It’s no secret that today’s retail environment is challenging with intense competition at every turn. So how can you package your products to thrive in that competition rather than become buried under more successful brands? These tips can help you outmaneuver your closest competitors and reap the profits of growing sales.
Design Around a Price Point
Placing a product on the shelf of a retail store is a complex process ultimately driven by the price the consumer will pay at the register. But when the consumer price point is established incorrectly, the entire system can break down. It’s important to use competitive pricing and legitimate pricing strategies. Simply assuming that consumers will be willing to pay more for higher quality packaging can lead to disaster.
Make Packaging Stand Out
This may go without saying, but packaging needs to have unique advantages. Packaging that is easy to use, performs well, and offers distinctive branding is more likely to succeed than unreliable and flimsy alternatives. Products housed in preferred packaging is more likely to earn repeat purchases compared to products in packaging that created frustration and disappointment.
Study the Buyer
While products themselves are developed after significant customer studies, packaging needs to follow that example. By understanding the drivers of success for consumer products, packagers can take advantage of those trends and apply them to packaging strategies. As packaging begins to jive more with the product itself, consumers will be more likely to devote money to the purchase.
Make Innovations That Matter
Many packaging companies spend a great deal of focus and energy on developing high-end packaging that captures the attention of forward-looking customers. While this is definitely important, it is just as significant to remember the other elements of the market that only want easy to use and efficient packaging that does its job well. Innovations that speak to the masses can easily drive sales.
