How Brands Try to Woo Customers Back
Consumers are still stubbornly clinging onto their hard-earned dollars, so much so that marketers of many national brands are working harder than ever to convince consumers it’s still worth parting with them.
Procter & Gamble, the New York Times reports, plans to selectively reduce prices on brands it believes are perceived as being expensive compared to its rivals. But it will also try to position its products as being a better value.
Consumers, we’re told, are looking more closely at the spread in prices for different brands offering the same product and making individual choices about what’s best for them — the dirt-cheap brand, the middle-of-the-road brand or the premium brand.
As the Times pointed out, “value” means different things to different people, and people may differ in their willingness to pay a premium for value for certain purchases.
It reminds me of the old L’Oreal hair coloring commercials that justified the higher price with the tagline, “Why? Because I’m worth it.”
Some might insist on paying more for good-quality clothing, while for others it’s a top-of-the-line plasma TV. I guess it really comes down to personal priorities and what’s important to you.
Are there certain high-end brands you’re still willing to pay extra for, or has the recession put all things on the table?
