Imagine you wanted to buy a perfume or cologne, would you go for a name brand product or pick a non-branded item or replica. After all, a perfume only has to smell good and last long right? If a non-branded product delivered those two attributes, would you buy it?. In most cases, the answer is no. It is quite evident that consumers prefer branded products and are even willing to pay extra for them. This means that there are more factors we are subconsciously weighing in our minds than we are actively aware of.
The fact of the matter is, that brands deliver much more than just what a product can do for you. For example, in the case of our perfume, when buying a renowned branded product, you can be assured that the product will not have any substances that can cause you harm or adverse effects. Brands go to great lengths and test their products to ensure that the materials and substances used in the products do not cause harm to consumers.A band’s reputation is predicated on repeated good experiences for the end consumers. This forms in the minds of consumers a positive opinion. So, the next time a consumer sees a new or different product from the brand that has managed to gain their trust, they are likely to buy without much consideration and skepticism.
BRAND DIFFERENTIATION & PERSONAL EXPRESSION
We all have distinctive preferences, and every brand is unique. So, when brands align with our tastes, we are likely to stick with them for a long time. We can identify with particular brands to be in line with our individuality and personality. This paring sticks until our preferences change or the brand’s uniqueness changes overtime.This differentiation between brands and non-branded goods makes it easy for consumers to make purchase decisions. When shopping for a product, easily identifiable branding makes it easy to identify and select products from your favorite brands. This minimizes decision fatigue and gives ease of mind.
Competition is stiff in open markets. To compete, brands are having to constantly add more value to their products and services to win new business and retain old customers. A non-branded product or business, or even a low brand value company has an extremely transitional and one-time sale outlook. But for the vast majority of the brands out there, continuous brand evolution and product innovation is imperative for survival and stay ahead of the pack. This factor alone is enough to drive home the value of brands. It is a self-regulating system that keeps companies on their toes and prevents them from becoming complacent. It is beneficial for all stakeholders, as companies do not stop offering value and consumers are always getting their money’s worth.
Imagine you are traveling to a foreign country that speaks a different language than yours, and you require a cosmetics product. You see a local store and a large Sephora outlet, each carrying the same products. I bet you will go inside Sephora to make your purchase even if the products there were slightly more expensive.This is because we like safety. We do not want to end up buying imitation or fake products. With a brand name like Sephora, no matter which part of the world their outlet is in, we can be guaranteed to get 100% authentic and genuine products. Because that is what Sephora’s identity is — that they only carry the top 100% genuine branded goods.Ironically, this is a case of trusting a brand to further deliver genuine quality brands.