Money Matters — What’s in the BRAND
I was strolling down the road the other day when a car passed by. It seemed like a new model that I had not seen on the road before or know about. At first, the car seemed rather strange to me really with it’s disproportionately tall back and unnecessarily long hood. And then suddenly I happened to notice the brand symbol. It was a BMW car and now suddenly it didn’t seem that awkward after all. In fact now, I was almost in awe of it!
I decided to address this issue of brand consciousness because I have been writing about money matters after all. When I told my sister the next day that I was going to write about the tendency of people to be superficial in their approach to brand consciousness, I was met with the allegation of being a hypocrite. “How dare you?” I asked her, to which she replied “If you had to buy a watch today would you settle for a watch worth two thousand rupees(approximately $30)?” She was right, I probably wouldn’t and yet here I was all ready to write an article about how the world was becoming so superficial and overtly brand conscious.
The more I delved into this topic the more confusing it got. So,this article is an open ended one. It will, I hope, nevertheless be thought provoking and make you more aware and conscious of your behaviour.
Like most other things, I decided to see this from a child’s view as well. My three year old is no minimalist and likes to have his fair share of things but he is alien to the concept of a brand(thank God for that!). At least for now. How does he then decide what he wants. It is mostly based on the physical characteristics. Let’s say he wants shoes for example. His checklist is as follows — Colour, style(with laces or without), has lights or not, makes noise when you walk or not. He is too young to understand the concept of comfort immediately but if he is not comfortable in them in the long run, he will stop wearing them eventually. The purchase primarily is based on the physical attributes of the product with a sense of physical comfort.
It is the same case with any other purchase. Whether it is a toy or clothes, kids make up their minds based on what attracts them about it. Something to learn about our buying patterns from our toddlers? Have a checklist of what you want from a product.
How did brands come to exist in the first place? I started with the definition of it. A brand is a product, service, or concept that is publicly distinguished from other products, services, or concepts so that it can be easily communicated and usually marketed. A brand name is the name of the distinctive product, service, or concept. Branding is the process of creating and disseminating the brand name. As soon as I saw the definition I sensed the problem. Do you?
A brand is a product, service, or concept that is publicly distinguished from other products, services, or concepts — this public distinction is where the problem lies, doesn’t it? I did mention in my first article on Money Matters that change is the only constant after all and differentiation and competition are the drivers of contentment, domination and supremacy. In the quest for domination and supremacy, these big brands which play the part of a status symbol come to our rescue. They empower a person by drilling a sense of confidence simply because he is able to afford a certain brand or lifestyle. As fake or superficial as it sounds, one must admit it is very relevant in today’s world and does serve the purpose to some extent. Does it?
I have nothing against brands as such. They are just businesses after all trying to do what they need to do best — boost their sales and maximise their profits. It is us, the consumer who have to be more mindful about such things. A brand is a brand in the first place because it definitely made some sort of an impact to begin with. Realising the unique ability of that brand and weighing it rationally against its monetory value is crucial. There is an aspect of brand — sometimes, it is a mark of quality and trust also. It need not be a status symbol all the time. Think of a brand you love that is down-to-earth and you will see this aspect.
Nike for example is a brand that specialises in shoes. The fact that one spends a handsome amount of money on a pair of Nike shoes might be justified when taking into account the comfort, lightweight and design of the shoes. Buying an ordinary Nike t-shirt for double the price on the other hand is a mere style and status statement. That is personal again. Maybe one really liked the design of it or maybe one is in a position where the financial cost of it doesn’t change anything for the individual. In both the cases the purchase is absolutely justified. The problem starts when someone who cannot really afford it makes that stretch for something that is not really worth it.
The brand creators have understood the human psyche far too well. No wonder they are able to manipulate us and woo us into buying them. Right from the packaging to the marketing, the entire process is nothing short of a gimmick to spend our money on. They have understood very well that like children get attracted to the physical attributes of a product, we fully grown up people get attracted by the brand of it. I know brands who spend more time and energy in creating the value of their brand more than they do on the product!
As I was researching on this topic, I knew for a fact that this topic would be impossible to complete without touching upon consumerism. The United States of America as the world knows is the mother of consumerism as it also is the father of debt. You will find it shocking that consumer expenditure is something that the government there encouraged soon after the end of the World War II. It was the direct consequence of the ending of the war and giving the sixteen million american soldiers whose average age was 23 a reason and purpose to live! The interest rates were lowered to make money easily accessible to the soldiers who could borrow to buy cars and make homes which in turn would promote spending and help the economic cycle churn. As a result the great American Consumer was born and from there on the rest of the world caught on.
With the advent of social media, the need to look good and financially adept is on an all time high. It is very easy to get caught up in this brand race and begin to feel insecure and develop complexes. We must instead work on more concrete aspects like our character in order to come out strong, true and authentic individuals.
To summarise, one must first be clear about the attributes he is looking for in a product. Once shortlisted, he must weigh each against its price. Typically, quality must be given preference over brand, and quality is not necessarily a function of price or brand value. After the short list, if a particular brand still meets the requirements and if that extra buck doesn’t hurt the pocket as much then one must go for that much coveted brand. This informed process is as grounding as it is reassuring. Making an informed choice answers our why’s and helps us feel confident and secure in a world which has no upper limits!
At the cost of sounding overly inspirational, I would like to inspire you by just saying that instead of being a slave to brands, make your life a brand. One that inspires many others to emulate your simple yet powerful life.
