Let’s face it. Rapidly changing consumer expectations and behavior have flipped the CPG landscape on its head. As a result, market share growth strategies that worked even last year aren’t working today, and unlikely competitors are closing in on your market share.
For example, more consumers are shopping on autopilot by opting for subscriptions, auto-renew services, and D2C options. While this approach works great for the companies that offer them, it makes it harder for more established CPG companies to compete or influence that customer to try alternative options.
Additionally, customers right now are craving convenience. More consumers are opting for ready-prepared food, meal kits, or meal delivery services instead of grocery shopping and cooking themselves. For food and beverage CPG brands that sell more traditional food products like packaged sauces, this can lead to a massive reduction in market share.
And then there’s the ‘shop small’ movement. Younger consumers especially have more trust in small companies over more established brands and often feel that they’re a more sustainable and ethical choice. Unfortunately, these motivations put larger corporate brands on the wrong side of the trend.
So what’s a Big Brand CPG marketer to do? Maybe you’re trying everything to keep up with the changing tides. Perhaps you’ve expanded into new product categories or tried offering a subscription service, but you feel like you’re grasping at straws.
Nothing’s working, and you don’t know why? Well, let us shed some light. Overall, consumer expectations, behaviors, and values are changing, but do you know how your specific customer base has evolved? Do you know how their unique purchasing habits have changed or their needs and motivations have shifted? And do you know why? For instance, it’s easy to point fingers at the pandemic, but other factors could be at play.
To future-proof your brand, you need to capture deep insights about your best-fit customers and demand. Don’t assume you know what your customers want.
For example, let’s say you sell granola. To attract new customers and boost sales, you develop a granola snack bar that can be consumed on the go. Now on the surface, the people that would opt for a snack bar might not look all that different from your traditional granola customers. Both groups may consist primarily of moms in their forties with young kids, for instance.
But as you learn more about this new customer segment, you realize that your snack bar customers have vastly different values, motivations, and mindsets. So how do you speak to this buyer? How do you create marketing experiences that address their needs, desires, and purchasing habits?
To answer these questions, and predict consumer behavior, you need to dive in deeper.
With Insights Work, you can access the granular, beyond-the-demographics consumer and market insights that can help you adapt to your customer’s specific needs and preferences. Relying on traditional business models in core markets is no longer enough. Instead, to position your company for future growth, you need to tune out the noise, hone in on what your customers really want, and deliver.
Ready to recapture your CPG brand’s market share? Contact us today to talk about a custom market share growth strategy.