Do your product presentations to retailers present your partners with exclusive product opportunities? Are you able to say “We developed and tested this product for your customers Mr. Retailer. Here’s the research that shows your customers want this product in your stores.”
Do You Know Where Game Changing Unique Product Ideas Come From?
How do some companies introduce amazing, game changing products every year? What do they know that everyone else doesn’t know? They know how to create products that fill unmet needs, which solve unsolved problems. They are the first to introduce solutions to problems everyone has but no one recognized before. That’s why they are industry leaders.
We see statistics purporting to measure the percentage of sales that occur online every day. Estimates vary considerably by season, product category and, of course, data source. Since online sales occur through so many retail channels from department stores to Amazon to manufacturers’ websites, we believe the best measurement system is via the only common denominator that unifies the data: THE CONSUMER.
In our last blog, we discussed ways to grow sales from your most successful products. We explained that there are two key ways to grow sales of a successful visual design; by going deeper into that design niche or by expanding your product’s visual appeal to encompass the tastes of consumers in related design segments. Here we offer a case study that explains how we used consumer research to build a new collection that enjoyed cross-segment design app
No matter what product category we work in, we always find consumer segments that react differently to new products or concepts (which, in and of itself, is a great reason to do research - to identify the consumer for each of your products.) Your retail partners will be impressed that you know that and , if your research shows that your consumer is different than your competitor's consumer, they will likely reward you with shelf space, maybe even your competitor's.
All too often we see clients with high expectations who introduce new products to see them fail. Statistically, failure is likely -- only 20% of new products succeed. Your odds may be better in Las Vegas! But you know your company must go on and you know your retailers want new products - that's an unceasing demand. So what to do?
