For a very long time, consumers stood by their brand regardless of price and would go through great lengths to be able to acquire their branded product of choice. Essentially, the brand was the seal or the certification imbued in the product guaranteeing quantity, quality, consistency, safety, effectivity, specifications and other details.
Prior to the advent of modern communication technology, the Internet, social media, consumer welfare and protection, establishment of product standards, government regulatory requirements on product disclosures and approvals, the consumers were pretty much left on their own to determine which products would be good or bad. Labels did not offer much information, packaging did not necessarily specify the content or weight of the contents, products did not have warranties, standards were not established, consistency was not assured and you had to take a gamble on the reliability and confidence in the product you were getting.
Hence, the golden era of the “brand” was born. The mere stamp of the revered iconic brand on the product or company assured the consumer about what they were buying. Instead of having to find out the hard way that they bought a lemon or a dud, the branded product was a sure thing. Built up over time through personal experience, by word of mouth and information through old-fashioned magazines and newspapers, the consumer was able to minimize his risk by buying branded products and from branded companies.
However, in the modern world, is there still room for a branded product? After all, everything is regulated and consumers have immediate access to information. Product standards are established, labels are required to provide all sorts of details and contents; and their source are fully disclosed, product warranties are the norm; companies have product liability; the different government regulatory agencies authorize and inspect manufacturers and their distributors to ensure compliance with all rules and regulations. Consumer protection and rights are well entrenched.
More than that, many different brands source their components from the same OEM suppliers, which is probably why the same gadgets from different brands have many similar features and functions such that, in most cases, you could operate an electronic device from any manufacturer without even bothering with an instruction manual. As a matter of fact, some gadgets, such as your smart phone, do not even come with an instruction manual! The assault on branded products have been ongoing for a couple of decades now with generic products, such as drugs and supermarket brands, which, of course, offer the consumer the same level of confidence of an established brand at half the price!
So why is it that we still see all those brands that we grew up with still around? Well, they had to do a lot of adaptation to retain their customer base, such as improving their quality, service and provide a more competitive price. As consumers are able to instantaneously download information from the Internet, such as product details and reviews, consumer comments and complaints, specifications and comparative analysis, brand reliance will continue to decline. Smart consumers will be able to make more intelligent choices not based on the brand of the product, but based on the merits of the product itself.
Established brands that are in the state of denial that their customers still have brand loyalty and are unable or unwilling to give their customers what they want will find out the hard way that most of their previous customers would be willing to switch brands.
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