The global refrigerator market is expected to reach a value of USD 103.96 billion by 2030, growing at a CAGR of 5.48% from 2023 to 2030. The market is driven by several factors, including rising disposable incomes, increasing urbanization, and growing demand for energy-efficient appliances.
The global refrigerator market is segmented by type, door style, capacity, and region. The type segment is further divided into side-by-side, top-freezer, bottom-freezer, and French door. The door style segment is further divided into single-door, double-door, and multi-door. The capacity segment is further divided into below 200 liters, 200-400 liters, 400-600 liters, and above 600 liters.
Currently, many competitors have a well-established and well-reputed market base. Furthermore, they can be characterized as economies of scope and scale. Moreover, they can launch the mass production of a certain device, and this will allow them to set lower prices for the product. Thus, it will be difficult to compete with them through cost differentiation.
But the refrigerator industry has huge potential for growth as it is still in its growing stages and thus penetration is possible. New entrants still have opportunities to achieve a competitive edge over consumers by providing customers with a product that is based on unique features, safe, and reliable quality, and maximum satisfaction.
Thus the strategy includes three steps:
First, to build brand awareness by exploiting sneaky advertising and promotions.
Second, to achieve a competitive edge over the consumers by providing products meeting their demands.
Third, To remain the primary customer base by providing maximum satisfaction to customers.
1.To build brand awareness
The promotion of this product will strongly depend upon the financial capabilities of the company at the initial stages of its existence. Certainly, television advertising is the most effective way of communicating the marketing message to the target audience but it is also the most expensive one. In the beginning, the company may greatly rely on word-of-mouth advertising. However, such an approach will be possible only if this refrigerator has such properties as reliability, user-friendliness, multi-functionality, and excellent design.
Before you can start building brand awareness, it’s essential to have a clear understanding of your brand identity. This includes your brand’s mission, values, personality, and target audience. A strong brand identity will help you create consistent and memorable messaging that resonates with your audience. No matter the quality of your products and services, no matter how much you spend on advertising, and no matter how much you post to social media, your business isn’t likely to get very far if it doesn’t have a brand to set itself apart.
Sure, increased exposure doesn’t necessarily equate to increased brand awareness. For some simpler yet effective ways of building brand awareness, you may want to:
– Create a custom hashtag for Instagram.
– Participate in or sponsor local events.
– Post regularly to social media using your brand voice.
2. Sales Promotion
A company that intends to introduce a new product into the market must know exactly what qualities customers are looking for; for instance, the latest features, reliability, and safety.
The refrigerator can be required by a great variety of customers. At this point, we may argue that the hypothetical target audience will share such characteristics as the willingness to upgrade the look of their kitchen or find an energy-efficient alternative and other preferences. Therefore, you need to understand your customer preferences. Smeta refrigerators come in a variety of sizes, features, and styles, so helping your customers choose the refrigerator model they’ll love will help you succeed.
Here are some specific demographics of people who are more likely to buy a new refrigerator.
Homeowners: Homeowners are more likely to buy new refrigerators than renters because they are more likely to have the financial resources to do so and because they are more likely to invest in their homes.
Homeowners: Homeowners are more likely to buy new refrigerators than renters because they are more likely to have the financial resources to do so and because they are more likely to invest in their homes.
Families with children: Families with children are more likely to buy new refrigerators than families without children because they need more storage space for food.
People with higher incomes: People with higher incomes are more likely to buy new refrigerators than people with lower incomes because they have more disposable income to spend on appliances.
People who live in urban areas: People who live in urban areas are more likely to buy new refrigerators than people who live in rural areas because they have more access to appliance stores and because they are more likely to be exposed to new trends and technologies.
To acquire the maximum market share and number of customers we’ve planned to indulge in rigorous advertising through the following means:
Free Coupons- with every purchase of a refrigerator we’re providing our customers with free coupons for online shopping sites.
Price-Off deal– special discounts would be provided to the 1st 200 consumers of our product ranging from 30%-50% discounts.
Demonstrations- Free video manual would be provided which each product, demonstrating the full operating instructions for the product, by an expert.
3. Improve your customer service
When your business focuses on customer service as part of its marketing strategy, it positively affects your bottom line, reducing business costs and increasing profits. Salesforce reports that 89% of customers say a good customer service experience makes them more likely to make another purchase.
companies can do some simple things to improve their customer service efforts:
△ Be reliable, accommodating, and respectful, and show genuine interest when conversing with customers.
△ Follow through with what you say you’ll do – with employees and customers.
△ Listen to what your customers say about you online, and respond to praise and complaints using the right tone.
Despite their long-standing presence in most home kitchens, refrigerators continue to hold untapped market potential. With the right marketing approach, new entrants can still seize significant market share and attract a substantial customer base.
