Top Reasons Why Brand Owners Should Think About Securing Their Packs Today
Industry such as Food and Beverages, Pharmaceuticals, loses billions of dollars every year to counterfeiters. Counterfeit products are a serious nuisance for your businesses as it keeps your integrity at stake.
Today, as the market grows at a fast pace and the integration of new technologies counterfeiting products, it is getting more difficult to differentiate.
Don’t underestimate counterfeiters. Customers who are misguided into believing that they have bought a genuine product when in fact it was fake, blame the manufacturer of the genuine product when it fails, creating a loss of faith.
Loss of sale
Not long ago customers were able to differentiate between counterfeit and the original products and knew what to expect if it was a counterfeit. But as more and more businesses are establishing their stores online, the line between the fake and original has diminished.
Simply putting it into a frame ‘counterfeiters is a replica of your product at a much cheaper price this can impact your company’s capital if counterfeits products are left unaddressed.
Threat to reputation
Counterfeits are a massive hit to your brand’s reputation. The majority of customers are unaware of the fact that the product that they may be using is a counterfeited one and when these products do not meet the customers’ expectations then the customers are requisite to blame the genuine brand. Once a reputation is made of your brand by the counterfeits it’s very difficult to build up trust in your customers.
Facing the fallout of counterfeits
In search of a product a customer can buy from a variety of sources, price plays a crucial factor in the buying process as the majority of customers prefer products at a cheaper price.
Once a product is purchased with your brand label on it the customer will know very little that the product they have bought is fake. When these products do not meet the customers’ expectations they demand a refund or replacement from the genuine company.
Dealing with such cases is an indication that your market integrity has been breached and a company has to bear the losses for refunds and replacements for something which have nothing to do with their production line.
Compromising faith between businesses
Oftentimes businesses find themself caught between rocks dealing with the damage caused by the counterfeiting products. The impact of knockoff products can be seen on the other businesses associated with your company.
Distributors, retailers associated with the company may lose faith in a legalized business because of the actions of counterfeits.
Once a company discovers that its brand has been attacked by counterfeiters, the first response is to fight back. But if you consider certain factors such as time, manpower, capital, fighting back is extremely expensive.
The time and capital get pulled away from production, advertisement, and development to lawyers and lawsuits to defend their intellectual properties rights.
How can brand tackle this?
The severity of damage counterfeit goods can cause to your brand is certain. The roots of counterfeited products run deeply into the market and can cause a long-lasting impact on your business. A brand may experience a downward sales hit once the problem becomes widespread.
Counterfeiters are a serious threat to your brand’s reputation and integrity. A customer unable to differentiate between the original product and a fake one will blame the genuine company for the damage caused by the counterfeiting products.
Addressing these counterfeits is very crucial for building up your brand reputation. If you are experiencing the impact because of counterfeits it is wise to connect with an expert for an enduring remedy.
Your brand is unique, don’t lose it to counterfeits.