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Top Five Reasons New Products Don’t Sell
Only approximately 5% of new products succeed and sell in brick and mortar stores and online stores. Retailers offered their opinion on why new products struggle so much.
Here’s the TOP FIVE ANSWERS:
- Lack of consumer education and awareness. Customers are reacting to the new product, rather than being proactive and seeking the product out.
- Consumers can't quickly identify what the product is. Customers may not be able to realize how the new product is a problem solver in their life or haven’t envisioned this kind of new product a current benefit.
- Lack of marketing, too expensive for the mass consumer or the value just isn't there. This is why segmenting and target marketing is so important. It’s less expensive and has more bang for the buck.
- Lack of functionality. 95% of the mass consumers won’t want the new product, so this is why a target audience of top 5% is critical to identify.
- Packaging does not make it clear what the product does or why it's different from similar products. Customer wants to know why this product is unique.
Top Five Ways to a Successful New Product Launch
What do retailers consider the “secret formula” for a successful new product launch? Survey respondents shared their thoughts:
- Differentiation in the market, something new and multifunctional.
- Well-marketed, well-advertised end-shelf displays.
- Marketing/awareness, value proposition and product performance.
- A quality product, intriguing social marketing, effective cost structure, vendors working with effective retail partners and keeping Amazon at arm's length
Top Selling Categories
Limit risk by selecting products from these categories that do very well in stores.
- 5x10 Words of Wisdom signs.
- Military, Fire Fighter and Police signs.
- Primitive Sports Plaques and Sports Plaques.
- Blackwater Trading Wood Signs.
- 5s10 Military Wood Plaques.
- 5x10 Simple Signs
Also look at our TRENDING THIS MONTH page and NEW PRODUCTS page!