Whole Foods made a big stand against imitators this year when it announced the launch of its “365” store line, which targets a younger, lower-income demographic than its traditional audience. The market is filled with examples of companies that have turned the tide against imitators. Luckily, quality and service always trumps knockoffs. If you started reading this post looking for tricks or a quick fix, unfortunately, there isn’t one.
That’s right: By offering better service and higher quality products, you can siphon customers from your imitators and win your old customers back. Did you know that this dreaded churn is primarily caused by poor customer service? Customers who report a poor service experience are even more likely to leave for a competitor than those who are unhappy with prices or product quality. When dealing with knockoffs, customer churn is actually your best friend. You may have heard the term “customer churn,” that slow attrition of customers over time through various causes. When you can’t come near competing on price, what can you do? They Can’t Fight Quality Taking the fight out into the market is dangerous too, because knockoffs tend to succeed, at least at first, with their cheap prices.
Trying to fight in court can be expensive, time-consuming, and very dicey depending on patent or copyright laws. The higher the false discovery rate, the more customers you lose before they even reach your brand. As a restaurant, you may be astounded to find a restaurant down the street has copied your menu and sells cheaper, faster versions of the same meals.Īll these imitations are poison to your brand, and contribute to a marketing measurement called “the false discovery rate.” This refers to how often consumers discover an imitation instead of your real product. The auto industry is haunted by knockoff cheap brake pads that pose dangers to drivers. And counterfeits aren’t always about brand appeal or copying trademarks, either. Toys and clothes are regularly counterfeited, especially when it comes to online or bargain shopping. Shampoo companies face imitators that sell copied products with off-market or dangerous ingredients. 1 It’s easy to imitate a product, especially if you are careless about quality.įew industries are exempt. But figures show that knockoffs cost American businesses around $250 billion per year. It’s tempting to think of knockoffs as an overseas problem. From the competitor next door to the online seller on the other side of the world, chances are increasingly high that at some point you’ll face problems with cheap imitations trying to undercut your prices. Well, I have some bad news: knockoff products can affect any industry, and globalization and the rise of digital shopping only make it easier for imitators. You are probably familiar with knockoff brands as they relate to the fashion world-designer shoes, handbags, and luggage passed off as the real deal. Also see knock the socks off.Knock-offs come in all shapes and sizes, but ultimately, the best weapon you have against them is product quality. Hold up, rob, as in The gang knocked off two liquor stores in half an hour. 5Ĭopy or imitate, especially without permission, as in They are knocking off designer Swiss watches and selling them for a few dollars.
Kill, murder, as in They decided to knock off the old lady. Get rid of, reduce, as in She knocked off twelve pounds in a month, or They knocked off one-third of the original price. The first colloquial usage dates from the early 1800s, the variant from the mid-1800s. Dispose of or produce easily or hastily, finish, as in A writer of detective novels, he knocks off a book a year, or We can knock out a rough drawing in a few minutes. For example, He knocked off work at noon, or Let's knock off at five o'clock. Take a break or rest from, stop, especially quit working.
0 kommentar(er)
