Generic drugs online

Source: The Epoch Times

Date: 8-Dec-2010

Author: Adele Lassere

Every day we see brand names displayed on every conceivable space-from taxi cabs to television ads.

As consumers, we are literally inundated with messages on an hourly basis. Many messages evoke an emotional appeal to purchase a specific brand of product, which many consumers can oblige by purchasing, at times in large quantities, such as brand-specific apparel, coffee, electronics, and so on. Now that we are experiencing what some economists dub as the "great recession," many consumers are rethinking their spending behavior on brand-name items.

Consumers are becoming more resourceful and are finding creative ways to cut costs. Some of the tried and proven methods that consumers have enacted as part of their behavior are:

- Brown bagging lunch versus purchasing it daily

- Purchase generic (or house) brands

- Reduced/cut out buying coffee

- Reduced/cut out dry cleaning

- Reduce visits to barber/beauty salons

Age drives the propensity to purchase generic brands. Generation X (34-45 year olds) has the highest likelihood to purchase generic brands when compared to baby boomers (46-64 year olds), matures (65+) and millennials (18-33).

This fact does make sense, since many generation X consumers are starting families or have families where young children are present in the household. Therefore, they would definitely seek ways to save money and maintain reserves for emergencies, compared to baby boomers, who are most-likely empty nesters or at the very least have older children present in the home. Boomers are able to more expeditiously manage resources (finances). Many millennials today are delaying marriage. Therefore, they can still afford to buy brand-specific given their stage of life cycle generally involves worrying about self.

Business owners should review not only competitive set and pricing but also look at their customer base and what age group the customers fall within. Using psychographic information, as presented above, could provide valuable clues on how to position and incorporate appropriate brand messages that will inspire the desired action. In the end, this action will translate into ROI (return on investment).

Remember that consumers are driven to spend by how well they feel they are doing! So, even if economists say the economy is rebounding that doesn't always translate to consumers starting to spend at pre-recession levels.

Examples of cost-cutting measures, mentioned earlier, have been seen as a trend for the past several months. If you are encouraging consumers to spend on brand-specific versus generic, make sure your marketing strategy and execution includes what "value" the consumer gains.