Here are 7 strategies that various product brands should adopt to compete for market share and win over consumers as Thailand eases lockdown measures and returns to a more normal state following the COVID-19 pandemic.

As Thailand emerges from lockdown, brands must compete to win over consumers and capture market share. According to Kantar, here are 7 recommendations for brands:

1. Brands must be easily accessible. Being omni-channel helps create a smooth, fast, and easy shopping experience. People cannot buy what they cannot find, so brands need to ensure their products are available in channels that customers expect and address any issues that might hinder the purchasing process. Making purchases easier will attract customers to buy more quickly and frequently. The era of customers exerting tremendous effort to find desired products is over; if access is difficult, they have plenty of alternatives.

2. Brands should not only be different but also Meaningful. We can differentiate in various ways, such as through product design, innovative solutions, easier customer access, excellent service, a clear Brand Purpose, or distinctive communication and positioning. However, brands must always meet both the functional and emotional needs of customers to be valuable to them. Differentiation leads to excitement and interest, but creating meaningful value compels customers to spend money on our brand.

3. Continuously demonstrate our meaningful difference through customer experiences with our brand. Once our brand has a clear positioning, we must ensure customers can “feel” what we represent in every interaction. If our brand emphasizes ease of transactions, customers must genuinely feel that it is easy, regardless of the channel. Importantly, customers should feel that we deliver on our promises.

4. Set prices strategically and in line with the value we offer. It’s essential to study appropriate price points and balance profit maximization with demand stimulation. Sometimes, setting higher prices can yield better margins and lead to greater profit growth than merely increasing volume. Additionally, if we have a diverse product range, we must highlight the differences in products at varying price points; otherwise, customers may opt for the cheapest option.

5. Be the brand that comes to mind first in that category. As e-commerce grows post-COVID-19, being a well-known and easily recognizable brand helps customers find us quickly. The desire to purchase is often triggered by specific needs or occasions, so brands must invest in customer communication. Advertising should align with the brand and create strong recall. Furthermore, encouraging brand mentions on social media and online platforms is essential, as people’s attention is focused on these channels.

6. Retain existing customers for as long as possible. Losing old customers and acquiring new ones is more time-consuming and costly than maintaining the existing customer base. Therefore, we must continue to care for our old customers and provide them with a consistently positive experience, resolve issues quickly, and continually innovate. This also presents an opportunity for us to encourage them to trade up to premium products.

7. Accelerate innovation, or risk facing disruption. While we have a clear understanding of our meaningful difference, we must maintain the value we provide to customers through new innovations. Post-COVID-19, consumer behaviors and demands have changed, opening opportunities for us to think creatively. Consumers are more open, curious, and have diverse needs. While creating new innovations is beneficial, we should be cautious of over-diversifying product lines or developing innovations that do not meet consumer needs, as this could lead to investments that do not drive growth.

SOURCE: www.bangkokbiznews.com