Not all that long ago, private label branding usually floundered as national brands had a near-unbreakable grip on the market. On the other hand, the public had a way of snubbing private labels. Though they were less expensive than name-brand alternatives, they’d developed a reputation over the decades for being cheap in more ways than one.
These days, though, private labels are coming into their own. With the right measures in place, they have the capacity to stand up against even the most popular nationally and globally recognized names.
Private Label Branding Is Gaining Steam
According to collaborative reports from the Private Label Manufacturers Association and data metrics firm, Nielsen, private label unit sales surged more than 10 percent last year alone. In terms of dollars, they rose well over 9 percent. Analysts are expecting these figures to continue on an upward trend during the years to come.
How Smaller Brands Can Cash in on This Movement
While consumers are increasingly veering away from big-name brands, they still have high expectations of the products they’re buying. As is so often the case these days, though, piquing their interest and holding their attention has very little to do with the products themselves.
Consumers are looking at the bigger picture, so today’s brands have to do the same in order to find success. It’s a matter of delivering quality and value while also having the right private label branding strategy in place to set yourself apart.
Find Your Differentiating Factor
In all likelihood, you already have a product in mind to market to the masses. Chances are you’re also up against stiff competition from other brands offering the same type of merchandise. You’ll have to find a way to distinguish yourself from all the others to truly impress the public.
This aspect varies widely depending on a number of factors, but certain universal elements are apt to sway your target audience. Environmentally sound practices and sustainability are among the most notable ones. Seeking out and filling an underserved niche in the market also tends to be a significant driving force. Incorporate these into your business model as well as your marketing approach, and you’re sure to stand out.
Align Your Image
Whether you’re expanding your brand with a new product or building a new brand around a specific item, you’ll need to create a sense of consistency. Brand name, logo, color scheme and packaging all fall into this category, but they’re not alone. Consider your company’s image, differentiating factors, target audience, and customer persona when aligning your brand and product labeling.
All these considerations will go a long way toward fostering trust among consumers and boosting brand recognition. It’ll also give you a strong foundation to build upon later on as you branch out in other directions.
Take It One Step at a Time
Some companies see the concept of