How 'Product Is King' Strategy Works in The Current Scenario
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In the era of flourishing economies and relentless digitisation, the Indian market has been exposed to various global and home-grown brands. Moreover, new global brands are entering the Indian market every month, helping consumers get acquainted with the latest global runway fashion trends. To establish a niche in this booming segment – be it a global or home-grown brand – everyone is striving hard to facilitate a phenomenal shopping experience by utilising exciting and engaging marketing strategies to attract consumers.
But no matter what you try to propel through such strategies, at the end of the day your product remains the king. It has the enviable power of building or breaking your brand image in one fell swoop. To be successful in this segment, it's crucial for a brand to render customer satisfaction and offer services or products that match the customers’ buying parameters.
The advent of digitisation has also influenced the consumer spending pattern, leading to the evolution of consumer behaviour through the intake of information. Thus, a product is a critical component in building a brand image. It is closely aligned with a customer’s experience, further converting them into brand influencers if the product or service is capable of nurturing a seamless shopping experience.
Some of the essential factors that sum up the ‘product are king’ strategy, in a nutshell, are listed as follows:
Touch and Feel: No matter what a brand offers, quality remains the supreme parameter for any product or service. A brand can successfully retain customers by rendering quality products at the best prices. For maintained sustenance in the competitive market, it is imperative to cultivate customers as brand influencers. A brand can gain the trust of their customers by exposing them to a phenomenal shopping experience that includes operations, services, and various other product offerings.
USP: A product’s Unique Selling Proposition makes it stand apart from its competitors. In the era of digital invasion, brands are continuously leveraging advanced technologies in their offerings to transcend their competition and attract customers. With a rising competition level, it is vital for brands to devote significant time, resources, and skills to develop a final product which is in sync with advanced technology, comfort, and the latest trends.
Packaging: Just like the product, the packaging is equally important when it comes to building a brand image and – ultimately – forming a lasting impression. It acts as a bridge between the consumer and the brand. This is especially true in the e-commerce setup, where consumers place the order online since the first-hand experience of the brand is associated with the delivery of the product at hand. Brands nowadays are experimenting and focusing on sustainable, luxury packaging that provides the consumer with a sense of comfort and delightful access to the product. The use of innovative material has also helped in enhancing the overall experience of a consumer.
After-sales assistance: Recording consumer feedback helps in retaining first-time buyers as regular consumers. Feedbacks serve as a critical brand asset and help improvise new products and augment existing services. It is essential to make them feel special by staying in touch with them. Timely e-mailers and text messages to keep them updated with the latest offerings, exchange policies, upcoming discounts, and contests will also help in developing a healthy relationship with the consumer.
Customer friendly front-end staff: For any retailer, along with the product, the consumer is also king. Therefore, it is imperative to train the front-end staff so that they can have an engaging interaction with the consumers. Brands should teach their team in such a manner that their impeccable assistance and approach will help retain customers. Their attitude towards addressing various customer queries should be welcoming, appealing, and should influence customers to generate interest in the products showcased at the store.
Thus, a great marketing stunt alone can’t drive sales if the product itself doesn’t match the expectation of the consumers. The touch, feel quality and price further enable the brand to establish a noticeable niche in the market. Quality and services are crucial steps in building customer trust and converting them into brand evangelists.