The strategy for increasing revenues of the new shampoo product consists of three primary approaches. Firstly, enhancing product visibility involves collaborations with popular beauty influencers and increasing retail presence. For example, partnering with influencers can leverage their audience for wider reach, while increasing shelf space in stores can boost in-person visibility. Social media ads and engaging content further broaden online presence, reaching key demographics and amplifying brand awareness.
Secondly, expanding sales channels includes listing the product on major e-commerce platforms and opening a dedicated online shop. By doing so, the product becomes more accessible to consumers everywhere. Partnering with specialty stores and salons diversifies distribution avenues, while referral programs incentivize existing customers to promote the product. This multi-channel approach ensures a wider distribution net.
Finally, improving product value propositions involves refining the product formula based on customer feedback. Highlighting unique ingredients and benefits can attract discerning customers, while loyalty programs and bundle offers encourage repeat purchases. Providing a money-back guarantee can reduce purchase hesitancy, and endorsements from dermatologists lend credibility, enhancing the overall value perception of the shampoo.
The strategies
⛳️ Strategy 1: Enhance product visibility
- Identify and collaborate with popular beauty influencers for product promotions
- Increase shelf space in retail stores through negotiations and partnerships
- Develop eye-catching, informative product packaging
- Utilise social media ads targeting key demographics
- Offer samples in high-traffic locations and at events
- Create engaging content for online platforms to increase brand awareness
- Implement in-store displays and promotions
- Engage with hair salons for endorsement
- Leverage email marketing to reach previous customers
- Host a contest or giveaway to increase social media engagement
⛳️ Strategy 2: Expand sales channels
- List the product on major e-commerce platforms
- Create a dedicated online shop with an easy-to-navigate layout
- Identify and partner with speciality stores and salons for distribution
- Investigate opportunities for subscription services
- Implement a referral programme that incentivises current customers
- Develop a robust mobile shopping app
- Explore international markets for distribution
- Participate in trade shows and expos to find new retailers
- Consider collaborations with eco-friendly stores for niche markets
- Utilise partnerships with wholesale distributors
⛳️ Strategy 3: Improve product value propositions
- Gather customer feedback to understand preferences and pain points
- Enhance the product formula to address specific hair concerns
- Highlight unique ingredients and benefits in marketing materials
- Develop a loyalty programme to reward repeat customers
- Introduce a bundle offer with complementary hair care products
- Offer limited-time discounts to drive urgency in sales
- Collaborate with dermatologists to endorse the product
- Utilise testimonials and reviews in promotional materials
- Regularly update customers with improvements in the product
- Provide a money-back guarantee to reduce purchase hesitancy
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
