Branding: The Proof Is In The Pudding – And 300 Other Products
Wal-Mart has decided to invite over 300 branded products back onto its shelves after it saw its market share fall in the packaged goods segment. Last year, the retail giant replaced several well-known brands with its private labeled Great Value products.
The Wal-Mart brand stands for brand name products at a low price. Not products with no brand equity, brand personality, or brand relevance at a low price- ala the Great Value brand. The former is low price. The latter is cheap. No matter the true quality of either.
Even for the consumer who chooses the value brand over the name brand, it's comforting to see name brands on the shelves. That way they know they have a choice and aren't being forced to purchase an inferior product (they want to buy, not be sold).
Consumers purchase brands, not just products. If ever there was proof of the need for a solid branding effort, this is it. Even in the digital age, where marketing tactics have grown exponentially, your brand strategy is still crucial.