An FMCG company needs to invest a lot of money, efforts, and time into marketing their various products. Without effective marketing strategies, an FMCG company fails to make its mark and become successful. But if you want your brand to survive, you need to consider the following strategies:
1. Targeting all Markets
If you only cater to a particular class, you are missing out on a great growth opportunity. In order to target a broader market, an FMCG should try to make different combinations of products with different pricing. If you sell a family coffee pack at $30, it means that you are only targeting the upper and upper-middle class. But if you come up with smaller packs of the same coffee that are priced $10, $15, and $25 respectively, then you might be able to sell your product to customers belonging to all market segments.
2. Extending the Brand
If you sell premium beauty soap, you are only targeting the upper and upper-middle class. This strategy takes you away from the other segments of the market. In order to grab a larger market share, it is important to introduce multiple brands within a brand category. Let’s say you sell soaps, then come up with more soap brands one for each segment.
3. Extension of the Brand
Sometimes you need to come up with very particular products within a product or brand that cater to a larger market. If you sell shampoos, then introduce multiple shampoos within the brand for example; XYZ Shampoo for healthy hair, XYZ Shampoo for thick hair, and XYZ Shampoo for silky hair. This will give your target audience more options to choose from.
4. New Product Development
What you sold in the 1980s might have dated, which is why an FMCG needs to keep developing new products after thorough research. Product development means coming up with improved products that are made using advanced technology. If you keep selling the same product for decades, you will end up risking a major failure as an FMCG company. You should invest in technology and research to develop products that are current and meet the exact needs of customers in the present.
5. Extensive Distribution
If you are looking to capture a greater market segment, you need to ensure that you are distributing your product extensively. An FMCG that has a solid and extended distribution channel is the one that is able to sell more. When your products will reach in all stores and more people will see them, you will automatically sell more.
6. Product Development before Decline
Many FMCG companies make the mistake of not updating their products, which leave them vulnerable to all the risks. An FMCG needs to continually develop each product based on the trends, demand, and advancements in the market. It is better to make changes to the product as soon as the Product Life Cycle curve is entering its third stage.
With the tips given above, FMCG companies can ensure greater success and growth.