Product and Packaging: Effect on Business Growth
Simply put, packaging can be defined as everything a business does to make their product appealing to their existing and potential customers. These days businesses go the extra mile to design their products in a way that makes them irresistible. First impressions go a long way in grabbing the attention of your customers, this is why you must make your product attractive in the sight of your customers.
Packaging is not just about protecting your product or putting it in a container, it is about the design, the content, shape, and the perfect blend of colour that communicates the relevance of your business.
The following are the effects of packaging on business growth:
EFFECTS OF POOR PACKAGING ON BUSINESS GROWTH
IT COULD DAMAGE THE PACKAGE
This is very common with delicate products, especially when it is been transported over a long distance. When there is a consistent shortage in the delivery of products, it would not only affect the profit margin of the business. Have you ever bought a brought that got damaged before getting home? Yes, that’s poor packaging. The gist is, even loyal customers could withdraw their loyalty if all the products they buy get easily damaged because of packaging. Damage to product also have a detrimental effect on the financial cost of products via refunds, sales, or massive discounts- plus, it also puts the brand identity at risk.
POOR PACKAGING AFFECT SALES
Business owners ought to be aware of the expectations of their customers. The market is crowded and competitive already, you want your product to stand out. Nobody would buy something that does not physically appeal to them. Have you noticed how phone brands constantly tweak the packaging of their gadgets? this is how iPhone and Samsung have walked their way into the hearts of their customers- this is also on the reverse side, if your product is poorly packaged it won’t even hold a stare neither would it boost your sales. Poor packaging is bad for salesmanship.
Poor packaging can destroy your brand reputation
Simply put, brand reputation refers to the perception of your brand, how your customers see you, and how the general market views your brand. One mistake you don’t want to make as a business person is to soil the image of our brand. Have you ever heard the African adage that says a good name is better than a house of riches? This is the same in the business space, your brand reputation is very important to your business growth.
Now that you know the cons of poor packaging on business growth, let’s dive into the effects good packaging has on business growth.
EFFECTS OF GOOD PACKAGING ON PRODUCTS
Product packaging helps protects the state of your product and prevent any form of alteration that could distort the products. One of the goals of packaging is to keep products safe during transport and prevent the product from damaging, especially between the manufacturing facility and the retailer , and must event damage while the product sits on the shelf. Therefore, product packaging must be sturdy and reliable. Many companies package their products with seals and locks that prevent tampering and further ensure the safety and integrity of the product. Consumers expect their products to function exactly as intended—secure, dependable product packaging is the best way to ensure just that. The following are other relevant effects of good packaging on your product.
DISPLAYS AND PROMOTES THE PRODUCT
Another functional aspect of product packaging is how it promotes and displays the product within. Many products, particularly food products, include a description of ingredients and nutritional information on the packaging. Another product packaging may display instructions explaining how to set up and use the product. Displaying important information regarding the product helps manage consumer expectations and promotes customer satisfaction. The better the buyer understands what they are purchasing, the more likely they are to be happy with said purchase. Still, other product packaging forgoes wordy instructions and simply lets the product speak for itself. Utilizing window box packaging or clear plastic boxes, the customer can properly view the product in real-time. Many prefer this over-relying on drawn diagrams and written explanations. Being able to properly view the product for themselves can increase customer satisfaction and the likelihood of purchase.
ATTRACTS YOUR BUYERS
When considering the importance of product packaging, it’s crucial to consider the wants and needs of the consumer. The main goal of creating any product, after all, is to attract customers and encourage them to buy your product. Because first impressions are so important to the buying process, well-designed product packaging can go a long way in putting your product into the hands of buyers. Choosing a style and colors that will appeal to consumers and encourage them to pick up your product is very important, as is choosing high-quality packaging materials. The product packaging is a reflection of the product inside and the brand as a whole. When designing product packaging, therefore, many brands conduct extensive research into the wants and needs of consumers to ensure their packaging is attractive and compelling.
DIFFERENTIATES THE PRODUCT FROM COMPETITORS
When walking through the aisles of a store, it quickly becomes clear that there is no shortage of new and interesting products on the market. Many retailers often group similar products on shelves, so the need to separate your products from the competition is highly important. Well-made, eye-catching product packaging is a great way to do just that. While the size and shape of the packaging may be similar to the competition, the design should be different. The colors, fonts, and style you choose for your packaging can easily help set your product apart from other companies. Innovative designs such as clear plastic boxes will catch the consumer’s eye and help put your product a cut above the rest.
The goal of every business is to be profitable, businesses do not exist for charity. And profits come by the consistent selling of products. If the business does not sell it cannot grow. And good packaging puts the odds in their favor, it gives businesses a better chance to grow.