One of the very few brands I admire the most is Coway. It is a Korean brand. I just love how Coway crafted its business model. It is truly special. Despite being capital intensive, their model is very subtle yet it is able to create such a strong value for their customers.
Their value is obvious. They’re offering quality-living affordable to their customers through their products. And they are doing it one product at a time. With Coway, we no longer have to buy and have difficulties maintaining and disposing of it when it is no longer needed. Instead, we just have to rent or subscribe. They will do the rest. First, they started off with a water dispenser. Since we can’t drink clean water out of the water tap, this product is badly sought after. After that, they introduced air conditioning. Then another product, and another.
Value is all about making people see our product as part of their life. And they need to use our product to solve their problem. As a brand, this is how we stay relevant. If no one is seeing our product as relevant, then I guess our days are numbered. You see, to be a successful brand is not always about being interesting or cool. Coway is in a boring business, yet here they are—successful. It’s all about solving real problems.
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