It’s All In The Name
The power of name recognition has always fascinated me. The fact that people will buy something, even if it’s more expensive, just because it’s name brand is something worth diving into.
People buy based on name brands for a number of different reasons. The feeling of safety, status, longevity, and many more come into the fold.
My favorite example of this is bleach. Clorox has been making bleach for generations and people trust them. Meanwhile there are generic brands that are cheaper and do the same thing.
Why do people spend the extra money on Clorox? Bleach is bleach, right? They both accomplish the same goal.
The name recognition, that’s what.
Brands spend lots of money to build trust like that with their consumers. It takes years of building your product. It’s crucial for everyday items like paper towels and cereal.
Big ticket don’t escape this fate either. Let’s use luxury cars as an example. If you could afford one which one would you pick? Mercedes? BMW? Lexus?
Why did you pick the vehicle you choose?
That reason is the trust one of those cars has built with you. Whether it’s luxury, reliability, or another quality, that brand has made an important connection to what matters to you (the consumer)
What other items does this apply to?
As always, thanks for reading.