Devise the Most Ingenious Marketing Plan Now!
Fast-moving consumer goods, or FMCG, are lucrative products for businesses because of the relatively low cost of the products and the high turnover, that is, the rate at which such products are used up and need to be replenished, and the overall speed at which consumers purchase such items. Moreover, such goods are usually ones that cater to the most fundamental needs of most consumers and would be needed on a continual basis. Unfortunately, if you fail to market and sell your supply of FMCG, it could spell disaster due to the rapid rate of deterioration suffered by the majority of FMCG products. On top of that, there has been a recent boost in the popularity of private-label products and store brands, so the FMCG market is not exactly what it used to be. In order to ensure that your business isn’t a losing business, when it comes to your company, utilize these recommended FMCG marketing strategies going forward.
First, create a marketing strategy that will ensure that your brand has a strong, loyal fanbase. In times of recession or when more affordable options become available, a solid brand equity is what will help convince customers that your brand and your products are still the best choices to go for. Once a following has been established with your target-shoppers and a demand for your product has been built up, retailers will be less willing to reduce the shelf space allocated for your products even if the market becomes saturated with alternatives. When developing your FMCG marketing plan, remember that it’s important to address, directly or indirectly, the question of why your product deserves customer loyalty, regardless of the plethora of options available within the market and despite any fluctuating market changes.
Market research is also an invaluable tool for helping FMCG businesses make better decisions in a rapidly expanding and competitive market. By utilizing sales-tracking technology to identify which products move the fastest and in which markets, market leaders in the FMCG industry can make smart decisions with the help and insight of sales and data analytics. By dissecting real-world data provided directly by your customers, you can make more accurate forecasts about which products to target to which markets. Although conducting your own market research may be too time-consuming or expensive to carry out on your own, there are many companies that offer this service at affordable prices. This sort of investment is certainly worth looking into, in order to ensure a maximum and consistent competitive edge in the long run.
When worse comes to worst, FMCG marketing will require that you follow a downturning economy in order to prevent and mitigate further loss. In times of recession when people are more inclined to change their shopping habits and purchase store-brand products in order to save money, it may be necessary to either reduce prices or offer special promotions to continue the flow of FMCG product purchases off your shelves. This is a very tricky move as the price reduction may help alleviate financial loss in the short-term, but can damage your overall long-term brand equity. The ultimate decision may come down to what you want out of your brand and how you want your business to be perceived in the long run. For example, if your business is a bricks-and-mortar store that offers a number of products from various brands, offering temporary price reductions or promotions can help you move your products off the shelves, which is your business goal. If, on the other hand, you are a manufacturer of FMCG and want your brand to be associated with value, quality, and a certain lifestyle, slashing sale prices may not be the ideal solution.
Overall, as with anything else, the best advice is not to be disheartened, in spite of hiccups within the market and within the economy. View it as a rare opportunity for your business to really test the robustness of its FMCG marketing strategy. Indeed, it may be the perfect time for your business to tweak its merchandising plan, thereby enabling it to edge ever closer to the magic 4 R’s formula (which is relevant to the FMCG industry as well as to other industries): Right Product, Right Time, Right Quantity, Right Price.