Launching a new product can be quite unnerving, especially if you are trying to match high standards raised by previous launches or competitors. While we may have a list of do’s and don’ts we follow, there’s no sure shot method to success. What works for FMCG may not work for Pharma; what works for the Beauty sector may be out of budget for another sector and the list goes on. Then how do we know what works for your brand/ product?
Lets find out. There’s a popular saying we salespersons use in Hindi, “ Jo dikhta hai wo bikta hai ’’ translating to “what catches the eye, sells”. We all know that one of the main methods of increasing product sale is via an increase in visibility which is largely done through advertising, be it visual, paper, audio etc.
This article focusses on POS displays stands and POSM (point of sale marketing) which is a part of visual advertising, and its contribution to retail visibility. As you go through this article, you’ll be taken through some steps that will help you answer the following questions:
1) What markets should I target?
2) How do I decide my budget?
3) What kind of branding does my product need?
4) How can I save money yet get good visibility?
Once you have an answer to these questions, it will help you smoothen the planning process for increasing your product sale.
Every product we launch has a specific consumer type that we target which further helps us decide which markets our products will be majorly distributed in. The main segregation of markets is General Trade and Modern Trade, wherein General trade is basic retailing, i.e. small scale business targeting the consumers who opt day to day purchases in small quantity while Modern trade is about selling products to big houses. Modern trade as opposed to general trade in retail shops refers to a full range of sale methods based on marketing techniques: for instance in self-service shops you have no more sales attendants behind a counter; now the customer can touch the articles. The more expensive goods will be ready at hand whereas you’ll have to bend to reach good with less added value for the store. Hence, targeting the right market according to the product you’re launching helps strengthen your ground for sale.
Once we have a clear vision regarding the market we’re targeting and a fair idea of the number of outlets, we can start working on what makes us nervous. You got it right, its time to check your pockets and decide on a budget. While working on a budget its important to understand that whatever you are spending on in terms of advertisement will all come back to you through sale. What’s the value you believe your product holds? If your POS investment gets you double the sale, is it not worth the investment? How much do you think your competitors are investing for their visibility? Ask yourself these important questions, get those funds approved and dive in, and don’t worry, we still have a few steps to cover to make sure your money doesn’t get wasted.
We’ve now learnt that products have specific markets which require certain budgets, but that’s common for all brands. How do we make our brand stand out then? BRANDING. Color combinations, USP’s, creative POS displays and the list goes on. Let me give you an example. The moment you think of McDonalds, whats the one thing that pops in all our heads or catches our eye? The big yellow . That’s their USP that one recognizes from miles away.(Fun Fact: Did you also know that the colors yellow orange and red tend to make a person hungry?) Another example, Amitoje India makes innovative POS displays racks which are all foldable and easy to carry, so the moment someone spots that mechanism in the market, they know its them (cause their units are patent pending so if someone else is making them, I’d sense trouble!). So work on your branding, do your research, pick the right kind of display which compliments your product and adds value to it.
After covering this not so easy path to increasing product sales, we’ve reached what I believe is our last hurdle where we all slow down eventually – negotiations to save money. I mean, its money after all and a penny saved is a penny earned but we need to be smart about it. If you’re saving on the unit cost and spending double the amount on transportation, you’re still losing out. Similarly spending extensively on high quality long lasting units when you’re going to end up changing the branding in just 6 months wouldn’t make any sense. At the same time, just to save money going for a lower quality unit which may collapse/ your product may outlast will again pinch your pocket eventually. Thus, choosing the correct material keeping in mind the timelines of your retail activity is as important as getting a unit which helps you save on packaging and transport. Look for units that collapse or fold, or give you an option for rebranding without spending on a new unit, or a design that can be made in different materials to suit your budget, and Id say you’re good to go.
To sum it all up and hopefully give you a confidence boost, recognizing your target audience and then deciding a budget and the suitable branding to add value to your brand will help your brand get the much needed visibility. The expenditure may seem like a hurdle initially but if you ask yourself the right questions and back up your answers based on thorough research, sky is the limit!
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Author: Asees Chadha
asees (dot) chadha (at) amitoje (dot) com
Asees is an experienced brand consultant at Amitoje India, with experience of helping amazing brands like Coca Cola, Pepsico, Asian Paints etc maximise ROI through POSM/POS displays stand and POP branding. To reach out to her for your brand click -> www.amitoje.com/whatsapp and ask for Asees.
