Marketing
Foundation for Successful Product Introductions
A new product idea can come from anywhere; it may be
a brand new concept or it might be a simple repositioning of an existing
product. Most successful new products share the following characteristics:
- A relative advantage. Stovetop Stuffing came up with a resealable
can, allowing a cook to prepare any number of servings at a time. Jello-Pudding
recently did the same. To customers, this packaging offers a distinct
relative advantage that is enabling them to pull ahead of the competition.
- Newness. There is a quality of “new” that inherently
interests potential consumers. If that feature is easy to see and experience,
then that newness is marketable.
- Easy to try. The easier you make it for a prospect to test
our product, the more likely it will succeed.
- Ease of use. If the product’s use involves lots of instructions
or assembly, or training, then that product may have an uphill battle.
Should You Undertake Market Research?
Research is justified if it can answer any of the following
questions:
- Is the product price sensitive?
- What should ads emphasize? Corporate reputation? Product quality?
Price?
- Should you compete directly with the market leader or ignore all competition
in your ads?
- Who are your most formidable competitors?
- Who are your most likely customers?
- Would they be tempted by a price incentive?
- Why do they buy?
Customer Research
If you undertake market research, what
questions should you ask prospective customers? Here are some questions
to begin with:
What newspapers and do you read?
What TV shows do you watch?
What radio programs do you listen to?
Where would you expect us to advertise?
What products do you purchase for [identify
product use]?
How often do you buy the product?
What would you like the product to do at a minimum?
What would you be pleased about, beyond the minimum?
Who do you consider to be our competition?
Of these companies, whose products do you use?
What factor do you consider in your selection? Price? Quality? Availability?
Would you pay more if you thought you were getting more for your money?
What is your gender? Your age?
What is your occupation?
Your marital status?
Number of members in your immediate family/household?
Your household income?
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