Today’s tough economic conditions are resulting in brands taking aggressive measures in cutting costs to maintain profitability, while at the same time, stand out in today’s in-store clutter.
In today’s Post inflation Era, brands need to go back to basics, revise the 4 Ps and identify the most suitable cost reduction opportunity for their target.
If we go back to the 4 Ps, we’ll see brands have no choice but to increase the Price. As for the Product, brands are already saving from it through downsizing, launching new SKUs, or replacing ingredients, which according to an insight derived earlier, this is affecting brands negatively more than positively.
Remaining is Packaging and Promotion.
Today, we’ll talk about packaging opportunities, triggering a key research question for brand managers to consider: How can I reduce packaging cost in a way that allows me stand out of the clutter?
There are many different ways brands can utilize packaging positively in today’s economic pressures, and one of them was inspired by Becky Murray, who took a minimalistic design approach for famous FMCG brands as the following:
So, where is the line brands shouldn’t cross to reduce packaging costs and stand out of the clutter, without losing their identity?
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