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How does a Goldilocks' ?mamon? differ from the rest?
To managing director Pinky Yee, the secret lies in knowing the needs of customers and addressing them immediately.
?You have to ensure relevance in your products. You cannot sacrifice quality because consumers now are very intelligent? said Yee.
?The last thing you change is the one (product) that made you successful. The last thing that should be changed is quality. You have to maintain it even before we are squeezed by high cost of raw materials,? she told told attendees of the Third Philippine Retailers Conference last week.
The conference, organized by Philippine Retailers Association Cebu Chapter (PRA Cebu), was aimed to equip retailers with strategies in staying competitive in the business by continuously attracting customers.
In her presentation, Yee said market presence and visibility is crucial in creating brand recall even as companies cut down costs during business slowdown.
She said companies should still invest of advertising and promotional campaigns.
?You cannot lose presence. A lot of us fear the unknown. During crisis, the first thing that goes is advertising but that cannot be because these are ways to reach consumers,? said Yee.
Yee said it is important to tap the most familiar qualities among consumers to maintain the brand name.
For Goldilocks, touching the Filipino psyche of thoughtfulness made the impact. This was exemplified by the company taglines: ?How thoughtful, how Goldilocks? and ?Ang sarap magmahal ng Pinoy.?
She also cited the ?Bitbit Campaign? which underscored the values of caring and sharing which builds a culture of mutual affection among different generations.
At present, Yee said Goldilocks has 400 products on their list and continues to search for more ways to suit the ?discriminating taste of the Filipinos.?
In addressing the changing consumer preferences, PRA chairman and The Islands Group chairman Jay Aldeguer said the challenge is to come up with products that can ?meet the expectations of customers.?
Aldeguer said consumers' responsiveness gives birth to a more dynamic and evolving economic landscape of the retail sector, which include product diversification and upgrades.
?That is why our focus is on product development and sales. Customers have become very responsive that the game is on whoever steps up and offer the best proposition wins,? he said.
