private label is now your #1 competitor
ok
i get it
you’ve invested lots of time/money/energy in your “trusted” brand
you probably think you gots it all
product
pricing
people
distribution
blah
blah
blah
and in your competitive mindset?
you already know the ones lobbing competing shells over your poopdeck
and yeah…private label pops up in there….usually in the top 5 of competitors
right now consumers are buying brands they know and trust
especially anyone stocking up or filling in
btw?
good luck to emerging brands as they compete with trusted brands and private label
and right now the reality check is buyers don’t’ give a flying fvck about your new or emerging brand!
moving forward?
if this economic slowdown continues for more that a quarter or two? (which it will)
private label will be your biggest competitor
doesn’t matter what the category is
it will happen across the board
as a matter of fact?
companies who already have their private label shit together will benefit greatly
costco, kroger, rei, amazon, trader joes….you get the picture
consumers have already and will continue to tighten their belts baby
it is here and it is going to get tighter
and start thinking that not all of them are going back to work……
and whether it’s mac and cheese or a tent for the kids in their socially distant backyard
these consumers will have a private label product in their hands at checkout
and howtf do you combat that?
-realize private label is good quality product you’re up against
-be agile, smart and scrappy product developers. (move fast, explore, think features & benefits)
-get emotional with your entire marketing mix…build connections baby. this is “easy to say, hard to do” but that’s for another story
final hallucination?…if you’re smart/resourced enough……build your own private label and figure out how to compete with yourself. (think having your own “factory” vs. copacking/comanufacturing)
that’s it baby….go back to work
ack
ack
::))
