New Year, New Heights: 5 Growth Strategies for CPG Brands in 2024
Whether the last year was one for the books (or one you’d rather forget), those of us in the CPG community face a landscape of evolving consumer trends, increased competition, and a rapidly changing digital environment as we tiptoe into 2024. To thrive in this dynamic market, CPG brands and their advertisers need to embrace innovative strategies and prioritize opportunities for growth. With our learnings from 2023, this blog post explores five key strategies CPG brand marketers can take into the new year to position their brands for the best year ever!
1. Embrace the Rise of E-commerce and Omnichannel Marketing
The lines between online and offline shopping are blurring as consumers demand seamless experiences across all channels. If your brand hasn’t fully embraced omnichannel marketing, now is the time to prioritize e-commerce strategies, invest in online platforms, and integrate online and offline marketing efforts. This includes optimizing product listings, creating engaging online content, and implementing omnichannel marketing campaigns that reach consumers wherever they are in their shopping journey. You’ll thank yourself by the end of the year!
2. Harness the Power of Pre-Shop Intent Data
Consumers today are increasingly planning their shopping trips digitally, creating a crucial pre-shopping window for brands to influence purchase decisions. By leveraging pre-shop intent data, CPG brands can gain valuable insights into consumer behavior and preferences before they even enter the store. This allows for targeted advertising, personalized content, and dynamic product placement, ultimately driving sales and increasing brand loyalty (and what marketers couldn’t use more of those in 2024!)
3. Build Strong Relationships with Retailers and Partners
Collaboration is key in the competitive CPG market. Brands must forge strong relationships with retailers and other industry partners to improve distribution, gain access to valuable data, and develop co-marketing initiatives. This can lead to increased shelf space, promotional opportunities, and a more consistent brand presence across different platforms. Think of your 2024 mantra as “better together” as you build relationships this year.
4. Prioritize Data-Driven Decision Making
In today's data-rich environment, informed decision-making is crucial for CPG brand success. Brands need to leverage data analytics tools to track performance, measure ROI, and gain insights into customer behavior. This data can be used to optimize marketing campaigns, personalize customer experiences, and make strategic decisions about product development and pricing. Most marketers do this to some degree, but unlocking the power of your collected data should be a top priority in 2024.
5. Explore Innovative Marketing Technologies
New technologies are always emerging, offering CPG brands exciting opportunities to reach wider audiences and engage them more effectively. Using technologies like artificial intelligence, augmented reality, and voice-activated assistants can help personalize customer experiences, create interactive content, and improve the overall brand image. Not only that but if you haven’t been using some of the free AI tools to help you with your own daily marketing task list, now is the time to put those chatbots to work!
By implementing these five growth strategies (or at least aiming to accomplish a few!) CPG brands will set the stage for a successful 2024 and beyond. Remember, the new year is a fresh start, an opportunity to reach new heights and achieve your brand's full potential.
The team at AdAdapted is here to help you reach and exceed your marketing goals in the new year! Let’s kick off 2024 by setting up some time to chat about how we can turn pre-shop intent into awareness and action for your CPG brand, today.