According to the Wall Street Journal, recent consumer trends have affected the consumer product market, enough to change companies’ marketing techniques. Consumers have been opting towards purchasing cheaper private-brand products, which are sold and produced directly by retailers, rather than spending the extra money for company manufacturers’ products. Companies, P&G in particular, have started reacting to this trend.
P&G, under its new market leader Melanie Healey, has launched a promotional campaign called “Have you tried this yet?” designed to spur consumer awareness and revamp consumer loyalty. The company will open a temporary store in NYC at which location customers will have the opportunity to try a variety of product lines. The campaign will also establish a website in which customers can post reviews of the products. If this campaign is successful, P&G will regain its customer loyalty. At first, its products perhaps were only a customer preference; however, by showing such consideration for its customer base, P&G hopes to have customers insist on its products.
http://online.wsj.com/article/SB10001424052702304011604575564420769116624.html?mod=WSJ_Consumerproducts_leftHeadlines
Procter and Gamble's new technique of customer input is a great idea. Everyone likes to "be heard" and a website on which consumers can post reviews of new products will initiate great discussion among consumers. I think P&G could greatly benefit from this, as long as their products meet customer expectations.
ReplyDeleteIt might be a good idea, but will it work? Many people, I think, would rather spend less than keep their product loyalty. Maybe could increase the probability that this will work by lowering production or supplier costs. Sure, this could work on some people but will it work on enough to make up for the cost of the marketing campaign?
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