How to give new life to old products in home textile inventory?
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When a company’s main product enters a period of decline from maturity, the product will face a bottleneck in sales growth. The key is how to find some new marketing strategies and technologies that can help the company achieve higher levels of growth and improve old products. potential to consolidate the old market. Therefore, how to activate old products and re-inject novel blood into old products will be one of the magic weapons for enterprises to stand undefeated in the market.
As we all know, old products generally face the following symptoms: prices are too transparent, product prices are confusing, retail prices vary from store to store, profit margins in each link of the channel are relatively low, channels are chaotic, and frequent market cross-selling occurs; when consumers actively consume, customers But they are reluctant to sell, and there may even be cases where customers refuse to sell and spread rumors about the quality of the product, which often leaves the company helpless.
When a product is blocked by a channel, the life of this product will basically enter the verge of death very quickly. Even if consumers have high consumer loyalty, they will switch to new products after several consecutive times because they are unavailable. . Combined with the main problems faced by old products, it is necessary to activate and solve two problems: one is the problem of consumers buying it; the other is the problem of channel promotion. Among them, how to solve channel or terminal push becomes the key.
So how do you activate old products?
1. Activate old products in terms of products and brands
Generally speaking, after an old product has been selling well in the regional market for a certain period, on the one hand, there will be a large number of competing products to follow up and imitate; on the other hand, if the company fails in product packaging, public relations, terminal image maintenance, after-sales service, price control, etc. If the work cannot keep up, it will easily lead to the gradual aging of the product and the gradual reduction of brand vitality, which will eventually lead to the gradual loss of consumer groups and the gradual decline of the product.
In this regard, we activate old products in terms of products and brands. Some of the measures we often adopt include:
First, while maintaining the main visual image of the product, timely update the product packaging, such as keeping the outer box and bottle shape unchanged, increasing the price of the original (wooden box, iron box, gold card) product to ( White card, plastic printing) products fill the original price. Therefore, relying on product upgrades to carry out flexible price increases, you must not directly increase the retail price of products, which will lead to resistance from channels and terminals.
The second is to strengthen the maintenance of the product image at the terminal. Product display and terminal vivid publicity must be neat and standardized, strictly managed and maintained, so that consumers can feel the vitality of old products as soon as they come to the terminal;
Third, in addition to good media promotion, planned and irregular public relations interactive activities with target consumer groups can be carried out, such as event marketing, tens of thousands of people traveling, community charity and other activities that can be carried out around the hot topics of the times, to keep the brand lively. degree, to bring the brand closer to the target consumer group and prevent the brand’s influence from gradually declining;
Fourth, the product packaging design, product name design, and product promotion must reflect its own uniqueness, minimize the chance of imitation and follow-up by competing products, and form a clear distinction from similar products.
2. Activate old products through channels
Old products have large sales volume, high market share, and generally long sales channels, which generally include dealers, second batch dealers, and terminal dealers.
1. Analysis from the dealer level
First, due to the reduction in channel profits, dealers’ enthusiasm for maintaining the market cannot keep up. The solution to this type of problem is to strengthen the guidance and transformation of dealers, increase dealer enthusiasm by strengthening market development and maintenance teams, and promoting in-depth distribution to increase blank outlets or markets; if this is not possible, we must consider channel sinking and reduce channel level improvement. Channel profits, that is, eliminating dealers and letting second batch dealers directly operate old products will increase the enthusiasm of second batches. For example, the “small area exclusive agency system” can be implemented to create a monopoly pattern (even 2 or 3 towns can form an exclusive distributor);
Second, the profits of old products are low and there is not enough profit to support market maintenance work. The solution to this type of problem is not to compare absolute strength with competing products, but to use the scale sales advantage of old products to integrate promotional resources, seize favorable seasons, and carry out promotion and maintenance work in all aspects of the channel in accordance with the principle of sensitivity and concealment, and timely Seize channel funds and inventory to curb the introduction and expansion of competing products;
The third is to guide dealers to introduce new products in a timely manner, use old products to drive new products, and use the high profit points of new products to fill the low profit points of old products.
2. Analysis from the second batch and terminal level
The problem that easily occurs at the second batch and terminal levels is that due to the low profit of operating old products, the enthusiasm for selling old products is reduced, and the main promotion of competing products is simply transferred. Effective implementation measures to address this phenomenon are:
First, under the premise of ensuring the stability of the price system, the second batch of goods will be promoted and sold in off-season and peak seasons, seizing the funds and storage capacity of the second batch of merchants, and adopting vague rebates, cumulative rewards, etc.o;: Raising prices to allow manufacturers, dealers and channels to profit together is one of our goals for raising prices. Looking for allies. Divide and disintegrate without supporters. (The benefits of the second batch are greater than those of dealers).
6. “Promotional cover”: Every promotion is an opportunity to raise prices, and every price increase usually has a supporting promotion.
7. “Fill the gap”: “Fill the gap with low-quality materials and the same product.” Prevent competing products from taking advantage of the situation.
8. “Hunger effect”: control quantity and increase price. Sometimes, limited product sales actually expand the market.
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