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How many times have you chosen a branded product over an unbranded one? Is there even a term called unbranded? What do you look for when you choose a product? Are you a brand freak or do you go by other parameters that fit your needs?
We are all different from each other, and the world of business is probably aware of it. There is competition each day and everywhere. New and unique products are being launched every day, surveys’ conducted in many different ways to understand what a consumer/customer needs. Perhaps brand is a promise from marketer to a customer.
There were days when the brand was considered as the top priority. Back in mid 20th-century customers were stuck to the brands that merely provided better service and quality. As long as the product was superior, brands took their shape during that age, and brands are emerging every minute across the world trying to figure out all possible ways to attract and get some attention.
Let’s consider the example of how a cell phone industry evolved. We see that the shift is not sudden but inevitable. When the buss of mobile phones started by a common man in early 2000, there was a countable number of cell phone brands like Samsung, Sony, Nokia, Motorola, BlackBerry, iPhone in 2007 and few more. But (in 2017) today we see there are thousands of mobile phone companies and their brands making a fizz. It was then that a large number of people went by the brand names and stuck to their standards of choosing a phone with the brand name. Now the situation is changing, and people have preferences as there are more launches with more benefits. There are many wow factors, personal recommendations, and financial reasons that people are switching brand. Along with the older brands that are managing to stay on, still taking a new life every day, younger brands are also leading by leaving a mark of growth. Apple’s iPhone is still the most popular brand where the majority of users admit blind loyalty, Samsung and other brands still being the firsts for many features. Statistics report that the customers are eager to take chances in trying different and new brands too.
Mobile phones are a straightforward proof that the brand loyalty is shifting, but there are many other products which are striving hard to either be in phase or to attract customer attention. This doesn’t mean that the brand has lost its shape, it’s just being shifted.
Value is a term used to evaluate a product or service to understand it’s worth or importance. It need not be monetary alone, other factors decide too. It can be an emotional value or a status symbol.
For example, a customer may choose iPhone, irrespective of its high price he would still buy it if he can afford. The very same customer may not go for a lower priced phone even if that offers him the similar features as iPhone. It indicates that the customer is probably attached to it emotionally or apparently it may be his status symbol. Hence, the condition may not be “not enough for the money” but other factors too.
The brand is made by the innovators and not the adapters. We saw the clash of Nokia phone when the android came into the market. Was the innovation of Android considered as the tide that came along just to be away? If that was Nokia’s belief, then it was its mere poor decision making.
Many customers switched brand when they saw the cutting edge innovation of Android. A customer of innovator type attracts to the growing technology that can make a difference. So it is ideal to adapt to the latest and modern technology than seeing your customers switching brands.
New is something that 80 % of the people would like to check out, and predominantly 6 out of 10 customers would probably want to try that new product. No matter how credible your product is with excellent services and features, your customer may not stick to your product if it’s the very same from ages. Customers are the face of your brand, so if you want to keep up your brand's progress, it is ideal to add inventive ideas.
L'Oreal, for example, introduces new product types keeping in mind that there are a variety of customers. A loyal customer will try your new product and may use it, however, if he/she doesn't feel the need for the old L'Oreal, the chances are that he/she would switch back to old L'Oreal. In which case the brand shifting happens twice this and in turn helps in retailing the customer.
Losing 15 % of your customers because of the inappropriate service can be a significant hit for your brand. You may price your product well and maintain useful features, but if the service is pathetic, the chances are that you will lose your customers. Keeping a well-versed customer service can help you save 15% of missing customers every year.