Consumer Services and Products
Consumer product industry is represented by a wide range of organizations of different shapes and sizes. These companies often possess a vast array of products and brands sold within a large geographical area to various consumer groups.
From pricing and marketing strategies to innovation and supply chain efficiency, consumer services and product companies have a lot of things to take care of. Such business complexity makes them constantly think of new bold ideas in order to keep up with the competition.
Nowadays, an ability to quickly adapt to a constantly changing market is one of the most important assets to acquire. Despite the availability of rich sets of data, it is getting harder to come up with creative techniques that help evolve current business model.
Challenges of the Consumer Product Industry
Consumer product industry is definitely facing some challenges. Market dynamics is changing, making companies transform their business strategies in order to stand out among numerous equally strong competitors.
Customers have developed more precise needs and often look for healthier options. This shift forced many manufacturers to redesign their products to satisfy customers who are focusing on more sustainable lifestyle. Consequently, an ability to quickly reformulate or introduce a new product has become a crucial part of success.
Additionally consumer product market is experiencing a dramatic channel shift. Times, when people have been shopping in stores are fading away. The growing popularity of online stores affects customers’ spending habits, demographics and intensifies competition. Sellers have fewer opportunities to influence customers’ decisions. Instead of seeing what retailer and seller want them to see in the store, buyers can now set their own search preferences online.
Private-label products put pressure on regular mass brands. More people are seeking value for money when it comes to shopping. At the same time, retailers use private-label brands to attract new customers and to differentiate their products. Branded consumer product companies have to carefully choose its brand positioning strategy in order to stay relevant and competitive.
Customer service companies also face increasingly demanding consumers, who expect a 24/7 support and prompt solutions. The challenge is to create a customer service support model that increases customer satisfaction, yet remains cost-efficient.
How We Can Help
Using our industry knowledge and experience we help consumer services and products companies to face these environmental changes and take advantage of the new reality.
We walk our clients through every step of the way from developing a competitive strategy to its execution. With the help of a detailed comprehensive research and analytics, we are able to identify the main obstacles the company is dealing with. Our creative methods and an implementation of effective solutions will accelerate growth, unlock new opportunities and make changes that last.