| The news says everyone is worried about the | | | | On the other side of the coin is the switch from |
| economy and consumers are spending less. Is this | | | | branded products to private label usually with |
| causing your product sales to decline? Typically | | | | considerable cost savings. Almost every retailer |
| consumers cut back spending during hard | | | | now has its own private label line of products. |
| economic times. So how can you counteract | | | | Can you private label your product for an |
| product doldrums when the economy is in a | | | | untapped market opportunity? Literally anything |
| recession or a slowdown? | | | | can be private labeled. It's one of the fastest |
| The first thing to understand is that consumer still | | | | growing market sectors. As consumers look for |
| "buy" things. For example 70% of all packaging is | | | | ways of saving money they are willing to |
| food related and people still have to eat. They | | | | experiment with new brands. private label |
| just buy in different ways. They may cut out | | | | packaging is now as sophisticated an branded |
| fast food or restaurant purchases in favor of | | | | goods.The interesting fact is once they switch and |
| home prepared meals. But they still want to | | | | are satisfied they are generally never go back to |
| purchase the same conditions. In the case of fast | | | | the branded counterpart. So what can you private |
| food easy to prepare, reheat or ready to eat. | | | | label with your packaging? |
| Wal-Mart's fresh take home pizza is a good | | | | Another way to capture the consumer is to |
| example of fulfilling a need. In my case in place of | | | | provide more value. Numerous articles have |
| a restaurant trip its rotisserie chicken that is | | | | recently been written about the "shrinking |
| ready to go with dozens of applications for meal | | | | package" on products yet selling at the same |
| prep. But I still want convenience too and limited | | | | price. As I have said when asked, smart |
| meal prep. | | | | marketers would figure out how to offer more |
| To understand how to recession proof your | | | | value not less. So in McDonald's lingo supersize me. |
| packaging you need to learn to recognize what | | | | Give me more for my money not less. Call this |
| buying signals will motivate your customer to | | | | out on your packaging 10% more for the same |
| purchase your products. They still want to spend | | | | price, value pack or even our packaging is NOT |
| money they just want to do it cost effectively | | | | smaller. Your customer will be watching what you |
| and to reap some value for their purchases. Or | | | | do and might be buying from someone who is. |
| they just may want to treat themselves to | | | | I'd like to got back to rotisserie chicken again. This |
| something special as a way of feeling better. | | | | week I bought a chicken at Publix. I was shocked |
| Here are a few ways you can influence the | | | | how much smaller it was as a usually much larger |
| consumer purchasing decision though product | | | | chicken but still selling at the sameprice ( just like |
| packaging. | | | | the packaging shrink). I was an unhappy customer |
| Even though overall purchasing might be down | | | | for two reasons. I like the chicken from Kroger |
| people are still willing to experiment. As a good | | | | much better (the store is equally close). Krogers' |
| example they might cancel a planned vacation. | | | | chicken comes in a resealable ziplock bag that |
| Can you products be used to simulate a | | | | makes it incredibly easy to store while Publics |
| "vacation" at home? Products could be oriented | | | | chicken comes in a paper bag which tears easily |
| toward having a lifestyle experience without ever | | | | and isn't airtight making me take an extra step to |
| leaving home. You could package that experience | | | | repackage. Even better Kroger runs the member |
| as an alternative to a vacation. Words like have a | | | | special with rotisserie chicken at a lower price |
| luxurious spa experience in your own home or | | | | frequently. That's what I mean about connecting |
| vacation at home with our X. It's all in how you | | | | with your core customer: On the same packaged |
| connect the experience with the desired outcome | | | | product Kroger is offering value and convenience |
| on your product packaging. | | | | Publix is not. |
| Despite the economy luxury product sales are | | | | Lastly think about repurposing your packaging. |
| increasing too. People are willing to spend money | | | | This is somewhat similar to "value" in packaging |
| to treat themselves or to make a personal | | | | but in this case people will retain your packaging, |
| statement. What do you package that can be | | | | refill it or use it for something else. Think about |
| consideredluxurious and a special treat for | | | | how you can give double the reasons for |
| someone? Is your product packaging glitzy and | | | | purchasing something by letting your consumer |
| unique? A good example is the number of | | | | know. You get twice the bang for your buck as |
| companies incorporating Swavorksi crystals into | | | | you can capture the environmental movement |
| their product packaging or using ultra | | | | too. Words like our product is reusable, refillable or |
| sophisticated, elegant glass bottles instead of | | | | collectible, or even don't throw it away. |
| plastic. Other products include people purchasing | | | | To recession proof your product packaging its all |
| something unique, different and expensive to | | | | about listening to the consumer. They WILL buy, |
| make their own branding statement. In this case | | | | if you package the right message at the right |
| price is not an object its the "feeling good" | | | | price with the right value, recession or not. |
| outcome that counts. | | | | |