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Any brand owner will agree, the brand is really your most important commodity. Efficacious, quality products can inspire consumer loyalty and even recommendations, but having a trusted brand name that consumers rely on for solid products, which they use every day as part of their lives, is invaluable. And P&G is capitalizing on some of its trusted brands by franchising out its brand names to associated businesses—Tide Dry Cleaners and Mr. Clean Car Washes.
In addition to the additional revenue available from the franchises themselves, these effort also help promote P&G brands’ name recognition and further increase customers’ experience and interaction with them, as well as their loyalty to them. And consumers are already familiar with the benefits and experiences that can be expected with these brand names, so it helps deliver a built-in audience.
P&G does note that not all of its brands can be linked to a specific business or service. It’s targeting fragmented markets where consumers don’t typically have high expectations, and it also is seeking something that is an appropriate and logical fit. However, cosmetics and beauty products, while relied on daily by millions of Americans, can easily fit into this market.
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