The Perfect Economy and branding?
When I studied economics at school the section I was most fascinated with was the theoretical position of the perfect economy.
Wikipedia has a nice clear definition of that. But it's a bit wordy.
So my own definition is more succinct. I believe it is, "All the buyers having all the information to buy identical products."
Well, that's the Internet now isn't it?
If all the buyers have all the information and the market is selling identical products, then people will always buy from the lowest price supplier won't they?
Well, no. they'll buy from the one they trust the most, as long as the price is there or thereabouts.
Business guru Andy Hanselman once said to me that 'advertising is the price you pay for being mediocre'.
He's right.
Products and services rise from mediocrity by being exceptional, by being differentiated and by being well branded.
So rather than the internet killing brands, it's offering them the most incredible opportunity. A world at their feet, that's theirs for the taking.
It's the perfect market opportunity.
Follow Technorati