VCW for Corn Up Tortilla Chips: Increasing Sales
Strategies to increase sales of Corn Up tortilla chips (brand of Rice Up).
How to increase sales of Corn Up tortilla chips (brand of Rice Up)?
This project focuses on increasing the sales of Corn Up tortilla chips, a brand of Rice Up, utilizing the Value Creation Wheel (VCW) framework.
Overview:
Corn Up tortilla chips, while part of the New Health GSC portfolio (which includes the well-known Rice Up brand), suffered from low brand recognition and sales. The team used the VCW framework to develop strategies to address this challenge.
Application and Process:
The process began with a diagnostic phase, analyzing the company, its competitors, and the market through SWOT and TOES analyses. The core challenge was defined: increasing sales of Corn Up tortilla chips. The team then generated ideas and filters through brainstorming, interviews, and research. The POCR method was used to refine these ideas and filters. Through VCF and MCDA, the team narrowed down potential solutions, focusing on rebranding, repositioning, and expanding the target market.
Key Takeaways:
Rebranding: Rebrand Corn Up tortilla chips under the Rice Up brand to leverage its strong brand recognition and distribution network.
Repositioning: Reposition the product as a healthy snack for parties and gatherings, targeting both consumers and businesses.
Targeting Kids: Expand the target market to include children aged 6-18, using influencer marketing and social media campaigns.
Packaging Redesign: Redesign the packaging to align with the Rice Up brand, highlighting the product's health benefits and serving suggestions.
Promotional Bundles: Introduce promotional bundles (e.g., 1+1 offers) to encourage trial and adoption.
Influencer Marketing: Utilize Bulgarian kid influencers to promote the product on social media platforms.
Value Creation Funnel: The VCW funnel and MCDA effectively narrowed down a large number of ideas to the most feasible and impactful solutions.
Solutions:
Rebrand Corn Up tortilla chips under the Rice Up brand.
Reposition the product as a healthy snack for parties and gatherings.
Target kids aged 6-18 with influencer marketing and social media campaigns.
Redesign the packaging to align with the Rice Up brand.
Introduce promotional bundles.
Use social media campaigns with famous bulgarian child influencers.
Conclusion:
The VCW framework effectively guided New Health GSC in developing a comprehensive strategy to increase sales of Corn Up tortilla chips, demonstrating the methodology's effectiveness in helping companies address brand recognition challenges and expand their market reach.