Prepare to grow

The essential elements for a 'plan to win' in 2024

1.

Know where you are.

Determine 'where you are now': are you a small brand or a big brand, in
a small or big category?

Small Brand, Small Category: Drive desire for your brand through increasing brand awareness and engagement.

Big Brand, Small Category: Develop your category through new products and new customer segmentation.

Small Brand, Big Category: Break the habits of current category shoppers and go beyond other players to grow market share and buyer base from existing category shoppers or new-to-brand shoppers.

Big Brand, Big Category: Premiumise your products, or create new consumption occasions – for example, the biggest brand in the salty snack category could create new occasions through launching new flavours.

2.

Plan for two sources of growth

1 | To win from Comfortable Places is to win from your core target audience.

How much headroom is there to win more buyers from this shopper base? For example, if your target is families with kids you need to know how many there are in Thailand, or buying the category, and how many you can capture.
How can you create new occasions to increase frequency among your core shoppers?
Are you currently in the right channels for your core shoppers?
Do you have the right size and price strategy for your core shoppers?
Did the media touchpoints you implemented turn into real sales?

2 | To win from Unexpected Places is to win from unexpected groups of shoppers, or non-buyers of your brands or retailers.

What is driving these shoppers to buy other brands?
What is the barrier preventing them from buying your brands?
Where do these shoppers shop?
What product assortments and channels appeal most to them?

3.

Set the right measurement targets, and monitor them.

What's behind the sales numbers?
How can you identify you grow from new buyers or from repeaters?

There are many factors behind the sales numbers that can help you grow. These three metrics will help you to better identify if you can grow from a Comfortable Place or an Unexpected Place:

Number of buyers or penetration – out of all the consumers in Thailand, how many of them are buying your category or your brand?
Frequency – how often do they buy your brand?
Spend – how much do they spend each time?

By measuring these three factors, you can identify whether you can grow your sales through penetration – attracting new buyers into your brand, or through frequency or basket size – meaning you grow your brand from existing customers.

This will be even more realistic and powerful if you benchmark your numbers against other players in the market when setting your penetration, frequency and basket size goals.

Navigate the past, embrace the future

In response to weakening consumer sentiment, FMCG companies in Thailand have required a delicate balance of responsiveness and resilience. Price sensitivity among consumers intensified competition, compelling brands to innovate not only in product offerings but also in pricing strategies and promotional tactics. With disruptions, optimising operational efficiency became paramount for maintaining continuity in product availability and meeting evolving demand patterns.

FMCG companies need to stay connected with Thai consumers and drive engagement in both the traditional and digital worlds. Brands can leverage communication tools and data analytics to better understand target audiences and drive conversion to real sales revenue in this increasingly competitive marketplace.