Five ways to grow your FMCG Market Share
The constantly evolving economy in Africa is one of the factors constantly influencing the trends in food and beverage industry.
Keeping up with this dynamic market is both challenging and interesting. Today we discuss a few tips to grow your FMCG market share:
1. Identify gaps in the market
The food and beverage industry in Africa is wide and competitive. When considering growth or expansion, the best way to flourish in this market is to identify a need that is not yet satisfied or to satisfy that need differently.
To understand this concept, consider a product like fabric softener. The African populous never realized a need for smaller, concentrated, refill sachets of this product before it was introduced to them. The aim is to make consumers realize that a particular product will make their life better.
Considering the food industry, we never felt the need for packaged food like flavoured milk or yogurt drinks but once they were introduced to consumers, there was no turning back.
2. Branding and packaging
These are essential for marketing a product. Make sure your branding and packaging is up to par. This will grab the attention of passing foot-traffic in-store.
Ensure your products are always neatly packed on their shelves and there is adequate stock with FIGJAM Photos and Quick Stock Survey. Research indicates that 50% of consumers will switch brands if their product needs are not anticipated. People are also less likely to buy products when there are few products left or they were lying in disarray. The perception of the products is that they were contaminated even though they were packaged. The bottom line being that the visual display of products affects sales.
3. Reliable suppliers
For effective an efficient operations manufacturers need to go through a supply chain. It’s essential to keep an eye on the suppliers and middlemen.
4. Sales team
Not all businesses require an enormous sales team, a few representatives to ensure that there is enough stock on hand to supply consumer’s needs will suffice. The sales team also plays a vital role in building consumer loyalty towards the brand. Remember, the process of sale is not complete until a consumer reorders a product. Empowering your team with FIGJAM Orders and Adding New Customers on the fly can go a long way towards customer satisfaction.
5. Market insights
The FIGJAM Web Portal allows you to collect your data in one place and filters it into meaningful insights. Your business benefits from comparing month on month sales data and you are able to make better informed decisions from your own customised business intelligence. In fast changing economies like Zimbabwe, day-by-day or week-on-week real-time analysis of sales is vital for decision makers.
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