80% of retailers have trouble introducing new products to their customers, which is quite understandable because most customers do not like change. Customers are likely to stick to one particular product especially if they have used it over a long time, even though sometimes these products may not be the best. Familiarity of those products to the customers block the penetration of new products into the system. Most times, new products fail because introducing new products to your customers can become a headache for a retailer. For your new product to be successful:
1. Uniqueness: We have already established that customers do not like change when it comes to the usage of products so to direct them towards a new product, there should be a special feature, value, attraction or a unique difference. There should be something the new products have that the old products lack in order to pull them to your new product. If your new product has a special feature, then you hammer on that special feature in the process of introducing the product to your customers. For example, new smartphones released usually have new features installed which entice customers to buy them.
2. Taste, Test and Try: Consider setting up an exhibition table in your shop where customers can taste, smell and try new products to determine if they would love them. This tactic has been sufficiently used by beauty shops, where retailers allow customers to use new products like makeup, creams, and perfumes by way of introducing them to it. It is mostly seen during the launch of the new product. You can also try this strategy during events and festivals and showcase your new products. If your new product is good, through testing, you can make sales.
3. Give aways: Customers do not like change but on the contrary, they may be willing to accept new products for free. Riding on that, you can get your new product into many homes and offices. By giving away samples of your new products when customers buy other products, they get to use these products for free and return to buy more.
4. Hype the product: Hype your product using advertisements, influencers, and brand ambassadors. Customers are 99% likely to purchase new products that they see every day whether on tv, internet, radio or whatever means possible you can use. Using influencers for your product branding will attract all followers of the influencer to buy your product depending on the trust they have in them. This might be costly but it’s always worth it when you get customer traffic for your new product.
Are you still wondering if your new product will succeed? Do not worry. Applying these few strategies will ensure your new product has a safe landing in the market.