Every year thousands of new products are launched across the world. Whether it is a Smart phone or a new brand of chocolate, consumers are overwhelmed by the plethora of options available. Every other day, you will be surprised to find new and improved products from various brands.
Over the years, brands are making efforts to increase their customer base by introducing products that meet their specific needs. They continuously try to enhance their brand image, grow and surge ahead of the competitors. Though before that, they try to figure out consumers’ needs and interests to introduce something unique.This is where product innovation comes into play.
Product innovation aims to provide value-added services to customers. The success of introducing a new or an improved product is ultimately decided by the customers. Due to this more and more brands are paying attention to consumers’ needs whenever they plan to introduce a new product.
Factors to Consider
This is one of the important questions that brands have in their minds when introducing a new line of product in the market. The solution is simple –keeping a track of consumer requirements with the changing lifestyle. Some of the brands are conducting market surveys to know about customers’ perspective and get an idea about their expectations about a particular product or service.
Marketers are making efforts to know about the point of interest of users on their products. In addition to this, brands are following the current market trends in order to introduce products that would be an instant hit among the customers.
When a brand collates the essential information related to the latest trends and customer needs, it helps in introducing a new model of product in the market. The quality and features of the products also play a major role in developing a customer base.
Another important factor that needs to be considered is the pricing of the new product. All the surveys will be worthless if you introduce something that is too expensive for customers to purchase. This is the reason why organizations should have a clear understanding of the target to generate their interest to buy the product.
Right customers will be willing to accept a product and even pay a higher sum of money if required. However, introducing the right product in the market will require substantial efforts and should look convincing to the target audience. Consumers’ income level, gender and lifestyle play a key role in identifying the right demographic.
Over the years, the idea of introducing a product in the market has changed. The global brands are using unique ideas to impress their customers by using high level of creativity that will enhance their product quality and sustain the brand value among consumers.