In order to increase market share during these uncertain times, it’s vital to have a clear understanding of how you differentiate your brand from competitors and maximise reach to the consumer. This is particularly important in categories where choice is abundant and the growth of online shopping during COVID is changing the way consumers behave.
The aim is to pinpoint the product range that will deliver maximum sales, to increase market share for your brand.
Whether you are testing new flavours, fragrances, product benefits, formats or pack designs, the aim is to ensure that product ranges maximise appeal to consumers, provide category growth for the retailer and maximise sales for manufacturers.
To achieve this objective of increasing market share, the need to continually evolve and optimise your offering is essential. Consideration needs to factor in the current market competitive context, pricing, and promotions to inform product offer development. The aim is to pinpoint the product range that will deliver maximum sales, to increase market share for your brand.
Successful range optimisation should inform at three levels:
- Consumer: Providing a more appealing, relevant, and easily navigated product range
- Retailer: Delivering category growth, incrementality and cross-sell opportunities as well as increasing brand loyalty
- Manufacturer: Maximising sales through a compelling offering, stronger retailer sell-ins and more consumer led listings conversations
It can be used to deliver successful NPD launches, line extensions, range rationalisation, refinement & optimisation, as well as multiple brand reach optimisation (across tiers and platforms).
Traditionally, range potential can be assessed in complete isolation from competitors’ offering. However, by factoring in the (vast) current marketplace and competitive context, you get a much more realistic base context from which to make informed product development decisions. This approach also better mirrors the purchasing behaviour and decision-making of consumers at fixture, where there is often an abundance of choice available to them.
Maximising consumer reach & minimising cannibalisation:
While it is important to know which products are most appealing to consumers, understanding how the products interact in the marketplace is just as important. Cannibalisation within your own portfolio and replicating the competitor offering are dangers to avoid if you are to successfully implement brand extensions and new product offers. Identifying these issues helps ensure your range offering is suitably differentiated and will maximise brand reach.
Our simulator model for marketers, category managers and R&D teams predicts overall brand reach and provides a true reflection of potential product performance to:
- Deliver real-life competitive context and provide a true read on in-market performance
- Factor in drivers of shopper behaviour at fixture including price and promotions
- Test a range of scenarios to maximise brand reach
It’s an invaluable mechanism for marketers, category managers and R&D teams working in a fast-paced environment, enabling you to react quickly to potential changes within your brand and the market.
For more information on how a range optimisation study can help you maximise your brand reach and increase market share, please get in touch