Formica
High awareness, high purchase intent
It’s known in the sales and marketing world that two measures of brands are consistent predictors of increased sales, even in a down market. These two gauges are brand awareness and purchase intent.
When discussing brand awareness, we know that women—who make most laminate (flooring) purchasing decisions—buy brands they know and love. Formica enjoys a staggering 92% brand awareness, which is similar to brands such as Starbucks, Sony and Honda.
The point is, we don’t have to spend time constantly introducing ourselves and establishing who we are; consumers already know us.
When it comes to purchase intent—the percent of people who would consider buying your brand the next time they shop—Formica also ranks high, with 78%. High brand aware- ness without high purchase intent is certainly possible, but it isn’t desirable. For example, the well-known Oldsmobile brand is now nothing but a memory, thanks to low purchase intent.
It’s noted that in nearly every consumer category, a certain group of shoppers—around 10% to 15%—simply purchase the cheapest option available. However, brands definitely affect the decisions of the remaining 85% to 90% of shoppers.
Over the last several years, we’ve talked a lot about the power of the Formica brand. The conversation continues and, fortunately, having such strong brand awareness and purchase intent already in place has allowed us to focus more intensely on other critical elements, such as our product line.
Recognizing that the value of our product offering should consistently rival that of our brand, we have completely revamped our flooring line, adding desirable new colors to existing collections and introducing several entirely new products with the features that consumers are looking for.
We have a passionate belief that in today’s unique economic atmosphere, it’s essential that even powerful brands bring quality, value and technology to the table. Real looks for real life; that’s Formica.