We once had a client tell us that it was impossible to differentiate in his market (he sold tiles). He told us bvery clearly that it was all about price, price, price. As you can imagine, we didn’t quite agree with him.
Well, know, some 15 years later, it looks like we have been proved right after all.
This new survey in Marketing Week about the top global brands shows an amzing statistic or two.
Brand seems to have now become more important than anything in making a purchase decision.
Making a decision to buy on price alone has declined in the past 10 years from 16% to 7%, while deciding to buy on brand alone has increased from 43% to 59%.
So it’s no longer price, price, price. It’s brand, brand, brand.