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Adding value to your offering is a key component of any retailers offering. We know that encouraging your customers to buy just one extra product per trip can see your profits rise immeasurably, which is why companies are so keen to fight over that valuable space right in front of your till. It’s where the customer lingers longer and is more likely to pick up a product as an impulse buy.
And obviously, it makes the retailer’s life easier if companies decide to add value to their offerings themselves. We’re all familiar with 50 per cent extra free or buy-one-get-one-free deals and what they can offer to both consumer and retailer. But this week I got news of two separate deals where a traditional product has been given an extra boost to offer more for consumers on a permanent basis.
This morning Coca Cola Enterprises announced that it is to launch a Monster energy shot into the busy energy shot category. Launching the shot Dave Leslie of CCE explained that if data about the size of the energy shots market from the last 12 weeks was ‘annualised’ then it would mean the category is already worth £8million annually – an incredible figure for a category that didn’t exist before last summer.
The point of difference for the Monster energy shot is its size. Weighing in at 90ml – compared to the standard 50ml or 60ml bottles already out there – the Monster energy shot immediately stands out as having something extra to pull in the customers. Despite the size its RRP remains at £1.69 – a similar price to the existing products on the market.
Imperial Tobacco has joined the party with its news this week that Gold Leaf roll your own tobacco is increasing the size of its offerings – its handybox format will go from 11.5g to 12.5g while its pouches will rise from 23g to 25g. The RRPs will stay the same (£2.71 and £5.32 respectively) meaning that this is a clear winner for everyone. Gold Leaf is a growing brand in a growing market. What better way to celebrate that than by growing the size of their packets?
Of course, this follows on from the news last week that Britvic are increasing the size of their low and no-sugar 500ml bottles – Pepsi Max, Diet Pepsi, 7Up Free and Tango – to 600ml, and keeping the RRP the same.
Here’s to larger offerings all round. At a time when many people are still feeling the pinch financially, a company giving something back is a valuable tool in your armoury.
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