Mind bs
Deciding which brand to buy at the point of sale seems to be a growing trend among Colombian consumers, which could have different explanations:
Supermarkets, especially the new formats, have built a very positive perception of private labels, encouraging consumers to try or be more open to them.
Another is that consumers have become less loyal to brands and prefer to review more alternatives before making a final decision.
Also, the decrease in purchasing power due to taxes, devaluations and interest rates, added to the feeling of uncertainty about the immediate future, has made consumers less impulsive and more rational when making decisions.
The differentiation and relevance of traditional brands may be declining as their product features have been matched by lower-priced brands. Additionally, their ability to connect with new consumers is not as strong as it used to be. Being the leading or/and traditional brand is no longer necessarily a valued element for the buyer.
Although still a very large segment of consumers arrive at the point of sale with the brand decided, but this behavior that used to be the majority today is not, which may be giving more power to marketers than to producers. This situation has already occurred in developed countries a long time ago where the modern channel (supermarkets) weighs 80% vs. 55% in Colombia.
It is important that brand manufacturers use all their capabilities to anticipate consumer needs, design relevant products and brands that connect with new ways of thinking and feeling in the market.
The most difficult challenge is to detect where the tipping point is to approach new customers without losing current ones.
RAFAEL LOPEZ LLAMAS.
President
brandstrat.