We are currently going through what many economists are fearful of declaring as a recession. For many companies this means that business has slowed down: products are moving off the shelves more slowly and there are fewer orders for products and services. At Sunrise Packaging, we are always thinking about how we can benefit you and your business. In a time of economic downturn, it is clear that packaging can help.
When profits begin to drop, many of us look for the cause of changes in consumer habits. At this time, it seems that the cause is the economy, which results in an intense competition among providers of products and services. In this situation, we suggest taking a look at your perceived value as compared to your competitors.
How your customers perceive the value of your product, services or company compared to how they perceive the value of a competing company’s product, services or company can affect whether your customers continue to choose you. This involves a delicate balance of price and benefits. How do you increase the value of your business offerings in the minds of consumers without lowering your price or changing your product?
In public relations there is a theory developed by Michael Levine called the Tiffany Theory. This theory holds that if you put an ordinary ring in a classic blue box from Tiffany’s, people would perceive this ring to have a higher value than if that very same ring was placed in an ordinary box. Not only would they believe that the ring, when placed in the Tiffany’s box, would have a higher value, they would be willing to pay a higher price for it!
In other words, how you package your product, literally and figuratively, plays a role in determining the value of your product in consumer minds. How do you want consumers to view your product? How can you creatively display your product in a way that sets your product apart from others in a positive way?
These are important questions to think about when determining how your company will continue to thrive even in a bad market. At Sunrise Packaging, we are experts in creating professional, creative packaging that can set your product apart from the pack. In a competitive market this can be an important asset.
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