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One of the reasons people can’t seem to make the switch to store brand products is the perceived risk factor. Consumers like familiarity. You know what that Big Mac is going to taste like before you take the first bite. You have no doubts what that first gulp of Pepsi is going to feel like going down your throat. But what if you’re not really making a switch to a different product - just to a different package? That’s where self-education comes in to play.
7. When making the transition to store brand products - start experimenting with the items with huge price differentials. Don’t go for the dime - go for the dollar. Branded butter for $4 a pound vs. $2 a pound for private label. If you make that switch and like it, you just got yourself a free gallon of milk each time. Again, make sure you are looking at unit costs to calculate the true difference but it should get you dollars of savings not dimes. Going back to our baby formula, there might be a $7 difference per week in formula. That adds up.
8. Generic medicines are an easy switch and offer huge potential savings because for certain drugs, a generic brand may save you $20 to even $50 every time you head to the pharmacy or Target. The drug companies spend billions each year marketing their drugs to differentiate them from generics. But in many cases, there is absolutely no difference. Unsure, find someone that you know that is a pharmacist or a nurse and ask them or do your own research on the Internet. Hint - start with Aspirin and Tylenol. Usually, the only thing that matters is how much active ingredient there is. Compare the amount of active ingredient per dollar you are spending and make the switch.
9. Always go for quality. If the name brand item is qualitatively superior from the store brand product - stick to the brand name and try to buy it when there’s a coupon or a sale. Just make sure not to confuse real quality with a ‘perception of quality’ tied to your brand name fixation. Not sure? Do a blind taste test and make sure you’re not caving in to propaganda. A blind test might surprise you. Consumer Reports recently did a blind taste test of 29 products and the results were: 19 times private label was considered equally as good, 6 times the national brand was considered better, and perhaps surprising to you, 4 times the private label came out on top. Nearly 80% of the time, private labels were as good or better than the branded stuff. So chances are, the brand superiority you perceive has more to do with the massive advertising you have been exposed to. Always remember that advertising is corporate propaganda and it works - even on you.
10. Learn how flexible your family is. Buy a container of your favorite branded ice cream when it is on sale and a private label one. Alternate each and see if anyone notices the difference. If nobody does, make the switch. Maybe only the adults care, but the kids could be eating sugar water and they'd still be happy. Experiment and find the foods nobody notices the difference with. Also note, sometimes a store has several private labels, where one is a "premium". Try the premium first if you are worried about alienating your family.
Remember, for a smooth migration to private labels - do it step by step - do a little research and go easy on yourself by starting with your pets and your kids. You'll eventually reach the optimum mix of brand name and store brand products that satisfy your taste and minimizes your expenses.
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