From the course: Identify Sales Growth Opportunities
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Grow sales with multibrand customers
From the course: Identify Sales Growth Opportunities
Grow sales with multibrand customers
- For many categories of products and services, consumers buy from a number of brands. Take the clothing category. I'm willing to bet that every item of clothing you're wearing right now came from a different manufacturer. The same is true of most food categories and many others. It's just the nature of these fragmented industries that consumers will buy from many sources. We call these customers 'multibrand customers'. They already buy products from you and they also buy from your competitors. The good news is they understand the category and they understand your products and brands. So they're a great source of new sales growth if you can increase your share. Like most of the opportunities discussed in this course, the key is how you spot multibrand customers and what you do once you find them. The first question you have to ask yourself is: why are my customers also buying products from my competitors? There could be…
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