In the marketplace, we are refered to as consumers. But what does it mean to consume a product? Would it be something as simple as just enjoying a product to suit your lifestyle? Or does it mean knowing all aspects of the product: its origins, history and reputation?
A recent article on Marketing Charts states that, “College Students are clueless about Brands’ origins.” The article states that although our generation is infatuated and highly influenced by brands, our knowledge is quite limited. We may claim ourselves to be brand loyalists, but our decision is made off of very little information. Now I have to ask…what are consumers losing by a lack of product and brand knowledge? And more importantly whose fault is it?
Are college students uneducated or uninformed?
Anderson Analytics contributed to the article by stating, ““Marketers need to realize that country of origin can have a positive impact on their brand equity, particularly if they are a luxury goods or automobile manufacturer,” said Tom H. C. Anderson, Managing Partner, Anderson Analytics. “But if no action is taken to educate the new generation of American consumers, this impact may be lost.”
I’m curious then what is making us such brand loyalists? If a company were to fix its image and involve itself in different initiatives, would our generation even notice? Or would we still only focus on the product being created?
Many are saying that our Generation is crucial because we are starting to become more financially independent and technologically saavy, which could even influence our parents purchasing behavior. Large corporations such as Apple market heavily toward our demographic, but is it safe to always rely on the product? Should companies start rethinking their strategies of marketing and advertising in order to make their brands seem stickier? What should be done?
What I have found is that it is necessary to use visuals and in a viral setting. Our generation is straying away from traditional media and relying heavily on internet and mobile phones. If marketers want their brands to be widely recognized, researchers say it is necessary to use the internet.
Regardless of the demographic, it is crucial that consumers enjoy and understand all the components of a newly-purchased product. If a consumer understands, trusts and recognizes a brand, they will become true brand loyalists and then potentially influence their peers.