The success of a new product launch can be highly dependent on a brand’s ability to get any new offer right for their target audience by addressing what they look for. However, success is not limited to the quality or how innovative/ground-breaking the product is; it also requires an effective plan on how to market, position and sell it. Hence the need for a strong, well thought-out go-to-market strategy.
The Challenge: How to ensure you reach the right audience
There is a lot that goes into play to get the formula right to ensure a new product’s success. Brands need to understand the market dynamics as well as what consumers want and how to reach them in order to identify the need, develop the right solution to attract the right consumer audience and position it to set the product apart from the competition. However, in today’s environment of rapidly changing consumer behaviour, it can be challenging to identify how your brand’s new offer remains relevant and reaches its target audience. Hence, businesses need to ask what
The Approach: Incorporating a consumer-centric approach to create an effective go-to-market strategy for your new product launches
Euromonitor’s 4-step approach can help clients understand the consumer path to purchase, consumption occasions, shopping planning and moment of decision, to inform new product launch planning:
- Leverage insights and expertise to understand specific market dynamics. Explore qualitative analysis, category- and market-specific trends, as well as quantitative data points such as market sizes, price points and distribution channels.
- Through multi-layer consumer insights from sources such as social listening, surveys and focus groups, identify the factors that define consumers’ values, priorities and purchase decisions within the category/ies being targeted.
- Assess what is currently available to consumers, both in physical stores and online, to gather valuable insights on what consumers are interested in, such as ingredients, flavours, product claims, pack sizes and types, and other attributes.
- Engage directly with consumers to learn about what they are looking for, what problems they need solving, what they need or simply desire, how to reach them and what would encourage them to make a purchase, ie marketing, promotions.
43% of respondents in Euromonitor’s 2023 Voice of the Consumer: Lifestyles Survey want to engage with brands to influence product innovation in 2023
Source: Euromonitor International, Lifestyles Survey 2023
The Result: A well-executed go-to-market approach, a cornerstone of a successful launch
With this qualitative and quantitative analysis, companies can gain a thorough understanding of the purchasing preferences and behaviour of consumers and be able to confidently design and implement an effective and successful go-to-market strategy.
To learn more about the importance of consumer-centric innovation, read our blog here.
To learn more about Euromonitor’s Innovation consulting capabilities, read our white paper: Trend Analysis: A Formula to Guide Innovation or visit our consulting page for information on how to work with us.