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include - APP/View/MagazineArticles/view.ctp, line 54
View::_evaluate() - CORE/Cake/View/View.php, line 971
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Notice (8): Trying to access array offset on value of type null [APP/View/MagazineArticles/view.ctp, line 54]
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include - APP/View/MagazineArticles/view.ctp, line 54
View::_evaluate() - CORE/Cake/View/View.php, line 971
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Notice (8): Trying to access array offset on value of type null [APP/View/MagazineArticles/view.ctp, line 55]
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Diversifying Products, Advertising Investments, Digital Technology are Vital : Panel Discussion : 8th Newbiz Business Conclave And Awards
1 min 41 sec to read
I believe the need of the hour is to prioritise mastering the fundamentals and consistently executing them effectively. In marketing, the concept of the 6Ps is well-known. The first and most crucial ‘P’ is production. During this period, we remained steadfast in our commitment to product quality, going so far as to enhance it further. To adapt to the current market dynamics, we introduced smaller and more affordable products which allowed consumers to make frequent purchases in smaller quantities. This strategy proved instrumental in maintaining healthy sales volumes. Many businesses tend to cut back on advertising and consumer outreach during challenging times. However, we have taken a different approach. Over the past two and a half years, we have significantly boosted our advertising budget by 270%. Another critical aspect we prioritise is efficiency, as it directly translates into savings. Over the past three years, we have consistently achieved a 10% savings rate annually. This steady stream of savings has empowered us to allocate more funds towards media investments.
The expansion of the digital realm and the trend of migration have introduced both challenges and opportunities to the FMCG industry. There is a growing aspiration to use high-quality products, and businesses must adapt accordingly. In the digital world, there exists a valuable concept known as social listening, which involves monitoring the trends being discussed by individuals in online spaces. Leveraging social listening, we identified a prominent trend surrounding natural and onion-based products. This insight prompted Unilever Nepal to introduce a new variant of its Sunsilk brand: an onion shampoo. Within just one year, this innovative product has contributed significantly, accounting for 15% of our total volume. This success underscores the power of digital platforms and trends in shaping consumer preferences and driving product adoption. As business leaders and influencers, it is imperative that we shift our focus towards positivity and opportunities. Let's redirect our dialogue towards opportunities and potential. By doing so, we can create an environment conducive to growth and progress.
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'content' => '<p>I believe the need of the hour is to prioritise mastering the fundamentals and consistently executing them effectively. In marketing, the concept of the 6Ps is well-known. The first and most crucial ‘P’ is production. During this period, we remained steadfast in our commitment to product quality, going so far as to enhance it further. To adapt to the current market dynamics, we introduced smaller and more affordable products which allowed consumers to make frequent purchases in smaller quantities. This strategy proved instrumental in maintaining healthy sales volumes. Many businesses tend to cut back on advertising and consumer outreach during challenging times. However, we have taken a different approach. Over the past two and a half years, we have significantly boosted our advertising budget by 270%. Another critical aspect we prioritise is efficiency, as it directly translates into savings. Over the past three years, we have consistently achieved a 10% savings rate annually. This steady stream of savings has empowered us to allocate more funds towards media investments. </p>
<p>The expansion of the digital realm and the trend of migration have introduced both challenges and opportunities to the FMCG industry. There is a growing aspiration to use high-quality products, and businesses must adapt accordingly. In the digital world, there exists a valuable concept known as social listening, which involves monitoring the trends being discussed by individuals in online spaces. Leveraging social listening, we identified a prominent trend surrounding natural and onion-based products. This insight prompted Unilever Nepal to introduce a new variant of its Sunsilk brand: an onion shampoo. Within just one year, this innovative product has contributed significantly, accounting for 15% of our total volume. This success underscores the power of digital platforms and trends in shaping consumer preferences and driving product adoption. As business leaders and influencers, it is imperative that we shift our focus towards positivity and opportunities. Let's redirect our dialogue towards opportunities and potential. By doing so, we can create an environment conducive to growth and progress. </p>
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