How brand loyalty will eventually bite you
I’m an enthusiastic Amazon, Apple, Uber, and Google user because they make my life easier. I don’t think twice before upping my Prime membership. In fact, I like these companies so much, I’ve even willing to pay a little extra for the convenience they offer.
But obsessive brand loyalty will ultimately hurt us, argue two ivy-league economists for USA Today. “Each of us can do our part to make sure Amazon and others never get to the point of ubiquitous domination. It might introduce a bit of hassle and inconvenience into your life, but only a tiny bit. But by taking on this challenge, you’ll be doing the job that antitrust authorities, in an ideal world, might take care of on our behalf – ensuring that consumers and workers, rather than the owners of capital and algorithms – get a piece of the surplus that’s created by new business ideas.”
Make no mistake, I’m a proud American capitalist. But I like it even more when companies compete for my business. “Think about those credit card teasers we all get,” the authors add. “As long as we keep businesses thinking they need to chase after us to try to lock us in, they’ll keep on handing us value rather than using it to pad their bottom line.”
If you agree, consider shopping with competing companies and platforms from time to time to keep your favorite companies on their toes, hungry for your business, and willing to let you keep a greater share of the value.