This post is a summary of an article originally published by Accuris on namnews.co.uk
How can we formulate a plan for 2024 that meets consumer demands, retailers’ requests and a supplier’s own objectives?
Align with retailer strategy
Suppliers should leverage the retailer’s preferred promotions and communication to gain sales from competitors and benefit from the media attention.
Offer mini prices
Suppliers should provide a super-accessible option within their portfolio to meet the demands of cost-conscious consumers and avoid direct low-price comparison.
Match competition
Competitive switching is the biggest source of promotional incremental sales. Make sure your brand is present whenever your competitors promote. Or if you are a multi-brand supplier: create your own, exclusive "pick and chose promotion", valid only for your products.
Use large quantity offers
Suppliers should encourage consumers to buy more of their brands at a competitive per unit price, blocking sales from competitors for months.
Maintain premiumisation
Suppliers should continue to target price-insensitive consumers with high value-per-serve products and attractive offers that increase shopper expenditure and category value.
Read the entire article here.
Comments