Tips For MSMEs To Boost Sales
Effective product packaging creates recurring customers and attracts new ones at the same time. Ultimately, it leads to higher sales numbers
Photo Credit : ShutterStock
India is home to more than 50 million MSMEs and their contribution in terms of generating high levels of employment and promoting financial inclusion within domestic market are well known. With the recent government campaigns, policies and other efforts, MSMEs have been empowered and encouraged to explore arenas to expand their reach and tap new markets, new customers. However, finance still being one of the major constraints MSMEs are always on a look out for cost-effective methods to tap a target market.
It is a fact well known that, a product has no place in the market if it doesn’t sell. Thus, corporations deploy considerable resources in attracting consumers. While advertisements have been a popular choice but it is an expensive one too. A recent forecast states that the gross advertising spending for 2018 will be $557.99 billion. Luckily in the fast moving market, the 5Cs, the 4Ps, and all the other ABCs of marketing keep evolving with time, and for good.
A stark indicator of a well-marketed product can also be an effective packaging. Certain psychological triggers associated with product-packaging influence consumer decision making. In fact, a research suggests that packaging influences 33.33% of consumer decisions. For MSMEs, an effective packaging can work more effectively than any other promotional activities due to following reasons:
Product Packaging conveys the identity of the product
First impressions play a crucial role in an individual’s decision-making process. In the case of a product, the first thing a consumer generally comes across is its packaging. The color, aesthetic, and design inherent in packaging build the product’s identity. Therefore, a well-researched take on product packaging concerns itself with various factors. The prominent ones are concise labeling, social impact, sustainability, and uniqueness. Adopting a non-formulaic approach to product packaging can do wonders. In a market flooded with minimalism-inspired packaging, wild color patterns can stand out. In simpler words, product packaging that meets customer expectations creates curiosity.
Effective Product Packaging helps in bolstering the consumer-brand connection
Product Packaging goes beyond the base design, color schemes, and typography. For instance, innovative product packaging can be eco-friendly. An eminent social cause can help the product build associations with like-minded consumers. The world cup-themed Pepsi Cans are a well-established example of this principle. In this example, the brand benefits by participating in the collective communal cheer. Furthermore, the brand does it without overruling its fundamental packaging norms.
Effective Product Packaging delivers a unique experience
What do you think makes Starbucks a global phenomenon? The brand sells an experience instead of a product - a coffee cup with your name brings a smile on your face. This ideology is evident in their other product packaging as well. Starbucks outlets all across the globe share the same fundamental elements when it comes to package design. Also, the seasonal packaging design changes further bolster the premium status-quo of the brand. SMEs can utilize the same sense of direction when it comes to creating an experience with their product packaging.
Effective Product Packaging can increase brand awareness
Happy customers are a marketing team’s daydream. Loyal customers not only generate steady sales but also help in increasing a product’s reach. In our social-media-driven world, consumers often share pictures of products they like. Consequently, the product’s identity embedded in packaging goes through various online channels. In simpler words, enough attention to product packaging gets consumers talking.
To sum it up, effective product packaging creates recurring customers and attracts new ones at the same time. Ultimately, it leads to higher sales numbers.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.