A Brand Agency Top 10 Tips to Grow Sales
Modern business owners pursue growth as a priority objective. For example, your food brand probably focuses on making great products, appealing to your target audience, keeping expenses low, and achieving financial sustainability – but you also need strategies that fuel growth and scalability. In other words, you want to reach more customers, increase revenues, and operate with a bigger footprint.
How do you do this without jeopardizing your operation?
Food Brand Agency Tips for CPG Growth
As a CPG food brand, these are some of the best strategies that can help you grow quickly and consistently:
- Analyze your biggest unique strengths (and reinforce them). Chances are, your brand has been operational and successful for at least a few years. As a result, you have plenty of historical data to understand who your customers are and how your business operates. To start, analyze your business’s biggest unique strengths; what features distinguish you from your competition and put you at a competitive advantage? What can you do to reinforce and improve these strengths even further? Additionally, what complementary strategies, acquisitions, or partnerships can help you make up for the weaknesses inherent in your brand? For example, if you have an excellent core product but lack distribution potential, could you partner with a distribution specialist and create new product varieties to serve your audience better?
- Diversify your portfolio. Similarly, it’s a good idea to diversify your portfolio. There’s no guarantee that your current product or strategy will continue scaling well as your company grows, so consider developing new products, services, and complementary offers that can help you make money in different ways or at least mitigate your risks. In the investment world, a diversified portfolio is a stable, consistently performing, and resilient portfolio. In the business world, diversified strategies provide similar advantages.
- Gather more data with a better technology ecosystem. The better you understand your business environment and your target customers, the more effectively you’ll be able to grow. You’ll be able to reach people with more persuasive messaging, tap into more appropriate channels, and brainstorm better solutions to the obstacles in your growth. A better technology ecosystem can allow you to gather more data and use that data more effectively. Try to learn as much as possible about your existing and prospective future customers, then utilize analytical tools that help you put this information in the proper context.
- Invest in your brand culture. It’s easy to underestimate the power of your brand culture, especially when you’re looking to expand outward. But your culture keeps your employees motivated, productive, and goal-oriented. Also, as your business grows, your brand culture risks diluting – so take the time to solidify your brand values and incorporate them throughout your organization.
- Strategically increase prices. The CPG industry is expected to grow partly because of price increases. But you can’t do this recklessly or thoughtlessly, or you’ll risk alienating your target audience. So please pay attention to price increases for similar products, time your increases strategically, and when you increase your prices, explain why you’re doing it.
- Increase your footprint. Next, find a way to increase your brand footprint. In other words, find ways to make your products available to more people in more situations. An easy way to do this is to make your products available for consumers at home and on the go or make your products available both online and in-store. If you already do this, look for even more opportunities to publicize your product.
- Double down on eCommerce. There’s infinite room for expansion on the internet. If you’ve already geographically expanded as much as you’d like, consider investing in more comprehensive digital marketing and advertising strategies. Create more landing pages, target different niche audiences, and develop new tactics to reach new people.
- Cater to impulse shoppers. Another ripe opportunity for growth is catering to impulse shoppers. How can you get your products before people are likely to make impulsive decisions? What stores and retail environments would consider carrying your product in checkout areas?
- Target niche audiences. Expand the range of audiences you target. That doesn’t mean you should create a broader, more generic strategy; instead, you should make more strategic segments and target unique audiences individually and additively. All your messaging should be as precisely targeted as possible, even as your business grows.
- Quickly take advantage of new trends and opportunities. Finally, move quickly to take advantage of recent trends and opportunities in the CPG/food and beverage world. For example, today’s customers are more passionate about sustainability and ethical consumption. If you were a first mover when sustainability became more popular, you’d have a massive growth advantage over your biggest competitors. Watch for new and up-and-coming trends among your best customers – and be ready to pounce.
Achieving Sustainable Growth
We’ve mostly looked at business growth from a marketing and advertising perspective, but it’s important to remember that growing effectively as a food brand also requires sustainability. If your business grows too fast, you could expand prematurely, spending too much money and spreading your resources thin. On the other hand, if your business grows too slowly, you may not hit your revenue targets. In addition, it might become more challenging for you to generate momentum as your competitors accelerate.
Growing too slowly is usually a worse problem than having them grow too quickly. But it’s still important to try and thread that needle. Ensure your business is adequately prepared for expansion before investing too heavily in it.
Business Growth in Economic Uncertainty
Growing a business is rarely easy, but it’s even more challenging during economic uncertainty. So if you’re unsure about the best path to scale your food brand business, or if you’re tired of running into growth obstacles without support, it’s time to work with a food brand agency. Contact us for a free consultation today to get started!