By Saad Saraf, Mediareach Advertising.
Walk into any of he 95,000 supermarkets, convenience stores and cash and carry’s, which are controlled largely by the multicultural communities, and one thing you are sure to find out.
These stores, which shifts up to 33% share for a number of major brands, but is this honeymoon going to continue or are we going to see an increasing number of foreign brands imported to the UK to cater for the needs and demands of a growing diverse multicultural consumers.
So what can major brands do in the face of this on-slaught:
1. Ignore this phenomenon and assume they are large enough to withstand brands chipping into their sales and competing to win more shelf space from them resulting in their brands continuing to slide further down.
2. Develop a strategy based on understanding their audiences, motivations and purchasing patterns in order to address their needs, fend the competition and increase their market dominance and share.
Established brands can’t ignore the challenges to their dominance and must continue to learn and innovate to stay on top of their game otherwise they will continue to see their sales and market share dwindling.
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