Are you so brand loyal that you’ll only use one company’s version of a specific product? If so, you could be wasting a ton of money.
I’ll admit it. I’m brand loyal when it comes to certain purchases. However, I could not care less about which brand I buy for other products.
Being loyal to a particular brand may make sense in certain cases even though it could cost you more money.
So when should you and when shouldn’t you be brand loyal? Let’s explore the subject to see where you can save money!
Why Companies Love Brand Loyal Customers
Companies work extremely hard to gain brand loyalty.
In fact, companies spend crazy amounts of money advertising their products so you’ll remain loyal to their brand or convert your loyalty to their brand.
Brands love the die hard consumers that will never use anything other than their preferred brand because these customers are gold mines.
How Brand Loyalty Costs You Money
Brand loyalty results in missing out on deals on similar products that fulfill the same purpose. For instance, if you’re brand loyal when it comes to your Heinz ketchup, you could miss out on a buy one get one free deal on Hunt’s ketchup.
Of course, the above is just a small example. Brand loyalty could cost you a huge amount of money when it comes to buying a car. If you will only buy a Honda despite the fact that Toyota is having a huge blowout sale on similar models, you could easily lose thousands of dollars on one purchase.
Some Generic Brand Products Are Made By Big Brands
Generic products often have a bad image from the occasional bad generic product that someone tried once and told everyone about. However, some generic products are the exact same products as brand name products. In fact, some are made in the very same factory with different labels.
Give generic brands a shot to see if you like them or not. You may surprise yourself! If generics aren’t for you, you could consider an alternative cheaper brand name. If that doesn’t work out, maybe being brand loyal for that particular product is the right decision for you and your family.
Money isn’t the only factor to consider when choosing whether to be brand loyal or not. Sometimes other factors require or suggest that brand loyalty is the better choice.
When It Makes Sense To Be Brand Loyal
There are certain cases when brand loyalty is the right move. When choosing a brand over a generic or a different brand could affect your health, as it easily could with medication, it makes sense to spend the money and be brand loyal.
Another case when it makes sense to be brand loyal is when the brand makes it worth your while to stay brand loyal. Some brands will offer every 5th or 10th item free and that extra effort will make a brand worth more to you.
Finally, there is nothing wrong with being brand loyal if you truly enjoy a particular brand more than other brands. Spending more money to buy something you enjoy more is a perfectly acceptable option if you have the money to make that choice.
When You Should Avoid Being Brand Loyal
Sadly, being brand loyal often is not the best choice for your finances. As mentioned above, you’ll miss out on deals on other brands or by saving money by choosing generics. When you don’t have a particular preference, it makes sense to go for the cheaper brands in most cases.
Why waste money on a more expensive brand you don’t care about? Save money on the brands you don’t care about to spend on the brands you do care about.
What brands are you loyal to? What items do not care about and buy the cheapest brand available? Do you buy generic brands? I’d love to hear your thoughts in the comments below.
Photo by: Krossbow Text added by: Lance Cothern