Companies Need To Rethink Their Branding Efforts

A company’s “brand name” is no longer as important to consumers when making purchasing decisions as in the past. This is because consumers have full access to better sources of information on products, such as user opinions and reviews across the web. This information makes consumers less hesitant to purchase lesser known brand-name products over the best know brands of which they may have been loyal to in the past. Positioning products using statements are also less likely to be adopted by the market today, as those who review products online tend to evaluate multiple features of a product, rather than isolating a highlighted attribute. 

This is a summary with some quotes from an article I found on the Harvard Business Review Blog Website. For full article visit: http://blogs.hbr.org/2014/01/three-long-held-concepts-every-marketer-should-rethink/

Tagged as: brand equity, branding, loyalty, marketing, positioning