There was a time when brand recognition was a consumer product’s best friend. A pretty package and eye-level shelf placement, coupled with some targeted print campaigns or lever TV ads, and you had it made.
Whether you sold fashion or food, golf clubs OR barbecue grills, the right combination of product, price, promotion and in-store placement moved merchandise.
While all of those things are still important, they’re just not enough anymore. The way that people buy products has fundamentally changed. Your product might catch their eyes; your name might ring a bell; but they’re not taking you home until they get to know you a little better.
Love at first sight is less important than the deeper, mental connection.
“ Today, customers are buying value—consumer goods that not only give them the most for their money, but make them feel good about their purchase,” explained Vivek Venugopalan, chief technologist, Retail, Consumer Goods, Transportation and Government, Wipro Technologies.
“ The economic downturn made buyers more focused on how to get the most for their dollar, and the rise of mobility has fueled information access. These TWO trends have converged to produce a more informed, more inquisitive consumer.”
In other words, people aren’t buying on just looks alone. They now have a relationship with the brands they buy before they make a commitment.
That need has ushered in some significant trends in the consumer goods market :
- Searching for “Product Right”
- Creating the “Store within a Store”
- Taking the Relationship to the Next Level
- Applying Analytics to Gain Customer Insight
- Going Local with Promotional Campaigns
- Making a Long-Term Commitment
Clearly, the way consumers shop and make buying decisions has dramatically changed, forcing a fundamental shift toward digital transformation. To thrive, consumer goods companies are using new technology to both become more valuable to their retailers and connect their customers with their brands in a multitude of ways.
And, from all indications, it’s a match made in heaven…..