As competition in the home and garden industry becomes increasingly fierce, our company has successfully entered the global market through rigorous market research and precise market positioning, especially promoting our core product - bathroom racks.
In early 2019, the company launched a large-scale market research campaign to better understand the needs and preferences of consumers around the world. The survey data showed that high-quality, cost-effective bathroom products are widely in demand in the international market.
The survey results show that the global bathroom products market has an average annual growth rate of 6% in the past three years, with the Asia-Pacific region being the fastest growing market. Our target customer groups are mainly wholesalers and retailers in Europe, America and the Asia-Pacific region.
Aased on the results of market research, the company has developed a detailed product positioning and pricing strategy. Our bathroom rack products are positioned as representatives of "high quality and high cost performance", and the pricing strategy adopts the "small profits but quick turnover" model to ensure that we can occupy a favorable position in the global market.
In order to comprehensively enhance brand awareness, the company has launched a comprehensive multi-channel promotion campaign, including online advertising, offline promotional activities, and participation in international bathroom exhibitions. In 2020, the company's online advertising budget increased by 50%, and it participated in three international bathroom exhibitions.
The company has established close cooperative relationships with multiple suppliers, agencies and advertising companies around the world. Through this cooperation model, we can respond to market demands faster and better and achieve sustainable business growth.
For example, our cooperation with a well-known advertising company has increased our online advertising click-through rate by 30%, and our cooperation with a large agency has increased our sales in the European market by 20%.
Looking ahead, we will continue to deepen market research, optimize product structure, and adjust marketing strategies in order to further expand market share and continuously enhance brand awareness on a global scale. Our goal is to double our global market share in the next five years.
Through continuous innovation and close collaboration with our partners, we are confident that we will continue to maintain our leading position in the home and garden industry.
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