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Over the years, the fast-moving consumer goods (FMCG) industry has undergone a quick and considerable evolution. For one, platforms like Amazon have become so much more popular and forced brick-and-mortar stores to quickly adapt. For another, new business models like subscription boxes have emerged and catered to niche markets. Of course, the Internet and various technological developments also continue to exert influence on how FMCG companies conduct their business.

All of these can be daunting for a small FMCG company, especially if it’s just beginning to launch. However, it’s not impossible for your small-scale business to dominate a highly competitive sector. Here are a few tips to keep in mind.

Be Ambitious but Also Realistic

Setting ambitious goal can be motivating. It feels good to picture yourself at the top, being one of the so-called “movers and shakers” of your industry. Don’t be afraid to dream a little bigger, especially when you plot your medium- and long-term goals. However, as pleasing as it is to envision yourself earning millions or even billions, it’s also important to remember the old SMART mnemonic: specific, measurable, attainable, relevant, and timely. It’s important to be realistic or you’ll be setting yourself up for disappointments.

Use Data to Your Advantage

Nowadays, practically everything on the Internet can be tracked and measured. For example, your website analytics tool can tell you how long a customer stays on a certain page, which products are the most viewed, and what percentage of shoppers abandon their online carts. Meanwhile, social media sites like Facebook make it possible to collect information such as gender, interests, educational attainment, and more. All of these can help you successfully launch your business and fine-tune your services to address problems and meet and exceed customer expectations.

FMCG research can provide you with even more valuable data. With the help of a reliable research company, you can conduct various tests to measure interest, product appeal, and more. You can also study market segmentation more closely, identify opportunities, and determine areas where you can offer more value.

For both Internet-derived data and market research, it’s best to get the most updated numbers and analyses as possible. This way, you can respond faster to the ever-changing demands of the modern customer. Given the right tools and information, you can even change your customers’ perception of your brand. Remember: if it can be measured, it can be improved.

Be Present on Social Media

The F in FMCG means fast, and right now, social media is about the fastest way you can communicate with your customers. Many of them are using digital platforms not just to make their purchases but also to complain if they get less-than-stellar service. Social media has given people a bigger stage, where many more of their peers can hear them, and you can bet that they are willing to use it. If you’re not present on these platforms, you may not catch a potential PR crisis in the making.

However, your social media presence isn’t only for damage control. It’s also for positive engagement. You can create campaigns that encourage participation and brand advocacy. You can launch exclusive promotions for your most loyal customers. You can even use it to ride trends that can give your business more exposure with minimal capital. The key thing to remember is that you don’t have to be in every social networking site. Find out where your market is (remember point #2 about data), and make sure that you have a strong presence on that platform.

Don’t Forget the Consumers are Human

In relation to gathering and analysing data, marketers sometimes fall into the trap of seeing consumers as merely numbers. This is a huge mistake. Remember that your consumers, like you, are human. Stay consumer-centric by avoiding getting sucked into a vortex of spreadsheets, media plans, and charts. It may sound cliché, but try to put yourself in the shoes of your customers, and think of how you’d respond to your own marketing techniques. At the end of the day, whether you’re a small-scale FMCG business or an international conglomerate, marketing is all about emotions and experiences.

You’ve probably heard this before, but true success is not obtained overnight. What’s more, there are only a handful of unicorns in a sea of thousands of businesses. With hard work combined with the right use of technology and information, however, even a small FMCG business can make it big.

 

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