Launching new products can be a big revenue driver, but it can also be a big cost to companies. The beverage industry is well-positioned for new products that capitalize on consumer trends, but there are several things companies should keep in mind when launching new beverage products, a panel of experts said during a recent Beverage Industry webinar.
- Old metal iron with new tag
1st Key element = Value:
Consumers are willing to pay more for products they find valuable and that make their lives better.
Consumers are willing to pay more for products they find valuable and that make their lives better.
2nd Key element = Identifying Innovators and Early Adopters:
These consumers are looking for new products and if they like them they quickly tell others.
These consumers are looking for new products and if they like them they quickly tell others.
3rd Key element = Understanding Millenials:
They look for details and unique points of differentiation.
They look for details and unique points of differentiation.
4th Key element = Planning beyond the Launch year.
A great deal of companies fail has they plan for resources just for the first year and cannot keep the momentum year 2. Example, lesser media exposures, lesser cash flow to replenish the shelves, etc.
A great deal of companies fail has they plan for resources just for the first year and cannot keep the momentum year 2. Example, lesser media exposures, lesser cash flow to replenish the shelves, etc.
Source: SmartBlogs
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