The FMCG market is extremely competitive and unpredictable. Once you get into the FMCG market, you have to create market grasping concepts and strategies to beat your competitors and stay on top of your game. Let’s take a look at some effective tips that will help you gain the top spot in the FMCG market.
Stay Updated on Your Competitors’ Offerings
You will be foolish if you are unaware of your competitors’ products, offerings, price range, strategies, and demographics. It is an absolute must to stay up-to-date with your competitors’ offerings to offer something more valuable to the consumers. Look at Coke and Pepsi. Both the brands offer black soda and are always in the game of fighting for the top spot. When Coke comes up with a special offer, Pepsi does too and vice versa. This is how it works in the FMCG market, especially if your competitor is offering a similar product.
Watch Out for Indirect Competitors
If you think that by conducting an in-depth research on your direct competitors you can win the battle, you are absolutely wrong. Never underestimate the power of competitors whether they are direct or indirect. If you are offering soft wipes for babies, then make sure you look at what a toilet paper company is offering. There is a great chance of learning from indirect competitors. You can expand your product line or offer something more valuable to the market and become the big star by wiping off your competitors.
Product Differentiation Matters
Why do consumers come to you for shower gel when they can simply buy from another brand? Remember, your product should have a unique selling proposition also known as USP. This USP is of great importance when it comes to product differentiation. If your product doesn’t offer something new, unique, and interesting, why do you think consumers will come to you? The USP of your product should be clear, and your consumers should be able to recognize it without any trouble. This is the best way to grab more customers and make your competitors suffer.
Market Your Product Effectively
Marketing a product is another important aspect of winning the FMCG race. The products that are placed in front shelves in the grocery store are usually the ones that are purchased the most. There is a reason why such marketing strategies are in practice. Another important thing is to remind the consumers of your products. The best way to do so is to place ads near, outside, or inside supermarkets and grocery stores. So, when a person enters the store, they will have your product in mind.
Never Stop!
There is no defined formula for success in the FMCG market. However, if you have in-depth knowledge about consumer trends, competitors, and consumer buying habits, you will be able to place yourself in the top position. Make sure you keep offering something valuable to your customers and never forget to offer discounts and special offers to get maximum sales. Moreover, invest in new technology to find out more about your target market’s likes, dislikes, and interests.
