What was the first product you asked for by name? | The real value of products to Brand Health
We've been asking ourselves lately around the virtual watercooler, why aren't more companies doing more to protect their brand and product values. With the retail landscape shift and the continued traffic driven to marketplace sales channels, long-time successful brands are facing more challenges to profitability and new competition.
I think we've covered it in every blog post, but, Brand Equity is the most important element companies need to protect for long-term health and profitability. If you have a retail offer, your company is likely trying to protect values, driving higher average sales prices, protecting profit for your brand and distribution channel, or protecting awareness, where your product will be trusted over competitors or private labels.
A good place to start is to walk through two buying scenarios.
1) Remember back as long as you can and think about the one product that you asked for by name for a Birthday, Christmas or Anniversary. What was it? Think about why you wanted it. Was it a need or a want? What kind of emotion was generated from that product? What set it apart from the competition? What stage were you in your life? What did you use it for? If you remember a time like this, you were likely the target consumer, your were probably willing to pay a premium for the product and the company that made this product executed their goal and likely still has a soft spot in your heart.
2) Consider the last decision you made at the grocery store on a product you don't buy every week. What was it and what made you buy it? Was it a name brand versus a private label? If it was a name brand, was there a private label option for less? Or more product for the same price? Was it on sale? Or was it the impulse item you couldn't resist because you were in the checkout line. Why did you choose the product you left with versus another option? There was something about that product that either made you trust the quality from the manufacturer or accept a lower price alternative.
These two examples should help to think about decisions that are made around your product offer, but more so how and when those decisions are being made. Scenario One usually illustrates higher-priced items. Targeted marketing around a specific product is effective and, the sum of multiple scenario one products contributes to total brand awareness. Scenario Two generally illustrates how brand awareness drives sell-through on all products from the specific brand. While brand awareness is important for all brands, companies that are more reliant on this activity, generally use it to drive lower price point products, which also fall more into the need category versus the want category.
In other words, if you want people to ask for your product by name or buy it on impulse, you're going to need to create and protect brand awareness and value.
If you have products that a consumer would ask for on a Birthday, Christmas, Anniversary, or another holiday, and would like help protecting the value of those products, protecting your brand health and equity, contact us. We specialize in helping companies protect the value of their products. Our process is both an immediate and long-term solution, where unauthorized sellers won't appear again under a different seller name (whack-a-mole).
Let us know in the comments if you have a scenario one and scenario two example!
For more information on how to protect your brand and product values, or to learn more about our services, contact us today.
Counter Diversion is a boutique SaaS company - we don't have marketing and we don't use high-pressure sales tactics. Our goal is to have solid, honest conversations about the issues at hand and then either recommend our service or another one that is a better fit for your needs. If you'd like to engage in that type of discussion, please schedule a free consultation.