With increasing cost of tackling counterfeiting, brands might wonder if they are spending far too much when compared to the losses caused due to counterfeiting. Is a high level anti-counterfeiting strategy so important?
Counterfeiting hurts brands on every level. In our last blog post we discussed what counterfeiting does to the brand. The collision of counterfeiting, globalization and the fast-growing digital world has created a perfect storm, allowing the supply and demand for fake goods to converge. How much money and prestige does your brand lose to counterfeiting? Don’t know; that’s the nature of counterfeiting. It’s a black market, and we can only know for certain the value of counterfeit products that are actually intercepted.
But that doesn’t mean you shouldn’t be trying to understand the scope of the problem. In fact, you should be doing everything you can to discover as much as you can about how your products are being counterfeited, where the fakes are coming from, where they’re going, and how much it’s costing you in money and brand equity – all with a view to stopping it.
Combating counterfeiting and piracy is not simply about protecting corporate profits. It’s much more. A Brand is all about intrinsic value which creates an appeal in the customers mind. A brand without this identity is just like any other brand these days. Your business needs to acknowledge that selling a product is no longer enough. Now it’s all about the experience you provide with it. This experience is dependent on your ability to trigger the right emotions, from the right audience, at the right time. Brands that connect with their target audiences on a deeper level building stronger customer loyalty, consumers win because brands actually make a positive impact on their lives and in some cases the planet and world we live in wins.
The negative impact of counterfeiting causes brand dilution and at a deeper level erodes customer loyalty. The above discussed positive impact is missing with brands whose counterfeits are prevalent. Brands today are in acute need for a high level strategy for countering counterfeiters and pirates. This is where TradeVigil comes in. We are well experienced to take care of End 2 End customer needs when it comes to counterfeiters, pirates and grey market sellers. Please feel free to contact us.