To turn the green shoots of recovery into a garden, focus on product, price, promotions, and place.
Product.
Perfect your brand proposition so it communicates to shoppers exactly what your product is and what they can expect of it. Established brands have the edge here, especially as private label growth slows.
Price.
Pricing strategies must move units without sacrificing profits, especially crucial as price growth is rising. Keep the competition in mind when setting pricing strategy.
Promotions.
Promotions priced too low will encourage stockups and cut into margins. Too high, and customers will grab a competitor’s product. Go for the Goldilocks effect: Priced and planned just right to recruit new customers and please existing ones.
Place.
Be where your customers are — in grocery stores, value outlets, and online.
