The 9 Steps To Expand Into Speciality and Boutiques

As the market segment is characterized by exceptionalism and special preferences, CPG brands seeking to expand their presence to specialty retailers and boutiques may consider and implement the following strategies.

1. Market research leading to the comprehensive understanding of target customers, their demographic characteristics, preferences, and shopping behavior. This understanding can later inform the positioning and marketing of the product.

2. Companies are encouraged to create products that meet customers’ needs in the given market segment. Imitating the leading brands may not work in this case, so unique features or original ingredients should be selected.

3. The product can be positioned as premium or artisanal due to the upscale nature of the outlets. In this regard, emphasis should be placed on the quality of the product, its production by specially trained personnel, and exclusivity .

4. The distribution should be selective – the products should be distributed through some retailers selected carefully . Therefore, the focus should be on a few such outlets and partnership with outlets that suit the company’s brand. Finally, the marketing materials, and POS should also be tailored according to the requirements of the market segment.

5. How to gain market share- Create personalized in-store experiences. Work closely with store owners to develop personalized in-store sales tactics that will not only attract customers but also provide an opportunity to demonstrate the benefits of your products. You may leverage product demonstrations, tastings, or workshops to attract the target audience.

6. Offer negotiating prices- While pricing strategies shall ensure profitability, there should be a possibility for store owners to haggle. For instance, you may suggest a manufacturer’s recommended sales price but provide room for store owners to align with their pricing strategies.

7. Build relationships- Give time to strong relationships with store owners and those who make sales decisions. This can be established through excellent customer support, training and materials and tools, and collaborative marketing endeavors.

8. Develop a consistent story- Ensure your brand has a consistent story that customers can easily relate to. That story should incorporate who they are as people and how they prefer to portray themselves.

9. Monitor and adapt- Regularly monitor sales and reviews and feedback, adjusting where necessary to meet changing customer needs. This could mean changing your prime marketing message and target product in response to evolving market trends or suddenly changing consumer demands. Implementing these strategies will positively affect the launch of the products.