Found this great video on new product launch from HBS archive. While the video may be old, the wisdom within endured the test of time. So much of this video remains relevant to today’s marketplace regarding new product launches:
don’t spend too much time in new product development leaving no money for support
don’t fall in love with the product and never listen to the consumers
don’t be too optimistic in your forecast, so the new product will never meet that inflated expectation
have infrastructure to scale in case that new product is successful
you may need to pivot as you learn
you have to anticipate the trends and the changes in the marketplace
fail fast with beta launches
evolutionary products will be hard to break through the clutter
revolutionary products require a lot of education to get the masses to adopt
don’t just consider if your product will change the world, but consider if the world need that change?
continue to build newness, so the early adopters can continue to adopt while the masses follow
I remember when Black Friday was something special. Then, Cyber Monday was invented, but it wasn’t a big deal. Then Small Business Saturday jumped onto the bandwagon of what was once a big shopping weekend.
But what was special is no longer. Black Friday becomes Black Friday weekend. Cyber Monday became Cyber Week. And this year, Black Friday specials arrived a month early, and Cyber Monday is turning into a full month up until December 24th.
In retailers’ attempt to fight for the wallet by offering more deals, it actually ruined what made Black Friday special – scarcity.
People are motivated by value. People are more motivated by value that’s only available on a limited basis. By extending the offers, that limitation is gone. The motivation to go shop is also gone. Black Friday sales this year was weak, and so was Cyber Monday. It is the death of the Black Friday.
People’s shopping habits are changing. The only question is that marketers and retailers haven’t learned exactly how this change will take shape. Comments? Thoughts?
You may have noticed a few changes around this blog. I’ve started launching classes, etc.
This blog will remain my learning journal and where I share my random tips and thoughts. As I grow as a marketeer, I have come to realize that I have picked up a few tips and tricks that may be helpful to others. I have had several conversations with marketing novices where I realized that what would be obvious to me would be ground-breaking concepts to them. (Okay, maybe I exaggerated a little.)
So, my new experiment is to put my thoughts out there where these marketing novices may search for information. I will be experimenting with the following platforms:
This is a subscription-based learning site. Big time marketers such as Seth Godin has content on this site. All classes are video based and project based. Teachers produce video lectures, and each class has a capstone project. With monthly subscription, you have unlimited access to all the classes on the site. Use this link for a free month (I in turn get a free month).
This is another video learning site. Each class is on an a la-cart model. I will list all my classes in the Resources page, often with promo codes. In addition, if you sign up for my newsletter, you will get exclusive offers (not available elsewhere on this blog) for my Udemy classes. You can check out all my Udemy classes here.
This is also a subscription-based learning site. You should be able to find all my classes via this link.
I don’t have anything here yet. But I am writing an e-book. Once I finish it, I intend to publish it on Amazon, and maybe other platforms where people are searching for marketing information. Once my e-book is ready, my blog readers will be the first to know. Again, I will list it on my Resources page. Furthermore, if you have signed up for my newsletters, you will get notified for any exclusive offers.
Today’s consumers live in a world full of choices. They live in a world full of decisions. How do they make these decisions, and what can you do to influence them? I put together a new class Influencing Consumers’ Decisions: how to make them pick you? that will take a closer look at this question.
In this class, we’ll dive deeply into the numerous decisions a consumer make prior to actually making a purchase. By understanding this decision making process, we’ll be able to put together a plan to influence the process so the decisions would be made in our favor.
This course is available on-demand via Udemy for $29. I am offering an exclusive promotion to my blog readers. Use promo code ICD5OFF for $5 off. Sign up here.
With all the conversation surrounding Zero Moment of Truth, I thought it’d be nice to revisit a more established concept.
The First Moment of Truth was first coined by P&G back around 2005, when live was simpler. Consumers goes to the shop, shop, and make their purchase decision. The definition of this term is “the 3-7 seconds after a shopper first encounters a product on a store shelf”. These precious moment converts a browser into a buyer. This is the moment where you win or lose the sale!
To win the First Moment of Truth, the packaging has to be impactful to jump off the shelf. Consumers are close to purchase, so the job of the marketer is to make it easier for them. We need to provide a clear reason to buy and don’t get in the way of that decision (e.g. don’t over-complicate the packaging). The packaging is key here, because if they can’t see you on the shelf, their browsing would naturally take them to a competitive product nearby. So, to win this moment, it’s comes down to having impactful packaging.
In today’s world, consumers are faced with more information. Their path to purchase is a bit more complex. In today’s world, that First Moment of Truth may still happen at shelf, but it may also happen online. The packaging equivalent online is the product detail page. Does the page contain the right information to convert that browser into a buyer? The same rules apply. They are close to purchase, so make it easy for them to make that decision. You want to provide clear reasons to buy, but don’t overwhelm the shopper with information.
To learn more about packaging and how to make good packaging, don’t forget to check out the eBook Six Gotchas in CPG Food Packaging Strategy and How to Avoid Them available in the Resource section.