Such was the title of a recent article by Bloomberg Businessweek. Many of the principles of that apply to private store brands apply in other areas of business. See what retailers are doing to woo value-conscious shoppers.
Buyers are primed for products that present a better value. Store brands were once poor copycats, but today they’re rewriting the rules. Store brands made up over 31% of new products introduced so far this year in food and beverage according to Packaged Facts. Safeway reports store brand’s growth 3-to-1 over national brands.
What are retailers doing? Retailers are seeking marketing experts to “get their slice of the pie.” With decreased brand loyalty, lack of innovation by penny-pinching companies, and sophisticated shoppers this is the prime time to target buyers looking for something different. Companies are seeking branding experts who understand that packaging is part of the product, experts willing to try something outrageous in their marketing and communications, experts who are focusing on image and relationships.
Small changes can make a big difference. Kroger discovered that changing packaging had a 22% change in “purchase intent.” What did they do? They discovered that while dog owners like to see both humans and their companions on packaging, cat owners just want to see a happy cat.
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