Additionally, dive deeper into your analysis of the competitive landscape and expand your competitive set. In the QSR space, for example, the value wars vastly increased competition outside of traditional category competitors. Now, it’s not just about other QSRs or adjacent fast casual chains, as convenience stores ramp up their food service offerings and grocers launch premade meals and in-store dining to win the dollars of diners looking to trade down.
Limiting your competitive analysis limits your understanding of potential threats—a mistake you can’t afford to make.
Lead with value, but be smart about it
Consumer confidence plummeted to a 12-year low before tariffs even hit. This means leading with value will only become more essential for being consumers’ brand of choice.
Improve product value and stretch your advertising dollar. Bulk-sized products are a great example, enabling shoppers to get more for their buck. Product bundles are another, offering greater value and choices to meet customers’ dynamic needs. Creating ads that show a family of products and offer discounts on purchases of multiple items have also proven successful enabling advertisers to broaden the appeal, reach, and potential conversion from a single advertising investment.
Focus on the promotions that will enhance value for customers and, most importantly, remind them of it in final moments of consideration in-store.
Dial up differentiation
The ultimate question becomes: If value’s a common denominator, what makes your brand unique?
Understand what differentiators are driving loyalty across your product portfolio and category at large. In the food and beverage space, for example, a recent survey found that product quality (74%), flavor/taste (63%), product value (51%), and availability (41%) were the top reasons why shoppers continued purchasing a brand.
Once you uncover your core differentiators, ensure they shine through across messaging to reinforce that value proposition for consumers. This way, anytime they ask themselves why they should choose your brand over a lower-cost alternative, the answer is clear and top of mind.
