subject: Building The Brand Of A Service Business [print this page] Marketing can be difficult in service industries. Many times, a service is often thought of as a commodity. Consumers are likely to purchase services based on cost. Brand recognition is an important consideration when competing in a service business.
In Nevada, bail bondsmen set their prices according to state law. Nevada bail bondsmen must charge their customers 15% of the bail amount or $50, whichever is more. Not a penny more, not a penny less. In the ultra competitive Las Vegas bail bonds industry, how does a Las Vegas bail bondsman distinguish himself from the competition when price isn't a factor?
A Las Vegas bail bondsman needs to create and develop a strong brand in order to compete. Since Las Vegas bail bonds are so competitive, a business must establish itself and become recognizable with the customers.
The Las Vegas bail bonds industry has in excess of 250 bail bonds businesses listed in the Yellow Pages. One long time Las Vegas bail bondsman said he spends more than $10,000 in collect calls from prospective customers each month. In addition, an online search for Las Vegas bail bonds returns almost 120,000 results.
A Las Vegas bail bonds business needs to build a brand that conveys the right message to its customers. For example, quick responses and easy access may be important factors for customers to associate with a bail bonds business.
A value proposition is an integral part of brand building. It is the natural outcome of the brand identity. A value proposition is what the customers think of a brand.
Cultivating relationships with customers is an important aspect of building a bail bonds brand. A famous sales consultant once said, "customers want to buy, not be sold." If customers have trust in a particular Las Vegas bail bonds business, that is the one they are likely to buy from.
A Las Vegas bail bondsman, like any other commoditized service business, will only be as successful as the brand they create. Building a brand that customers respect and like will drive sales more than anything else in the environment.
