The Fast Moving Consumer Goods industry (FMCG) is a highly competitive one, and volume is everything. Knowledge is key and staying informed is the only way not to be left behind. Here are 5 tips you need to implement to remain relevant in the FMCG industry today.
Tip #1: The Faster the Better
The world is trying to save time, and everything is beginning to change at a speed of light. The worst thing you can do is be oblivious to the changes happening around you. Now more than ever there are more innovations and inventions, and you need to be among the first to implement these innovative ideas in your technology, advertising, branding and consumer relations to remain ahead. At the same time you don’t always have to wait for things to happen, step into your creative shoes and come up with out-of-the-box strategies; that way you can make and drive trends forcing your competitors to catch up.
Being able to win in ‘first-mover advantage’ is evident in many consumer goods. In Singapore, the 1st brands launched in product categories such as Canned Green Tea, Energy Drinks and Chicken Essence are still enjoying majority of market and consumers’ mind share even till today. The 1st brand sets the standards and consumer expectations of the product and it is hard to change this subsequently.
Tip #2: Quality over Quantity
These days, customers are less devoted and will move on quickly at the sight of a mediocre product. This is even more rampant in the FMCG industry, where competitors are lined up to take your spot. As much as you want to save costs and increase profits, you should never cut down on the quality you give to the consumers. Businesses that make it in the long term are those that focus on making their customers feel they are important by providing them quality services and products always.
Over the years, there have been cases of product recalls due to manufacturing hiccups. Some companies take immediate corrective actions such as product recall, even on a global level. Such admirable companies put their consumers’ interests first, not their financials. In the end, they typically emerged as the biggest winners as their consumers’ confidence in them is reinforced and magnified.
Tip #3: Be Price-Sensitive
You might wonder how your business is ever going to succeed with high quality at lower prices, but the answer is in the medium to long term goal. At the end of the day in the FMCG industry, higher volume of customers equals higher profits. It might mean some growing pains, but you will increase your consumer volume by a lot, and give your business a positive brand image. This will eventually save you costs and boost your revenue substantially.
Tip #4: Keep in touch
In this industry, you need now more than ever to constantly be in touch with your consumers. The best way to do this is with real-time data; track their actions and those of your competitors too, use PR tools like content marketing; give back in a nice way and always ask for their feedback or meaningful input on how you can improve your products and services.
An important aspect of keeping in touch is also connecting with the right people; discover product developers, brand advertisers, and industry consultants that will make it easier and move you faster towards success. Stay connected in with your consumers in their social media world. Keep an open mind to change your way of business, in line with your consumers’ changing lifestyle and preferences.
Tip #5: Think Long Term
It’s important to add that long term does not mean too far into the future. As valuable as that is you still have to keep your business alive in the meantime, just don’t be too short sighted while doing it. With long-term goals, you are more likely to make changes and develop practices that will benefit your business. Forget about building capital and focus on building a brand; give up your time and resources where needed and build something sustainable and worthwhile.
Making long-term investments in online brand communications and business platforms will go a long way. With irreversible lifestyle changes, consumers are moving seamlessly online and offline. You want your brand to be present always to stay top-of-mind. Start building your brand presence and set strategies to win in the online world too.