The success of price-marked packs took many retailers by surprise as they never predicted how PMPs would affect consumers. There was a risk in deciding prices on a National level which at first worried retailers against purchasing. This risk was overshadowed by the increase in sales of PMPs after their introduction. PMPs were implemented to many new products across the convenience sector including food & drink, home-care, toiletries, stationery and pet-care.
Price-marked packs appeal to impulse buyers which is why the food & drink sector is one of the biggest sections who implement PMPs.
Ways Of Selling PMPs…
Price-marking plays a huge part in the sales of soft drinks in retail stores. Consumers who have spare change in their pockets are those most likely to treat themselves to a price-marked soft drink. That’s why it’s important to place PMPs near to the cash register, as these are high selling points in your store for impulse buyers.
Displaying a fixed price is a key way to appeal to consumers and show value for money. However, having prices displayed on the products themselves may not be enough. Try to keep price-marked packs together on a shelf and purchase additional signage which advertises the fixed low-prices of these items.
Recent studies have found that; 80% of shoppers now look out for price-marked packs whichRayburn Trading Advice
iswhy it’s important to voice to consumers that you stock price-marked packs in your store.
Standing Out On Social Media…
Tweeting, posting and publishing on social media has transformed over the past decade to be the quickest and most efficient way to communicate with anyone within the world. For businesses, it’s become essential to have a social media presence as it builds brand loyalty and allows you to communicate directly with your audience.
Advertising with price-marked packs on social media is a key way to drive sales and boost traffic in your store. However, it’s important to be creative for advertising on social media. Writing a few words on Facebook isn’t enough. Ensure that you create a moving image or video about 8 seconds long that catches your audience’s attention.
Facebook advertising allows you to target specific audiences such as people who live in your area, their age and their interests. Ensure you take advantage of advertising on social media for your business.Rayburn Trading Advice
Sugar-Free For Sweet Profits…
Retailers report that there has been an increase in demand for healthier confectionery products within the past few years. As consumers move toward reduced-sugar options, many suppliers have already developed healthier versions of their products.
Along with sugar-free alternatives, retailers should look at products which also offer price-marked packs as the consensus is that healthier products often cost more. PMPs also encourage consumers to ‘give the healthier option a go’ which can also increase brand awareness.
Healthier PMPs alternatives work the best with the soft drinks sector as the ‘on-the-go’ nature of the section usually leaves consumers trying something new out of impulse.Rayburn Trading Advice
Smother It In Chocolate…
A crucial impulse category for price-marked packs to have influence is also the confectionery sector. Suppliers to the category have reacted to a retailer’s needs and introduced PMPs to many multipacks of chocolate confectionery as competition within the sector continues to increase.
Retailers can take advantage of this competition by looking at innovative ways in which suppliers appeal to their audience. For example, Cadbury and Blippar have teamed up to create an augmented reality game with Cadbury chocolate bars as seen in the video below:
Staying up to date with what manufacturers are up to and how they engage with their audience is a key way for retailers to engage with the same potential consumers.