FMCG brands include brands in categories like food, household care, personal care, and others. These brands often face problems with increasing sales in their particular categories. How do they do it? How can they get more footfall for their products? How can they get more repeat purchases?
For most FMCG brands, increasing sales is easy. They can just crank up their marketing spend and spend more on advertising. It's not that simple for every brand, though. There are some brands that don't have the budget to spend on marketing and advertising yet still need to increase sales. This blog will look at the best approach to increasing sales for these brands and how they can go about doing it.
Make Sure Your Margins Are Right
If you're a brand new company and want to promote your product, there are plenty of ways in which you can make the most of the funding that you have available. This includes defining the margins of dealers who will buy "your" product and distribute it in their respective markets.
Bear in mind that these dealers might like to offer a discount to their customers, so this is something that needs to be factored into your pricing strategy for this product. Also, keep in mind that they might be more inclined to purchase multiple units if they know you've also got a quantity discount available for them!
Control Your Stock
Selling products yourself online is pretty straightforward since you get to conduct all of the buying and selling directly with your customers. You have complete control over what you have in stock, which means that no outside company can sell your inventory without your consent.
You can go to a dealer for sure, because of the connections, and if you’re in complete control of the stock distribution, you can be sure to make a lot of money that way as well.
Find another company, either a B2B or a B2C company and ask them if they would like to partner and refer each other's customers and clients in return for a commission. This kind of partnership will make the companies trust each other more. You can even
This would steer their business to your business because they can know that you not only have the best product out there but also the best customer care service after-sales. Besides finding an extra source of income, this kind of partnership will make your business grow since it offers both advertising and revenue.
Let The Dealers In On The Numbers
When it comes to advertising, television spots or billboard banners are just a few examples of "above-the-line" strategies while word of mouth is an example of a "below-the-line" approach. Regardless of the way companies choose to advertise, they should share the costs with the dealer at hand as they are responsible for its promotion.
It is essential that whichever advertisement mode the brand uses, whether it's above-the-line or below-the-line, the company shares its expenses with the dealer. This encourages them to promote your brand more efficiently so they get a percentage of profits in return for their work.
After-Sales Customer Support
If your business wants to succeed, it's vital that people feel confident about receiving the help they need if something goes wrong.
If a customer is unhappy with what you've sold them, you must be willing and able to make them happy again by whatever means necessary - that means answering queries and complaints quickly and fitting repairs around their schedule rather than making them come to you!
Achieving service excellence isn't just good for winning new customers' trust – it can also help your existing customers see your company as more professional! In fact, nearly 90% of repeat purchases come from very happy existing customers!
Industry Connections Matter
No matter how you look at it, connections matter. People say business is all about who you know, and that couldn't be more right! Having close relationships with your customers can help their brand become associated with yours.
There are two ways of doing this. The first way is to give customers incentives for promoting your product (be it in their social media circle or wherever else). The second option is to use frequent flyer programs, although this may seem like an incredibly outdated method nowadays. In the end, what matters is that you have word-of-mouth backing you.
FMCG brands have to be at the top of their marketing game to stay afloat in a competitive industry. There are a lot of companies vying for consumers’ attention, and they have to be creative in order to get their brand noticed. In order to increase sales, FMCG brands will have to look for new ways to market themselves to consumers, and they will have to do so in a way that is cost-effective. Whether it’s by putting their best marketing foot forward, or spending more on incentivizing field teams, or improving your field teams altogether, you have to do so with an eye towards long term strategies, and not just short term gains. That is the way to win more market share, get more customers, and ultimately make more money.
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