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According to market research, the population of Benin will nearly double up from 11.2 million in 2016 to 22.1 million in 2050. In the initial years, Benin’s economy will grow at a CAGR of 7.3 %. Although per capita spend is below the average in the region, it will rise through to 2021 past the $200 mark.
The data strongly indicates that the market demand for consumables in the retail sector will grow to a great extent. This sets a ripe ground for companies that want to establish a business in Benin. The neighbouring countries equally present retail opportunities.
Bringing the product to the market isn’t as easy as it seems. The production of a product and bringing it to the shelf are two different stories, there are several crucial decisions in between that effect the product. Features, variety, packaging are a few to mention. Before delivering the product to the retailer's shop there is a substantial amount of planning, presentation, and promotion that needs to be done.
The basic factors Product, Pricing, Place, and Promotion need to be researched and matched with Consumers, Cost, Convenience, and Communication to ultimately generate sales and revenue for the company. Many products remain idle on the shelves and fail to move out from the retailer’s shelf, resulting in huge losses due to inadequate or ineffective strategizing of Product pricing, product promotion, product placement. These are crucial functionaries that need expertise guidelines.
Specialised Retail Marketing agencies provide professional assistance on how to blend the marketing mix to hit the sweet spot. These retail marketers conduct research and deliver data regarding the packaging of the product, competitors in the market, their prices, types of variants available, expectations of customers, etc. Further, until it is placed before the relevant customer it’s of no use in the market, marketing agencies provide succinct data about the placement of the product and where exactly is the product's niche market. Additionally, marketing agencies also devise promotional campaigns to communicate and reach out to the target audience. They design product-specific campaigns to advertise the product.
AUM consultancy provides retail marketing service to clients. We study and analyse the market in length and breadth to make it easy for you to position your product in the market and make it convenient for customers to find and relate with the product simultaneously.
We coordinate with merchants so that our clients don’t have to set up stores, negotiate pricing, conduct researches. We also provide promotional services; we have an expert team to design traditional advertising as well as resources to promote influencer marketing activities.
In today’s consumer-centric market, it’s vital how well you understand the market conditions, we enable you to take the bull by the horn and lead the market.