The strategy revolves around developing a roadmap for Shwapno's private label to improve profit margins and attract more customers. The first aspect is enhancing product assortment by conducting market research, identifying gaps in the current product line, and introducing exclusive products. For instance, partnering with local suppliers can provide unique items that differentiate the brand from competitors.
The second strategy focuses on optimising pricing to ensure competitiveness. It includes dynamic pricing based on consumer demand and offering bundle deals. For example, implementing loyalty programs with discounts can increase the average purchase value and attract repeat customers.
The third strategy enhances brand awareness through diverse marketing efforts. Utilizing social media and influencer partnerships can expand reach, while in-store displays and advertising campaigns emphasize the brand's unique selling points. For example, hosting events can educate customers and build brand recognition, helping Shwapno gain a stronger market presence.
The strategies
⛳️ Strategy 1: Enhance product assortment
- Conduct market research to identify popular product trends
- Evaluate current product line for gaps and opportunities
- Expand product range with high-demand items
- Introduce exclusive products to differentiate the brand
- Analyse competitor offerings for strategic positioning
- Develop partnerships with local suppliers for unique items
- Review and update packaging to increase product appeal
- Implement quality control measures for consistent product quality
- Regularly review and refresh product assortment
- Monitor sales data for insights and adjustments
⛳️ Strategy 2: Optimise pricing strategy
- Evaluate current pricing structure for competitiveness
- Implement dynamic pricing based on consumer demand
- Offer bundle deals to increase average purchase value
- Introduce loyalty programs with discounts on private labels
- Analyse cost structures to identify areas for margin improvement
- Benchmark prices against competitors regularly
- Train staff on communicating the value of private label products
- Utilise customer feedback to refine pricing strategies
- Experiment with limited-time promotions
- Regularly assess the impact of pricing strategies on sales and margins
⛳️ Strategy 3: Increase brand awareness through marketing
- Develop a comprehensive marketing plan targeting key demographics
- Leverage social media platforms to promote product offerings
- Utilise influencer partnerships for brand exposure
- Create in-store displays that highlight private label products
- Run targeted advertising campaigns focusing on unique selling points
- Host events or workshops to educate consumers about the brand
- Collect and feature customer testimonials and reviews
- Enhance brand visibility through strategic online and offline advertising
- Implement point-of-sale promotions to increase impulse purchases
- Track marketing campaign results for continuous improvement
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
