soda, even if the generic pop is cheaper. You do this because you know, like and trust the Pepsi or Coke brand. Maybe you know, like and trust a brand so much that you have built a loyalty to it and vow never to consume the other brand.
If you are the generic soda brand, you are in for a hard battle to win over customers. The ingredients could be the same, the flavors identical, but the generic soda will still struggle since it isn’t the recognized (another term for know, like and trust) brand. Beating the incumbents has always been hard, and it just got harder (or easier if you play your cards right). Add in the fourth factor – try.