In tough economic times, FMCG brands need to sell affordable quality. Consumers are feeling the pinch and tightening their belts. Consequently, the retail environment has become extremely competitive with brands vying for shelf space and the consumer’s attention.
Brands and products have to have real meaning for consumers; they also need to be of high quality. We’ve seen a number of products keeping their size but reducing quality to keep prices low. This works for a while, but it is only a short time before consumers stop buying the product and replace it with another of better quality. Consumers are extremely price, product and quality savvy and brands need to respect that if they want to maintain consumer loyalty.
Brands need to listen to consumers and respond with appropriate campaigns that give back to individuals and communities. And this is where value comes in. Marketing campaigns should add value to people’s lives. In 2015 we implemented the Live your Dream campaign and we asked consumers to tell us their dreams. We spent R2m helping hundreds of people all over South Africa. We also launched MAQamovie, a first-of-its-kind search for amateur actors to be cast in a new South African movie. The actors who were cast will become national celebrities in due course.
In tough economic times, giving the consumer value is not negotiable. Through exceptional campaigns, brands can add value, build a loyal fan base and convert fans into brand advocates.
Big take-out: Brands in the highly competitive FMCG sector can only hope to grow market share in a depressed economic climate by offering quality products at an affordable price.
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