Have you ever seen a street vendor complain that he struggles to make money because his goods won't sell? There can be many reasons. He then feels that if he lowers his prices, he'll get more buyers.
From there he starts from the mindset that low prices are the guarantee for competing in business today. Is that really so?
Have you ever been to a small stall and seen the doughnuts they sell? How much are they? For Rp 1,000 you get one doughnut. What about at J.Co or Dunkin' Donuts? Around Rp 6,000, if I'm not mistaken. Cheaper than the stall doughnut? Nope. Selling better than the stall doughnut? Yes. Why, when they aren't cheaper? This is the key point that shows low prices are not the only guarantee of surviving in business, especially over the long term. Yes, price is one important thing to watch, but on limited, small volumes it won't last long.
Serious commitment to the business you're in is the main thing that keeps a business going. And branding matters today if you want to last in business. There are many benefits once you manage to build a brand of your own. Your selling value is no longer only what it costs to make the product, but also what your brand is worth. Be creative and dare to be different.
Profitable? Sure! But building a brand isn't easy. Does that make you hesitant to build one? Then just buy a brand. Some people, though, go as far as copying brands: "Sunny" in Glodok, "Gucco" in Mangga Dua and so on, riding on famous names. But do they last? Not really. That's why, although many local franchises have been born over the past few years, only a handful survive. As usual, the law of the jungle still applies: the strong survive.
So let's learn to build your own brand, starting now.
