Today, more than ever, brands must be agile enough to adapt to ever-changing trends. In NIQ’s latest Insider survey, when asked about the priorities for drive business growth, the launch of new products and innovation ranked highest among fmcg marketers.
While this may be right tactic in some cases, at NIQ we believe there is another important factor to maintain success as a brand: to know and stay true to your brand’s DNA.
Brand DNA is understanding and recognising what makes your brand special and successful in the first place. It comprises multiple factors, from heritage to your USPs. That’s increasingly important in the face of growing sales of own-label products, which have risen by £14.5bn and driven 64% of fmcg growth over the past four years.
Even if brands can’t compete with own label on price, they can still deliver value. That means staying strong on what a brand offers, and mapping out exactly where the true points of value lie.
Trust, quality and brand
Data from NIQ shows there are three core value creators for customers. These are trust, quality and brand. Ultimately, the most successful brands carry a different form of value: it’s in their DNA. Brands are imprinted in our brains and are what shoppers reach for in the aisles when quality is top of mind.
This should be used to your advantage when focusing on growth, particularly when it comes to product innovation and introducing new ranges. It’s where brand DNA still holds true. Customers may demand change and innovation, but change needs a hint of familiarity – and that trust and quality – to balance the allure of innovation.
This is why it’s important to understand what is successful about your brand and product portfolio, and where the gaps are. These insights can enable brands to pre-empt what consumers need and act upon it before they ask, while knowing when they are ready.
For instance, NIQ Insider data shows one in three consumers are likely to make purchases via social media, highlighting the growing importance of digital platforms in shaping buying behaviours, and where your brands need to be to reach the customers of tomorrow.
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As we head into the new year and an increasingly complex retail environment, brands will be under pressure to remain competitive. And the path to sustained growth requires businesses to not only react to current challenges, but also anticipate future trends and proactively shape their strategies accordingly.
Remaining faithful to your brand’s DNA will be a core factor to succeed. This, paired with striking the right balance between quality and price, and using the right data insights will be key to ensuring brands continue to be agile and resilient players, ready to seize opportunities regardless of prevailing economic conditions.
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