You see them everywhere. Brands, we as consumers trust. And we pay a premium for their products and services even though sometimes the quality is no different. So why do we subscribe to them?
It’s a little thing called ‘Marketing’
I found myself, last week, wondering the isles of Tesco’s for our weekly shop. I headed for the cereals and went for good old Kellogg’s Corn Flakes, to my surprise, they had sold out, none on the shelves and none ‘out the back’. I have grown up believing that if it’s not got Kellogg’s on the box, then it’s not Kellogg’s in the box. Do I opt for the 2nd fiddle Coco Pops or heaven forbid, do I go for Tesco’s own brand flakes of corn?
In a moment or flakey desperation I went for their own brand and to my surprise found them to be less than half the price of Kellogg’s. “They won’t be as good as Kellogg’s” I told myself on the way home. The next morning came and it’s breakfast time. Out came the ‘own branders’ a bottle of milk and a sprinkle of pessimism. Guess what? If I am honest I couldn’t tell the difference. I guess I was a bit surprised. I had spent my whole life subscribing to a brand and therefore paying more than double the going rate for a bowl of cereal and all because of a logo, a slogan and a green cockerel. Now there may well be a difference in the quality of the product but the fact is, I couldn’t tell.
I appreciate this is not always the case. I have driven german cars for the last 8 years. I buy them not for their logo or brand, but because in my opinion they are the best built, the most reliable and still look nice.
Next time you’re in the supermarket, in a car dealership or buying in a B2B environment, evaluate how much markup is put on for the brand that you may not really need to buy in to. You might be pleasantly surprised.
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