There are more than 47,000 products available for purchase in the store nowadays. Low entry barriers give customers a variety to choose from, so packaging plays an essential role in the retail industry. In this Expert Insight Interview, Michael Keplinger discusses branding in terms of packaging. Michael Keplinger is a Director of Strategy and Managing Partner with Smash Brands.
This Expert Insight Interview discusses:
- Established products on the market
- New products entering the market
- Attracting millennials as consumers
The retail industry got positively impacted by the evolution of digital marketing because it made it so much easier for the companies to test customers’ first impressions on the products. Earlier, they had to place the products on the market and wait for the reaction, but now digital marketing enables faster and more efficient first impression testing. Another thing that changed with time in the retail industry is that product design plays a significant role. Today, in the mass of products out there, product design needs to grab a customer’s attention. Considering that millennials are in their prime spending age, products mostly follow their design preferences as bright colors, for instance. People like innovation and differentiation, so the companies need to show their products in a new and different light. That might be a challenge for the already well- established big companies which emphasize the tradition. Duracell is an example of a company which managed to bring the evolution in their product design but keep the feeling of reliability with their products.
On the other side, a new product coming to the market is basically like an empty canvas. It requires an entirely different perspective and strategy. The design of a new product needs to stand out. Newton, Amazon brand oil, found a way to stand out in the mass of similar brands by communicating more to the female audience. While other companies focused more on males, this company realized that healthy diet oils should market more to women. By reading customer experiences on the competitors’ products, Newton also differentiated itself by making better quality packaging, which lacked in this market.
Millennials differ from other consumer generations because they like to feel connected to the brand and to agree with the idea that the brand stands for. Millennials are also very fast-paced, and they prefer simple and convenient things to fit into their fast-paced schedule. 7- Eleven did a great job presenting itself as a business for working people who are traveling all the time or in a hurry. The prepaid debit cards offered in 7-Eleven are again convenient for millennials because of their try to avoid the bank fees.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.