Name Brand vs Generic – Consumer Trends
When it comes to the notion of generic vs name brand items, what immediately comes to mind? Grocery stores no doubt, maybe medications. However, the concept could be extrapolated to include most consumer products.
Sure, we would love to drive a premium high-end car, like a Bugatti or Porsche, but most likely will settle for a more reasonably priced car with much better gas mileage, more comfortable drive and built to last for a long time. Quality of products and how they are viewed definitely affects the choice over a name brand or generic brand. Nevertheless, how is “quality” quantified?
Name brands often have the upper hand in this idea of what is perceived as a quality product. They control the market, have the consumer reach, and much deeper marketing pockets. Generic brands lack the advertising and storytelling that allows consumers the option of truly investing in their brand. Beyond the name recognition, name brand’s can create that story, promote a lifestyle, be taste-makers, and start a conversation. This allows consumers to invest personally in a brand, something generic brands just cannot match up with at that similar level.
Where generics do have an advantage is price, but even that can be a double-edged sword of sorts. The notion of “quality” again rears its ugly head as the generic product could be viewed as inferior, and the adage of getting what you pay for comes to the fore. However, that notion is mistaken as oftentimes the difference between a generic brand and name brand product is its ubiquity and price. Often, especially in the consumer products realm, generic and name brands are manufactured in the same facility, only one has the flashy packaging and inflated price.
Consumers generally buy the name brand because they lack information or time to make informed decisions. They only have the information available to them to make a choice and ultimately it falls to them to decide what products they choose. Ideally, they would invest in brands and products that solve problems and to save more money by finding cheaper alternatives in general.
With name brand recognition also comes a lot of overhead, and the loss of human touch points becomes apparent. They are often made by one mega-corporation, with several name brands under its singular roof, with scores of employees. Generic brands, by nature of being smaller, can often push the human element, which can be key in establishing consumer loyalty. Knowing that a brand cares what is being said about it goes a lot further these days. This true especially on social media, where brands can develop a persona to interact with consumers, troubleshoot issues and provide feedback on a constant basis, that is cost effective and burnishes the brand.
In the realm of information technology name brand and generic brands often use the same tools, analytics, technology infrastructure, and for the time being, a free internet, which levels the playing field for everyone. Generic brands may not have all that flash and dazzle, but the information and product provided are the same, and the cost is much more palatable to the consumer looking to save money for their company.
In the media monitoring world, Newz Group stands apart from its name brand competitors by offering narrowly focused, hyperlocal, and most importantly, comprehensive media coverage. In places called “news deserts”, news markets that are viewed as generic and not worth the effort to cover, but when viewed as a whole with other smaller markets, can make up a large swath of the “local news” that is desperately needed to fuel these new journalism initiatives. We strive to collaborate with like-minded rural and local-focused monitoring partners and we find ourselves being the stopgap for name brands who observe that the coverage they are offering is limited. It is the best of both generic and name brand worlds and the consumer is the one who benefits.
Our Newzroom media monitoring platform has graphical visualizations of media coverage throughout the state and local level. Sourced from social media, online/print news, and broken down by county, city, total amount by publication. There is also an option to view media value and impact in the media. This all allows deeper insights into this coverage via sentiment analysis.
Our goal is to empower the consumer to make the best decision they can in terms of media monitoring. To make sure they get the comprehensive media picture of their brand, company, or office. Newz Group’s future partnership with pressrelations inc. will allow us to match the name brands with a powerful media monitoring platform, sourcing from the same key areas, for a fraction of the cost, coupled with our continued focus on hyperlocal content. In addition to this, our pricing is upfront, and you can always call us, speak to an actual person, and start your media monitoring journey on helping you find you whenever and wherever you are.