It Pays to be Premium
Premium store brand products are growing among overall private brands. According to Nielsen’s latest “Total Consumer Report (2017),” sales of private brands eclipsed $125 billion across traditional retail, thriving at over 3 percent in dollar sales year-over-year with premium private brands bringing double-digit dollar growth (10 percent). Retailer-branded products have surmounted stigmas of value and quality and, as a result, have seen a complete reversal in growth trajectory compared to manufacturer branded items, according to Nielsen.
This webinar will discuss the following:
- Definition of a premium product: What does it take?
- Packaging of premium products - What makes a good package? And how can retailers avoid pitfalls such as consumers confusing premium products for smaller, niche brands?
- Why is the premium category growing and why should retailers get in now or expand their offerings?
- How to decide what categories to premium-ize.
- Determining costs of premium products: The value factor.
- What retailers succeeding at the premium tier, and why they are successful
- The keys to working with manufacturers on premium product programs