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How to maximise your product success in a cost of living crisis – part one

When operating in an inflationary environment, cutting costs is NOT the only answer*
*Catalyx has the tools to help ensure you are the smart choice for consumers

There’s no pretending otherwise, daily global business coverage makes for grim reading at the moment. The International Monetary Fund has just slashed its 2022 global growth forecast by 0.4% to 3.2% and, with the impact of the Ukraine war and Covid-19 stalling growth in the US, China and Europe, the economic effects are expected to impact well into 2023.

With sky-high bills, rocketing prices and threats of recession on the horizon, the cost of living crisis is a very real issue for many millions of households right now.

So, how can brands still thrive within an inflationary environment? And how can Catalyx help you to overcome these challenges?

Here we tackle the major issue facing so many of you today, in the first of a three-part cost of living crisis blog series that will highlight how Catalyx can help to guide you through any storm.

So now for some good news…

Consumers aren’t predominantly cutting costs across the board. Instead, they’re prioritising where they spend their money. They are making smarter choices, so brands need to ensure they’re leveraging the consumer drivers for purchase.

It’s not just about price. Perception of product and brand value, emotive and effective messaging through the right and affordable channels, and ensuring you know what does and doesn’t appeal to consumers about your brand or product instore or online right now are all key levers.

Instead of getting into price wars with your competitors there are other options to consider. Can you optimise your path to purchase by identifying non-traditional channels (with lower media costs)? Or how about increasing your engagement through creative executions, rather than the status quo of pushing your messaging through the usual channels? Can you increase purchase at shelf by increasing attention to your product value?

At Catalyx, our award-winning Consumer Activation System has all the tools to enable you to maximise the success of your product portfolio. For instance:

Optimise your purchase journey
To help you understand how to optimise your purchase journey, our ‘Why To Buy! Journey Optimiser’ shows you where and when you have the highest opportunity to catch your consumers’ attention, engage, delight, and drive purchase. In this inflationary environment, the same message across the same channel is not going to cut it. You need to know how to get more engagement for less investment because you’re focused on the right levers, at the most opportune moments, with brave creative execution of your message that will get your brand noticed for more than price.

Audit your recent product launches
If you’ve recently launched a new product in-market, then the bad news is that things have just got a lot tougher with the consumer and retailer focus on price. However, auditing what is and isn’t working in-market for your new product will enable you to optimise your engagement in-market. You can maximise success by better leveraging the drivers and optimising for overcoming barriers to purchase by using the Catalyx Omnichannel Product Launch Audit.

Discover in-market growth opportunities
Do you need to maximize success of your product in-market to ensure growth? As it’s a tough environment for growth in-market, consumers may readily switch based on price and so your brand and product have to work harder to win beyond that. We imagine you’re battling daily with this problem across your product portfolio. Let us help you know where, what, why and how to optimise in-market, so you can maximise your success for growth. The Catalyx Omnichannel Product Growth Audit will identify the drivers to better leverage, and the barriers to overcome through optimisation.

Let us show you how to maximise the success of your product in-market. Contact the Catalyx team today to discover how we can help you to grow even in the most challenging markets.

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