Scico is one of the most experienced in assisting with the introduction of new enterprises in the Indian market, as well as running them successfully afterward. We also have a great track record in the sector, having begun his career at Hindustan Unilever Limited, the world’s largest FMCG company (HUL) which provides FMCG Product Consultant and FMCG Business Consulting.
Here in this article, we are going to discuss how to launch a new FMCG Product in the Market.
What is FMCG known for?
FMCGs, or fast-moving consumer goods, have a major place in the global economy. FMCGs are products that have a short shelf life and sell quickly, as the name suggests. In the FMCG industry, manufacturers usually sell items to wholesalers, who then sell them to retailers. Who then sell them to consumers. FMCG can be a lucrative industry if done correctly. FMCG covers a wide range of products, including cosmetics, soft drinks, and food. The FMCG sector is the fourth largest in the Indian economy. With the urban segment accounting for around 55 percent of total sales. Rural India, on the other hand, has seen faster growth in the FMCG sector. Than its urban counterparts due to increased internet access. And increased awareness, increased money and changing lifestyles. According to reports, FMCG products account for 50% of overall rural expenditure. And demonstrating the industry’s tremendous expansion among semi-urban and rural consumers.
Step to launch FMCG Product in the Market.
1) Testing your Ideas :
When it comes to testing your ideas with consumers later in the process, research is equally crucial. Quantitative concept testing can help you narrow down your options and choose the ones that have the best probability of succeeding. Qualitative concept testing can help you fine-tune your concepts to meet the demands and needs of your customers. Other components of research to consider once you’ve reached the prototype stage include pack testing, central location testing, and taste testing to optimize your product before launch.
2) Pricing :
Poor pricing tactics have led to the failure of several products. Whether you’re selling a high-end item or something that’s slightly less expensive than the competition, make sure you do your homework to ensure that purchasers will be prepared to pay the amount you’re asking.
3) Packaging :
Packaging can take various shapes, and whether it’s a consumer commodity created for a retailer’s shelf or new software you’ve just finished developing, it must be appealing and inviting to the human eye. Investigate what colors people prefer and are receptive to.
4) New product name :
While it’s good to stand out, don’t make the name too difficult to say or too similar to an existing product that the consumer becomes confused. To leave a lasting impact on the consumer, keep it simple and inventive as Google did.
5) Promotion of the product :
You can have the best product in the world, but how will people be able to buy it if they are unaware of it. Recognize the many marketing channels available to you for promoting your goods and conduct a study to determine which ones will be most effective. At the very least, two different media will require for FMCG Business Consulting.
6) Knowing your target market :
You should surely know what your target audience likes and dislikes. Your marketing strategy should not be based on speculation. You should undertake significant market research to ensure that your target market responds positively to your product launch.
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