Innovation is key to maintaining brand equity during a recession. According to Alex Thomas, Head of Trade at West Indies Tobacco Company, there is no one-size-fits-all solution as both the customers and the companies situations may vary.
He made the statement this morning during a panel discussion at the TT Chamber of Commerce’s Brand Equity breakfast session at the Chamber Building in Westmoorings.
He said immediately discounting products was not always the best option because it could cause the brand to lose its value. Instead, creative solutions should be considered.
He gave the example of Coca Cola which made different sized bottles at different prices for those with different out-of-pocket price points. Also, Tide re-engineered their products by cutting down on its perfumes, dyes and fancy labelling, so they were able to lower the price.