Food sector consumers are the most difficult target group, exposed to the greatest competitiveness in elections. The key to entering the market and maintaining a stable position of the company is the product marketing strategy. Precise definition of its goals and implementation tools will allow you to effectively increase profits. We advise what strategy to choose and what to pay attention to.
The marketing strategy of a food product is based on two fundamental pillars. It is about defining the target group and analyzing the competition. Our client's purchasing profile will allow us to choose the tools, channels and language of communication. Monitoring the activities of competitors and drawing conclusions will ensure originality and uniqueness. It is also a chance to learn from the mistakes of those we want to win. These two key steps will allow you to move on to choosing a specific product marketing strategy.
Product Marketing Strategy Increases Profits
After determining the target group and analyzing the competition, we should precisely set the goals of the strategy being undertaken and choose the tools. In order for all of our activities to be optimal, you should decide to operate within a specific model that the product marketing strategy will adopt.
- Skimming strategy - that is, quick "cream picking". It assumes introducing the product to the market at an inflated price, with intensive promotional activities. Over time - gradual reduction of the price, as a result of gaining the trust of the appropriate group of customers and with a drop in demand. Then, as your sales increase, your profit grows. This strategy is most successful with novelty and food products that do not have much competition.
- The strategy of slow "cream picking". It relates to the previous strategy, but gives much later results. It assumes a reduction in marketing expenses. It will work when the company takes an unchallenged position and can afford such action within one product.
- Rapid market penetration strategy. It assumes setting a low price of the product with very intensive marketing and promotional activities. They will result in intensive market entry and fairly quick stable profits.
- Strategy of free market penetration. It is based on setting a low price and limiting expenses for promotional purposes. The slowest and requires a lot of knowledge and practice. Aimed at companies that have a stable position of leaders in their segment with strong competition, and their consumers are sensitive to high prices.
On our website, we describe in detail specific models of marketing strategies. Choosing one of them should be preceded by a thorough analysis and consultation with a specialist who will show us the best direction - suggests Bartosz Zieliński from the Commplace agency.
Being ready to change and being up to date guarantees success
What actions can we take within the marketing strategy of a food industry product while implementing it? First of all, the product's marketing strategy is based on consistent and constantly updated activities. The change will be beneficial in those cases when active market monitoring shows a decline in interest in a given product. We can then use changes in communication, graphic design, new activities within social media, and loyalty programs - advises an expert from Commplace. Cyclical raising and lowering of prices is also very important, which goes hand in hand with the market situation, the sales stage and the context that Christmas is undoubtedly in the near future.
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In summary, what questions should be answered when selecting and starting to create a strategy? The marketing strategy of a product in the food industry, its change or supplementation ensuring an increase in profit, must take into account such issues as:
- What does our product offer to consumers?
- To whom it is supposed to reach, what is ours target groupwho to convince and who is to buy it?
- How does it stand out from the competition?
- What additional values do we provide with our product beyond its primary purpose?
- What messages do we / will we send to consumers? Are they sufficiently understandable and persuasive?
- What budget do we have and what financial outlays do we have to incur with the planned strategy?
