Another interesting insight from the My Private Brand / Voccii presentation at Velocity 2020 was that many organic and natural private grocery brands surpassed or matched national brand competitors on purchase intent. Purchase intent is a way to measure the probability that a consumer will buy a product and is widely used in the CPG world because it has proven to be predictive indicator that’s comparable across brands and has a behavioral orientation. We are all familiar with this kind of on-line questionnaire, with the most common wording employing this 5-point scale:
How likely would you to be purchase?
• Definitely will buy
• Probably will buy
• Might or Might Not Buy
• Probably Will Not Buy
• Definitely Will Not Buy
Lots of factors come into play for customers making their buying choices including past experience with the brand, price perception, and promotions. Given that most purchasing decisions are made in the store, in-store displays, marketing and premium shelf space are also powerful drivers for sales that the store uses to increase visibility for their private brands while implying similar or better quality than the national brand competitor. Recent research done by the Hartman group points to the “halo of trust” organic store brands bring retailers, with more than 80% of consumers saying “organic store brands are just as good” as national organic brands.
As the design team responsible for original Whole Foods Market 365 brand mark and packaging architecture, we were proud to see the 365 brand leading the field in the 2020 Vocci survey.