26 Jan What’s in A Brand Name?
Do popular brand names really provide better products and services? The jury is still out on a definitive answer, but the success of companies like Brandless and other similar services certainly show a changing market. Some businesses have found success relying less on name recognition and more on price points and great products.
Familiarity is one of the most important brand marketing strategies. When consumers recognize and associate your name with a particular good or service, it puts your business at an advantage. You show up at the top of search results, your content will have a larger audience, and you become a convenient choice when a lesser known competitor hits the market. There are undeniable benefits to being a popular name brand company. However, in an era of authenticity-driven content, many consumers are looking for local, sustainable products that put results and value before brand names.
Brandless, an online grocery shopping website, offers inexpensive goods without the brand name boost. Every product in their inventory is exactly $3.00, cutting out the “BrandTax” that consumers have become accustomed to paying. BrandTax, as defined by the company is “the hidden costs you pay for a national brand”, an increase in price that doesn’t guarantee higher quality. Brandless delivers products as they are, with items like hand soap being marketed as exactly that; a simple bottle of hand soap. For consumers who are tired of brand name prices, companies like Brandless may have the advantage with their no name approach.
Big brand names are popular for a reason. Through successful mass marketing and developing good (or simply trendy) products, these companies have become household names. But with an increased number of consumers questioning the correlation between name brands and quality, the door is open for businesses that put value first and leave their name at the door.