FMCG or Fast-moving Consumer Goods is a rapidly growing business in India. There are several large to small FMCG enterprises providing goods to clients and generating greater revenue. Amid high competition, FMCG businesses must build effective strategies to run their business in a highly competitive environment. FMCG involves several different products like packaged food, juices, hygiene and lifestyle products, etc. The FMCG business sales are always in high demand because of their regular use. However, India is a hub of the FMCG market, where several businesses have established themselves because of their high demand. All these things increase competition. So, as an FMCG business owner, do you have strategies that help grow your business? If “NOT”, read this blog and learn some effective marketing strategies.
Tactics That Help FMCG Businesses Grow
Multi-branding
Multi-branding is the best marketing strategy that FMCG businesses utilise. This unique style is used by the FMCG brand to let products compete against each other under the same banner. A manufacturing company develops a range of products that are similar in genre and use by consumers. The main aim is to build a stronghold in the market with the help of products of the same brand and provide no space for competitors’ products. This target is commonly used to fill the shelf space available in the distributor’s and retailer’s shops. Companies can create competition among their products to capture the market share.
Flanking
For FMCG businesses, flanking is also a great strategy by which they sell the same products in different volumes. For example, shampoos are sold in the market in bottles as well as sachets. This helps cover all the segments in the market. This strategy is beneficial for almost all the products in the FMCG business.
Using the Brand Name
If you are running a business and have already established a reputed brand name in the market, you can plan for a marketing plan for FMCG products. Your brand popularity works as fuel to add more products with the same name and skyrocket sales. Like if you are selling some soap in the market and it's popular among users. You can launch its alternate products as hand wash or shower gel with the same brand name to grab the same segment of loyal customers. The FMCG business gets more value due to the extension and diversification of the brand. With the help of this strategy, businesses can make a product quickly recognised by the target audience.
Creating Product Line
FMCG business is customer-centric. However, using a product line-building strategy, companies can offer a variety of products with different names to the consumers. Like, some brands offer soaps of various kinds that meet the needs of different customers. There is no competition among these products as the target audience is different from each other in terms of preferences.
New Product Development
Several people are asking what strategy they should use to market new FMCG products. If you are new to it, see how your competitors are approaching the market. Your sales team needs to make plans and goals and set time to achieve them.
Product Life Cycle Strategy
Especially for FMCG products, the PLA or product life cycle is short. To compete, FMCG businesses can replace or transform old products. The practice is really crucial for the firms to create a new line of products to replace the old ones. With new product inclusion and innovation, FMCG companies can fortify their customer base.
Understand Your Customers
To run any business effectively in the market, an understanding of customer needs is crucial. You need to focus on the pain points of your customers to fulfil them on time. FMCG can also utilise this information to design new products. Businesses need to change or upgrade from time to time for more brand reputation. Moreover, the changing product line can also help make the FMCG business stay strong.
Closing Words
With the right strategies, FMCG businesses can grow rapidly. Making new plans and proceeding with them in the right direction helps businesses build a strong customer base with a brand reputation. As a business owner, you may not be able to do all tasks in the FMCG alone. You may need hardworking employees for several work profiles including cashier, sales team, delivery executive and more. To fulfil that, sign up on reBLISS - a work-providing platform.
