When it comes to new products, are you asking the right questions during research and development? What about your test market strategy?
“One of the biggest pitfalls in launching a new product or marketing campaign is not fully understanding your target market,” notes Mary Coppola Heslep, senior vice president of creative for Ten Acre Marketing in Grand Forks, ND.
“Through each step of development,” she adds, “your North Star should be servicing it.”
Ask yourself: Does this product or service solve a need for end users? Why should they care to use/buy the product or service?
“If you can’t answer these questions with confidence, you need to further evaluate,” Coppola Heslep says.
This process starts at inception.
“Innovation is often reactionary, which makes this process even more critical to be able to differentiate your product or service from another,” continues Coppola Heslep.
“Keeping the consumer or customer front of mind will ensure your launch is well received, and best case, exceeds their expectations.”
But what are buyer expectations?
Testing in the right market is absolutely crucial according to Karen Nardozza, CEO of Moxxy Marketing BB #:341508 in Miami, FL and Salinas, CA.
“To maximize product launch success, companies must approach planning from a data-driven, analytical perspective,” Nardozza says.
“Assessing demographics, consumer behavior, regional influences, retail format, price sensitivity, seasonality, culinary trends, and other shopper insights can all help improve the likelihood of a successful product innovation.”
And think beyond big box retailers for a product launch.
“Whether planning a major national launch with a traditional retail grocer or a regional market test with a discount store, or something in between,” Nardozza explains, “it’s up to marketers to invest in learning what combination of factors will position their product and brand for the greatest sales potential—delighting shoppers and retail partners.”
Tristan Simpson, founder and CEO of tristan michele marketing, BB #:366330 a Los Alamitos, CA-based marketing consultancy, also says data can help conquer the fear of failure.
“With enough data and research as your foundation, there’s a point where it becomes a leap of faith,” she says. “Minimizing risk with testing helps quite a bit, and also being selfless in your motivation to make a mark.”
This is an excerpt from the cover story of the September/October 2021 issue of Produce Blueprints Magazine. Click here to read the whole issue.
