Once thought of as the last thing to be included in retail promotion, retail marking is also a crucial element in stimulating growth in revenue. gmp QC Labels offers excellent info on this. Research shows that the product label is highly influential in determining the level of consumer interest in a Point of Sale product and in integrated marketing communications programmes. That applies to nationally recognized brands, and it is even more important in programs for private label brands. Private labels usually depend heavily on the labeling and branding of the company at the Point of Sale to advertise the items.
Retailers are incorporating more technology in a fiercely competitive industry to track products, increase sales and cut costs. The most successful companies are adopting customer-centered policies to stimulate business. Customer centering helps supermarket stores to configure their shop configurations depending on each particular location’s market preferences. RFID labeling supports customer centering by enabling retailers to keep product and sales status data in real-time. With this technology, retailers can move products that do not sell to less desirable store locations, or completely discontinue the item. As a result, suppliers are challenged to package and label their products to meet the needs of their customers as well as their retailers, in order to keep their product in sight of the consumer. Efficient stores embracing costumer-centered principles include Wal-Mart, Home Depot, Best Buy and several others. Suppliers can successfully package and label their products with the right merchandising strategy to satisfy their customers and retailers’ needs to maximize sales.
To develop a successful sales strategy for product marketing it is important to analyze several market research points:
Successful tactics from the supplier ‘s top sales channel retailers.
Requirements for labeling and packaging specific to retailers and their customers
Creation of a customer-centric package and label design.
Using technology to maximize data about consumers and minimize costs.
Take the illustration of standards for effective labeling initiatives.
Retail and Wholesale Channels Success
Among the first to insist that their vendors use RFID tags on pallets, Wal-Mart has an IT approach and a costumer-centered philosophy that has held the company among the nation’s most profitable. ‘IT approach generates an effective structure through the network. By incorporating a consistent system, error is minimized and the focus on product turnover and customer satisfaction is allowed for more time. First and foremost, that satisfaction is taken into account when Wal-Mart decides to work with a supplier.
Labeling and Customer Centricity
The motto of Wal-Mart to its suppliers is, “If it works for our clients, it works for us.” When it comes to product packaging and labeling, their philosophy is that within 3 seconds from 15 feet away from the store, the consumer will “get it” If the company meets these criteria, the item needs to attract the consumer’s eye. The ordinary customer refuses to be fooled and therefore it is important that products and logos be produced with the desires of the user in mind.