There’s been a great deal written about branding, but that I thought I would have a fresh look in the topic and ask the very simple question,”why are buyers drawn to new names?”
Five Standard motives come to mind:
(1) Brands indicate safety. If a title is more recognizable, it will not seem experimental. As an instance, which company do you trust to offer a medication for your uncommon health condition, Goodman Pharmaceuticals or even Abbott Laboratories?
(2) Brands suggest widespread distribution and approval. A great deal of folks have bought, and lived to tell about it!
(3) Brands command higher costs, and gains, since we expect their prices to be greater, particularly those spent in quality management.
(4) Brands, needless to say, indicate distinctiveness. Bayer Aspirin may include precisely the very same components as a standard, but unconsciously, we feel there has to be something additional or unique in the recipe.
(5) Brands look large and effective, and the majority of people today wish to identify with that. It gives them a sense of strength.
I will never forget if I was bidding to a sizable consulting contract contrary to a branch of Xerox, that was famous in that time to get excellence in sales coaching. I dropped out to the particular company, partially because their rep requested our potential”What could occur if Gary has got your enterprise and is then struck by a truck”
In fact, unknown to the purchaser, this can be an insurable risk. Additionally, this is only one of those ironies that you come to enjoy in operation, the branch of Xerox I had been bidding against”expired” until I did–it had been sold away.