5 brand-busting mistakes to avoid

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Source: Entrepreneur.com

Mistake No. 2:
Branding on price. Don't do it. Basing your brand on your low price is a race to the bottom--and someone will always beat you there. Even if your prices are the same as your competitors' prices, you need to give clients compelling reasons beyond price to buy from you. The difference between the product offered by Morton Salt and a supermarket's house brand? Not much. The difference in pricing? Fourteen percent. That margin is due to how well Morton has built up the intangible parts of its brand. Establish trust with your customers, and you can breathe a lot easier when the newest competitor undercuts your price.

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