Selling your product is like sustaining a happy relationship with your true love. It takes spontaneity and consistency. Jeff Fromm, millennial marketing guy and FutureCast president, tells the World Meat Congress last week, “The most loved brands actually generate the most profits.”
He explains the biggest challenge most brands face is that when consumers find a company that they love, they want it to be remarkable and consistent, while keeping a spontaneous feeling in the relationship. At times the two things, especially in business, fight themselves. “As companies, we hold on to equity we have and old schemes because they work. We keep holding on to them and all of sudden they may be less effective,” says Fromm.
Sticking to the way it always been done within a company can give an alternative product the opportunity to shrink your market share. Fromm says, “You have to pay attention to the trends because indirect alternatives are as important as the direct competitors we see in front of us.”
In research conducted by Fromm’s team, they found 75% of financial performance was category drivers such as distribution, pricing strategy and flavor. The remaining 25% is brand. Several things can change the 75:25 ratio. If you compete on price, then 75% goes up. If you compete on quality, then 25% goes up. The interest in the category can also influence the ratio. For instance, toilet paper is in the low-interest category so 75% goes up, but food product, on the other hand, is in the high-interest category so the 25% goes up. Fromm says since meat competes on quality and it is in the high-interest category then the 25% becomes more important.
Fromm shares that selling more pork begins with forgetting old frameworks and using the traditional marketing plans. Click through the slideshow to see what it takes to win with the modern consumer and connect with them.