FREEBUSINESSES
Forums Member
Joined: 15 Oct 2009
Posts: 421
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#1 · Posted: 8 Mar 2012 09:39
Curious,
Having discussed this with hundreds over the years, I wondered just how many are brand loyal any longer. When I grew up, we had brand loyalty to a automobile brand, and low and behold, I too continued that pattern and purchased the same model when I got my first car.
Now I no longer buy that brand, so I got the thinking, does brand loyalty mean as much as it once did? I know it doesn't to me, and most people I speak with in business or as consumers, so what is your opinion on brand loyalty?
As one who researches all new business opportunities, I look for trends and then try to get in front of them, and the clear trend I have identified today is only one thing that matters, lowest prices. And if you find a better or equal product for less, almost everyone I asked said they would go with the lowest cost equal item.
Granted, there are exceptions, but look at the generic drug industry, this is a perfect example, many did not want the generic drug, they wanted the name brand, but was it loyalty, or familiarity given all the commecials for drugs jammed down out throats on TV and radio?
Then we had generc soda alternatives. How many tried the no name cola soda drinks, and found them terrible in most cases, so brand loyalty here was tied to the better product, not lowest price. There a hundreds of examples I could go through, but I just wanted to hear other peoples thoughts on brand loyalty.
The example I am evaluating at the moment was from a discussion on NetFlix and if people were loyal to brand. Turns out when I disagreed, that many were loyal to this company. But when it was announced prices were going to double, over 800,000 subscribers dropped them like a hot potato. So is the brand loyalty mith just that, a mith?
When looking at a vending machine, if one offered same products for less, which vending machine do you use, brand A or brand B, or the lowest price? In this severe recession I feel people are looking to save money first and foremost, so brand loyalty as I see it just about gone, so what is your opinion on this?
Success to all,
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