Adding a new packaging lineup is very similar to expanding your brand in any other way. Whether you simply want to add a variation of your existing packaging so two versions are available with the same product inside or actually want to add another product with its own packaging, you will need to carefully consider this beforehand. When done correctly, adding a new packaging lineup can expand your brand, making your business grow and increase profits. If done wrong, however, customers may not like the changes you make, leading to losses. Here are some ways to help you figure out whether or not you should add to your packaging lineup.
Know the Stage of Your Product
As a general rule, products will go through a total of four stages in their life cycles, moving from introduction to growth to maturity and finally to decline. Declining products no longer meet the demands of your customers or simply can’t compete with other options. The ideal time for adding to your packaging lineup would be right when a product begins to decline, or just before if possible. Livening up the packaging with a new lineup or expanding the product lineup at this point can help revitalize your items, keeping your business growing.
Your Audience Isn’t Expanding
Just like every other area of your business, your target audience should always be expanding. You want to introduce your product to more and more people, and packaging is a big part of this. If you’ve noticed your sales stagnating instead of growing, consider adding a new packaging lineup. This will keep things interesting and allow your company to remain relevant in changing times. The update to the packaging lineup can be a good way to appeal to a wider audience. Take, for example, a lotion that originally only offered pink, flowery packaging. By offering an additional packaging option that is more gender neutral with a green color, you can appeal to males as well as females, expanding your audience via your new packaging lineup. You may not even need to change your product to take advantage of this!
Customers Have Unmet Needs
Another clear indication that you should add a new packaging lineup is if your customers have additional needs that aren’t being met. If you can’t meet your customers’ needs in all areas, they may switch to a different brand that can, dropping your products that they already use. Going back to the lotion example, let’s say that you only sell lotion in medium to large bottles designed to sit on the vanity in the bathroom. Expanding your packaging lineup to include smaller bottles that can easily be kept in a purse or backpack or meet TSA requirements for flying will be a smart move. This addresses the needs of consumers to take lotion with them on the go, and by offering a range of sizes, you are less likely to lose customers. If you offer what they need, they won’t try a different travel-sized lotion and realize they prefer the other brand’s product; they will stay with your company.