India is one of the world’s largest dairy consumers and producers, with total milk production crossing over 140 billion litres per year. Although we are completely self-sufficient when it comes to meeting domestic dairy demands, the industry is also experiencing a year-on-year growth in this regard. Within India alone, demand is likely to rise by 4.5% within the next year. So, as a businessperson who is a part of this industry, you should look into how you can make the most of favourable industry conditions and improve revenue.
You can easily avail a Working Capital Loan or MSME & SME loan of up to Rs. 50 lakh from Bajaj Finserv at nominal interest rates within 24 hours. This funding avenue offers sufficient cash to let you run your business smoothly while you focus your attention on increasing revenue.
Along with this funding option, here are the steps you should consider implementing.
1. Invest in new product development and packaging ideas
You may be selling dairy products such as ghee, milk, and cottage cheese (paneer), much like every other dairy business. To stand out in the market, you must introduce newer products regularly. Various products that you can add to your product line are flavoured milk, milk-based sweets, whipped cream, condensed milk, Greek yogurt and flavoured yoghurt. Understanding market trends, demand for products and changing preferences will allow you to identify and develop newer products and be known as a brand that values innovation.
Constantly working on this aspect will allow you to introduce categories in the market, and capitalise market share as you can be differentiated from unbranded milk and other branded milk companies.
2. Hire a consultant or outsource product promotion
Having a good marketing plan that targets both traditional and digital channels is the best way to increase awareness about your product, build excitement around your brand and urge people to buy it. You can advertise via print ads or TV ads, or choose to build your presence online. Focus on your dairy products, unique features, nutrition value and uses. Hiring a specialist or an agency to take care of this aspect ensure that you are able to do a thorough job.
3. Increase B2B connect by creating a strong distribution and sales network
When you are selling your products through distributors and small shops, you need to maintain a good relationship with them so that they are willing to stock and promote your product to their customers. You can keep them engaged through various offers and incentives on sales made over and above a threshold amount. This will keep them motivated to stock your products and push sales.
With many online groceries on the rise, partnering with the likes of BigBasket, Grofers, etc could increase your brand’s visibility and sales. You could also tie-up with restaurants and food joints and be their go-to dairy partner, assuring that your business gets certain sales every month.
4. Create a better B2C connect by focusing on customer delight
Customers are always looking for something new or something extra along with their product. To retain existing customers and increase your customer base, offer gifts along with purchase and look into other promotional offers that will help you boost sales. For instance, you can offer customers a small discount when they return a certain number of empty milk containers to your store. This will encourage them to buy more units of your products, thus increasing profits. Simultaneously, such an exercise will also help establish your company as an environment-friendly entity.
Let these tips form the basis of how you expand your dairy business’ revenue in a slow and steady manner. Be open to new ideas and hire experts to establish market leadership. Use your pre-approved offer to raise funds in no time to bankroll revenue-building activities.
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