What is the difference between these 2 products I just purchased on Amazon? Both bottles of 16.9 oz of #drinkingwater are from well known #brands like Nestlé & VOSS Artesian. Both are in plastic bottles & sold all over the world… but have you noticed the price difference? The #Nestle x 24 pack is $9 and the #VOSSwater x 24 pack is $30. Why?
What determines the difference in price in two identical products? Asks Emily Page, author of Start To Sold
The water volume is identical and is the quality that dramatically different? Why?!?! Most people would quickly reply “It’s the brand!” Which is true – people are paying for perceived value. But what determines that perception?
The packaging – the #structuralpackaging and the #visualpackaging make a difference in association with value.
The packaging costs for plastic bottle and master case are definitely more for VOSS, but only slightly (not enough to explain the 3x price hike). 📈
For a 5 minute example, watch the video of a LIVE exploration inside the aisles of Kroger when I compare actual water brands on the shelf: https://youtu.be/uK7SbFKHDmo
Click to subscribe to Emily’s START TO SOLD YouTube Channel.
Given the massive difference of prices between water brands, how can we apply this to our brands?
YOUR NEXT STEPS:
So keep this illustration in mind when decide if strategy, money and time to invest into brand positioning. The next time you’re evaluating your sales strategy consider these questions to create one that increases profit:
- How will your brand #packaging impact price?
- Who are you targeting as a customer and what price do you want to sell to them at?
- Does your packaging convey and convince of your products value?
- What do your STRUCTURE and VISUAL design elements convey about your products value currently?
- How can a higher perceived value benefit the #profit at your bottom line?
There are 4 packaging strategy tools you can adjust to optimize your perceived value:
- STRUCTURAL PACKAGING – The material, shape, thickness and size of the
- BRAND – The visual themes consistently used in association with your company and product that will cause consumers to recall values, judgments and feelings.
- PACKAGING ARTWORK – The printed designs and information on the structural packaging which can include the brand but also product specific designs. This captures attention with color, shapes, fonts, callouts, ingredients, values or descriptions among many other things.
- DISPLAYS – The additional packaging in which the sell unit packaging is placed to keep product safe or help grab customer attention. This could be the master case a pack go 12 bottles is sold in OR it could be a point of purchase display OR tray that offers additional packaging information to consumers shopping.
Consider what you can do in these categories to make an impact for your brand?
Consumers want your product and it’s you job to make it accessible and appealing to them. Consider this case study of water brands inside of KROGER, with something as basic as water, to see how powerful packaging can be in creating value to a consumer. Your lesson as an entrepreneur is that branding and packaging artwork make a difference and it’s important you implement a packaging strategy so you stand out and build customer loyalty and profit.
Click to watch the video of a LIVE exploration inside the aisles of Kroger to check it out in store!
Want more videos? Click to subscribe to Emily’s START TO SOLD YouTube Channel.
MORE ABOUT START TO SOLD How do you take an idea from conception to selling? Whether it’s packaging, product development, brand design, marketing, manufacturing, distribution, or operations and logistics, you’ll get the in-depth, relevant and actionable advice and resources you need, here at theStart to Sold Blog. Click to subscribe to our YouTube Channel:http://startosoldpodcast.com.
MORE ABOUT EMILY PAGE Emily is CEO of Pearl Resourcing and has managed and launched multiple 7-figure brands in Costco, Williams-Sonoma, Kroger, and Amazon. She’s bringing you the expertise, resources, and mentors you need so that you can develop products and make them sell. She also offers business growth consulting (https://www.emilyannepage.com) and free advice for brand owners through START TO SOLD (http://starttosoldpodcast.com).
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