Consumer Products & CPGs
Consumers, especially those who buy in bulk, are constantly looking for new and improved consumer products & CPGs. They want to be entertained, informed and to know that the products they are buying are working in order to give them the best value for their money. These consumers also want to find ways to save money, especially during challenging economic times.
When consumers buy their first CPG or other consumer goods, they generally think about the price. It is common for them to compare prices with their friends and family. They may look at magazines to see what brands are in fashion and in store around them. Or they may search on the Internet to see what is on offer at a reduced price. But it is surprising how many of these consumers do not actually check out the product online to see if it is worth paying the advertised price.
Why do they do this? The truth is that they may not realise that the price that they are being quoted for the product does not necessarily mean that it is worth paying that price. This is especially true when it comes to more expensive products. We all like to think that we are getting good value for money and to some extent this is true. However, there are many other factors to take into consideration as well.
The quality of the products that we purchase has an enormous effect on the overall cost of them. However, it is the consumer’s perception of quality that really determines this cost. So while some may pay more for products because they believe that they are getting better value for money, others may pay less for the same or similar products. Perception is very powerful and can influence people’s buying decisions. Therefore, this is an area where you need to pay attention and not assume that every price you see is the right price for your consumer products & CPG.
Another factor that will impact the cost of your products is the extent of marketing that you want to do for your consumer products. Do you want to send out hundreds of press releases and make every effort to get your products known to the best possible audience? Or would you prefer to limit your marketing efforts and focus on launching new products in limited areas? This will have a significant impact on the overall cost of your products.
One more thing to consider is the size of your market. Do you have a small market but you want to launch a number of consumer products & CPG? Will this cost more than a market that is much larger? The answers to these questions will determine the cost of launching your products in your chosen niche. As well as affecting the overall price, this will also have a direct impact on your margins.
There are many factors that can affect the cost of launching your consumer products. If you are new to this business then you may be concerned about how many of your marketing dollars will be wasted on worthless attempts at advertising. A word of warning – this is not the case. You do need to invest in marketing and if you launch many consumer products, each will cost you somewhat in marketing costs.
It is important to remember that the cost of launching your consumer products & CPGs will depend on many different factors. Some of the factors are quite simple – such as how large your market is, how much you can afford to spend and the type of product that you wish to launch. Other factors, though, can be rather complex and can go a long way in determining what kind of marketing and CPG costs you will incur. There are many online companies who can help you to understand the cost of launching your own products. These companies can also offer advice about how to best utilize the resources that you already have available to you.