You had a niggling feeling that the two products you were looking at were identical, but you couldn't stop yourself from buying the one with the big name brand – and the bigger price tag.
Aka brand awareness.
Here's why brand awareness makes the difference between a sale and a pass:
- Brand recognition
- Even when someone hasn't done any research about an upcoming purchase, you can be sure they already have some brand names in their head. If you're not one of them, you're out.
- Trust
- Person A sees the big brands everywhere, Friends B and C and Celebrity D buy them, and therefore Person A assumes they're trustworthy because everyone else does.
- Trust makes the price difference a non-factor: a trusted brand indicates higher quality (whether it is or not), which is worth a higher price.
- Buyer's remorse
- Ever made a purchase and regretted it? Big name brands rely on their reputation to eliminate your fear of buyer's remorse and encourage
If your brand isn’t one of the top 3-4 brands that come to someone's mind, you probably won't factor into the buying process. We're not suggesting you try to compete with Apple or Sony or Amazon, of course, but ask yourself:
- “How do I differentiate my company in my niche to become one of the top brands?"
- “How do I build trust within my marketplace?”