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The average American family uses about 150 products, according to marketing consultant Jack Trout. When you consider that supermarkets today carry close to 47,000 items, it makes you wonder where that leaves the other products vying for space in American kitchens.
Consumers are notoriously tough to convert, and getting their attention is a challenge. For CPG brands, this all adds up to an incredibly tough environment for new product launches.In fact, launching a CPG product is among the most difficult business endeavors facing brands today. It requires a rigorous cross-channel strategy to differentiate the product and encourage consumers to give it a try. In other words, successfully bringing a new product to market demands a relevant brand marketing conversation.
Making sure that conversation goes as planned requires expertise and an understanding of the latest and greatest tools and strategies. Here are five tips for successful product launches from the experts at Product of the Year....
Word of mouth, cross branding and integration are the marketing ways to success. Good read.