Staying Relevant in Today’s Market. How Brands Can Achieve Category Relevance.
2.?Product Innovation: Continuously innovate your products to meet changing consumer demands. This could involve introducing new flavors, formats, or packaging that appeal to your target market. This should be minor updates and pack refresh in the short term. New product lines in the medium term (thoroughly researched & in line with brand identity) and a culture of innovation in the long term. All built up on relevant innovation calendar
3.?Brand Differentiation: Identify and highlight immediate unique selling points to differentiate your brand from competitors. Highlight the strength of your brand in the short term – value proposition, USPs etc. Protect your brand name and packaging in the medium to long term.
4. Effective Marketing and Advertising: Use targeted marketing and advertising campaigns to increase brand visibility and reach your target audience effectively. Given today’s dynamics only targeted advertising works.
5. Distribution Strategy: Ensure that your products are readily available to consumers by optimizing your distribution strategy in the short term. This could involve partnering with key retailers, expanding your online presence, or improving your supply chain efficiency. The medium to long term plan is about deepening your brand availability by further expanding distribution channels and optimizing supply chain. Watch out for cost to serve.
6. Price and Promotions: Offer competitive pricing and promotions to attract price-sensitive consumers. This could involve discounts, bundle offers, or starting a loyalty programs to encourage repeat purchases in the short term. The medium to long term is about building the brands perceive value where pricing will have limited impact on the brand. Watch out – this short-term part is the easiest tool in the marketers’ box & the most easily abused.
7. Consumer Engagement: Build a strong relationship with your consumers by engaging uniquely and consistently. In the short term, develop a consistent tone of voice, look & feel, across all engagement platforms with the consumers. In the medium to long term, be known for a unique activity. For example, Cowbell – Cowbellpedia.
8. Sustainability and Corporate Social Responsibility (CSR): Consumers are increasingly looking for brands that are socially responsible and environmentally sustainable. Incorporate this to build trust and loyalty among consumers.
A few other points may not be included as the article is focused on the consuming public and not the general business public (government, shareholders, etc) which may also affect the relevance of a brand in the market place.
By implementing these strategies, FMCG brands can stay relevant in their category and maintain a competitive edge in the market. #FMCG #BrandRelevance #ConsumerGoods #MarketingStrategy.