Should you get the new iPod or a generic MP3 player? Do you go with Nike or just a generic brand running shoe? Do you spend your hard-earned money on that new Coach purse, or do you get the knock off that looks just like it? These are the questions we ask ourselves when evaluating whether to go with the well-known name brand product or just a generic version of it. Do name brands really matter? How important are they to you? Name brand products are clearly more expensive than their knockoff counterparts, but are they better? Let’s take a moment to distinguish the clear differences between brand name products and knockoff products to help you more carefully evaluate your decision.
There are factors that go into consideration when deciding between a brand name product and a knock off.
We simply purchase some brands out of habit and loyalty. For instance, maybe our parents used the same laundry detergent during our childhood and by default you’ve continued to use that detergent with your family as an adult. You have a particular brand loyalty to that detergent. You haven’t really evaluated whether it is the best in the market. It’s just familiar to you and has worked to meet your needs so you don’t see a reason to change. People that are loyal to a brand are likely to stick with it because it has been reliable.
Customers almost always list price as a main factor in the products they choose to purchase. Unless they have brand loyalty to the product, more than likely, price and quantity will have a significant influence over their decision. Analytical spenders will compare the quantity of the product they are receiving with the cost to determine the overall value. A price conscious consumer always asks, “what am I getting for my money?”
While price is important when evaluating products, so is quality. The most expensive product isn’t always the best, but the least expensive product does not always lack quality.
In determining the best product to use, it is important to evaluate your loyalty to that product line, price and quality. So, how does this come into play when evaluating whether or not you choose a brand name or knockoff brand? Let’s review some pros and cons of each.
Brand Name Pros
Why would you choose a brand name product, even if it might be a more expensive product?
- Aesthetically more appealing. Brand name products are typically more established in the market, enabling them to invest more money into attractive packaging to lure their buyers.
- Often made of more durable materials. Oftentimes, but not always, brand name products are made of higher quality, more durable materials, resulting in a higher price point.
- Sold in more stores. Brand name products are often found in more stores because they have been around a while and have higher distribution channels. For example, you can find Tide in any local grocery store because it is a well-established laundry detergent brand.
- More promotional deals. Brand name products often spend more money in advertising, which is one of the reasons why their brand is so recognizable. With a higher marketing and advertising budget, these companies often invest in a variety of promotional offers to bring in new customers.
- Name recognition. Brand name products have a foothold in the marketplace. It didn’t happen overnight but they’ve built a name for themselves. People recognize their brand when they see it and therefore, associate that brand with credibility. The see the Nike swoosh and think “just do it” and they see the Burger King sign and think, “have it your way.” Established brands have garnered recognition that results in trust with its consumers.
While there are clear benefits to brand name products, knockoffs do have their place. Let’s look at some of their advantages.
- 30% cheaper on average. The number one reason a consumer will choose a knockoff product over a brand name product is price. It’s easy on the purse strings, allowing them to delegate money in their budget to other priorities.
- Often sold in bulk. Many knockoff brands are often sold in bulk which means that not only is the product cheaper than the brand name alternative, but you also get more for your money as well.
- Available on government assistance. Knockoff brands, particularly in the food industry, are available to purchase on government assistance. Name brands are often not allowed in the program if it is significantly more expensive than its generic counterpart.
- The same as brand name. Knockoffs are often mirror images of their brand name counterpart. This is particularly evident with over-the-counter and prescription drugs where the generic brand is significantly cheaper but houses the same ingredients as the brand name.
There are clear advantages to both the knockoff and the brand name. In the end, it is clearly a matter of choice and preference.
Whether your preference is brand or off brand, consider partnering with the team of XLDesign4U to find products that fit your specific needs. We have an assortment of products we can place your unique branding on and a plethora of cost effective alternatives.