SUMMARY: Through an improvement in perception and offerings, private label products have become sought after instead of afterthoughts. In the past year, 55% of shoppers have made a private label purchase. The top reason for doing so was liking the product (56%), followed by the product being cheaper (52%).
SUMMARY: 93% of consumers used the internet to find a local business in the last year, with 34% searching every day and 87% of consumers read online reviews for local businesses in 2020 – up from 81% in 2019. Nearly nine out of ten (89 percent) consumers worldwide make the effort to read reviews before buying products (Trustpilot, 2020). Consumer reviews can make or break your product/brand.
SUMMARY: The idea that small brands can compete with bigger brands by spending less money and using budgets more strategically is the biggest line of BS out there.
SUMMARY: There was a time when Apple was a “cool” brand and people were proud to display their Apple decals everywhere. Today Apple is a great business that makes a lot of money but they have lost the innovations that made them great.
KEY POINTS: McKinsey has reported that 75% of consumers have switched brands since the pandemic has started. Private label sales are increasing in double digits as current brands struggle. “What we have here is a failure to communicate”.
QUICK READ: Facebook continues to betray its user’s trust to the point that even employees are staging walkouts. How many times will brands allow Facebook to get away with their lies and the belief that they rule the online universe?
QUICK READ: Nike has used various tools to con the public in believing that they are a brand that cares. From using faux spokespeople to paying slave wages in Southeast Asia Nike is not a brand that people believe it is.
QUICK READ: People are stuck inside and the headlines are causing a lot of fear. Brands need to meet this challenge by making people feel good. They need to remind customers that we’re all in this together and that they are giving back to people who have made their products top sellers.