Have you ever tried to think why people are very drawn towards any particular brand or to may be a couple of brands when they want to pick up a thing for themselves? Psychologists believe that when a consumer is out shopping and is given a choice between two products one that is a well known brand and the other that is a lesser known one or even ubiquitous one then nine out of ten people will only choose a product from the well known brand. This is because very well known brands evoke emotions of trust and loyalty in the customers. These qualities are associated with consistency in quality and delivery of value for the money spent.
Here are some other reasons why branding is so significant in today’s times:
- Brands assure people that they are buying the right stuff and also the best that their money can buy.
- Shopping well known brands reduces shopping time by half which otherwise would have to be spent in the departmental store aisles trying to read labels anddeciphering which one is better than the other. When a person is shopping with a brand in his mind, he ducks in picks up the stuff, pays and ducks out! So simple!!
- Brands lend value to the stuff. For example a pepper shaker froma branded company will be more valuable to the consumer than one from an unheard of company!
- The brand helps express who the person is. This is particularly true in cases where the things are tangible accessories such as shoes, clothes, belts or custom name brand purses. These things are more to announce to the whole wide world that you have finally arrived. It is a social exhibit. The purpose of it is to show people how much they can afford branded luxury goods and how evolved their fashion taste is that nothing less than the best and the most expensive will do!