Signs It’s Time To Refresh Your Product Packaging
Packaging a product effectively is important. It entices consumers to buy your product even without actually seeing what’s inside or knowing how it works and it’s the packaging who will do that job. This explains why the total value of packaging worldwide is at $851 billion in 2017 and is expected to increase up to $980 billion by 2022 because companies are willing to pay for product packaging.
Apparently, new trends are introduced every year. While it’s not advisable to change the look of your product and its packaging according to the latest trends, there are instances when you need to introduce changes to make your packaging for products stand out.
Here are signs you need to change the way your packaging looks:
It’s Been Years Since The Last Update.
Changing your product packaging every year is costly and not advisable. If it’s been years – or six years to be exact – and you haven’t changed your look, then now is the best time to hit the “Refresh” button.
Your current packaging may no longer be relevant compared to six years ago. Some customers may find the colors bland or the font size updated unlike when you first introduced it years ago. If you can’t remember the last time you changed the packaging, then it’s best to update it now.
You’re Not meeting Your Metrics.
There are several key performance indicators (KPIs) for sales. In case you’re not meeting them, then package redesigning could help you meet your target. Customers might be opting for a different brand because they can’t seem to grasp what the product packaging is trying to tell them.
Times Are Changing.
Trends come and go. What worked five years ago might not necessarily work now. While some people care about who started the brand, new market demographics would be more concerned about how and where to reach you online in case they have questions or complaints about the product. The color scheme and font sizes are evolving as well wherein Times New Roman may be considered as “old-fashioned.”
The key is to acknowledge the changes and use these trends to update your packaging. Look into “what’s new” and use these as a guide to amplify your brand. Still, don’t change your look to keep up with the trend alone. You need to make sure that your brand won’t be compromised and you will still remain relevant.
Competitors Have Changed Theirs.
To each his own, so they say. One competitor changing its product packaging is fine, but if you notice that majority of your competitors are updating their looks, then you might want to look into yours as well. This shows that your competitors notice the ongoing changes and they don’t want to be left behind. Otherwise, sticking to your “classic look” will give customers an idea that the product is going stale – and you surely don’t want that to happen.
Packaging Costs Are Increasing.
Wooden crate looks nice and will definitely attract customers to buy your product. Unfortunately, the cost of the wooden crate is increasing every year and is costing you more than what you can sell.
At this point, consider looking for alternatives that are not too heavy on the budget but is still capable of sending your brand’s message to customers. There are many economical ways to package your product without spending too much and eventually increasing your price to make up for the cost.
Two Words: Regulatory Requirements.
People need to be informed of what they are buying. In fact, that is the purpose of packaging. There are certain regulations you need to meet in order to make your brand more transparent. Otherwise, you won’t be allowed to sell without meeting the requirements first.
Thankfully, regulatory changes don’t happen every year. If there are new issuances, review these changes and think of ways to include this in the packaging without compromising your brand or the message you want to send to people.
There Are New Products Under The Same Brand.
Let’s say you are in the chocolate industry. Using a box to package chocolate bars will do, but if you plan to add new products like chocolate spread or flour made of chocolate, then using a box won’t do.
Keep in mind that the packaging solution for one product won’t always work for other products. Consider the nature of the product first, study your existing packaging, and make the necessary adjustment to fit your new product while ensuring that people can associate that new product with your brand.
The Packaging No Longer Excites Customers.
Now you really don’t have to be a scientist. But you need to consider what’s going through your customers’ minds when they are investing in your product. You want to bolster their “buyer confidence” to ensure that conversions are action-driven.
How on earth do you do this?
Well, it all starts with the color of your packaging. Not many businesses realize that various colours relate directly to emotional triggers. Generally, colors are represented as below:
- Green is a strong representation of health/a healthy lifestyle.
- Red invokes the feeling of love, or even creativity.
- Yellow hypes up those energy hormones.
- Purple brings out the most creative side of people.
- Pink conveys feminism.
But that’s just the tip of the iceberg.
Believe it or not, the shape of your product actually creates a gender discretion. Bold, squared packaging represents masculinity, and strength. Whereas, rounder bottles are more appealing for the feminist characters.
Finally, don’t be afraid to be transparent. Let your customers glimpse inside the product. This is known to build trust with your consumer, as they can see exactly what they are buying – which of course improves your conversion rates a ton.
The Brand’s Message Is Lost In The Packaging.
Every product on the market comes with a particular message, which is embodied in the product packaging. With the changing times and increasing consumer demands, this message could get lost – and you won’t notice it immediately.
Therefore, make an effort to review your product packaging once a year to ensure its relevance in the market. This way, you can see if your brand is still able to send a message that will eventually translate into sales.
Packaging is important. Take note of these signs and when it’s time to update your packaging, make sure to do it properly, transparently, and ecologically.
Founded Strategics360 on the principle that “strategy is meant to be a living and growing passion,” Strategics360 is a collection of exactly that: strategies to help your business grow.
Susan looks to connect with professionals, from CEOs to HR reps, who share her passion for learning everything there is to know about business. Everyone who contributes to this site applies their expertise to help our readers learn as much as possible in areas such as human resources, information technology, business management, career development, strategic business plans, and business marketing.
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