As the head of one of the fastest growing a retail management companies in the UK, I strongly believe that understanding which retailers to target is crucial for a brand’s success. Retailers have unique pricing strategies, target markets, shelf gaps, and current trends that must be considered. By aligning with the right retailer, a brand can ensure their products are being marketed to the correct audience and positioned in the best possible way. Furthermore, a retailer’s current trends can provide valuable insight into what products are in demand and how a brand’s offerings can fit into the market. By keeping a finger on the pulse of the industry, brands can stay ahead of the competition and make a real difference in their business.
I often see how different retailers have unique and distinct pricing strategies. For example, a grocery retailer might focus on volume sales and lower profit margins, while a high street specialist retailer might aim for high profit margins and exclusivity. These strategies can have a significant impact on the type of products a retailer stocks, their target market, and their overall brand image.
To give a live example, a grocery retailer might prioritise affordability and offer a wide range of everyday essentials at competitive prices, while a high street pharmacy based retailer might offer a more premium and selective range of products, priced at a premium to reflect their exclusivity. By understanding these pricing strategies, brands can ensure they are targeting the right retailers with their products and achieving the best possible outcome. By staying ahead of the curve and adapting to the changing retail landscape, brands can make a real difference in their business.
As our business operates across a wide range of retailer types in the UK, I see how different retailers have distinct target audiences, and it’s essential for brands to understand this when choosing where to sell their products. For example, a premium supermarket may target a more affluent customer demographic, while a discount supermarket may attract budget-conscious shoppers. Researching the customer demographics of potential retail partners can help a brand make an informed decision on which retailer best suits their products and brand ethos.
It’s possible that a brand may have initially targeted one retailer, but the research could uncover that a different retailer may be a better fit. Understanding the target audience of a retailer can help brands tailor their product offerings and marketing efforts to meet the needs and wants of the customers they want to reach. By staying ahead of the game and understanding the target audience of each retailer, brands can make a real difference in their business and achieve greater success both for a listing and for sales when launched, in the ever-changing retail landscape.
Keeping an eye on general trends for your brand is a must, which we would expect each brand looking to grow sales to have covered in their respective industry. We are always keeping an eye on the latest trends in food and drink retail. In 2023, we’re seeing some exciting shifts in the industry that are worth paying attention to. Here are a few of the key trends that are shaping the UK food and drink retail landscape:
1. Emphasis on local and sustainable sourcing
Consumers are increasingly looking for products that are sourced locally and sustainably. Retailers who can provide customers with a strong local and sustainable offering will have a significant advantage in the market.
2. Growth of plant-based and alternative protein products
We’re seeing a significant increase in demand for plant-based and alternative protein products as consumers look to reduce their impact on the environment and improve their health. Retailers who can offer a wide range of these products will be well placed to take advantage of this trend.
3. The rise of online and mobile shopping
With more consumers shopping online and through their mobile devices, retailers who can provide a seamless online shopping experience will be well positioned to capture the growing online market.
4. The importance of health and wellness
As consumers become more focused on their health and wellness, retailers who can offer healthy food options and wellness products will have a significant advantage.
In conclusion, staying ahead of the trends in UK food and drink retail is crucial for any company who wants to make a difference in this dynamic and fast-paced industry. Understanding what is important to each retailer in the above is however just as important, not just looking at the market as a general landscape. By paying close attention to local and sustainable sourcing, alternative protein products, online shopping, and health and wellness, brands can stay ahead of the curve and continue to provide a reason why their brand can support chosen retailers with the best possible shopping experience for their customers, based on their overarching agendas.
If you are still unsure where your brand fits in the retail landscape or need support navigating the constant developments across retail in general, you are not alone. The Good Food Group provides its customers, both retailers and brands with the products, services and advice available. With years of experience and a wealth of expertise in the retail industry, The Good Food Group is the perfect partner. Whether you’re looking for advice on the latest trends, recommendations on commercial planning & execution, or just a chat about the latest news, The Good Food Group is here to help. So why wait? Get in touch with us today at The Good Food Group.