During the NFL draft, many NFL organizations are looking for that unrecognized blue chip talent to energize their team. Similarly, many frozen and dairy buyers are looking for blue chip new products that will drive incremental category growth and profits. Here is a systemic way to separate the new product pretenders from the contenders.
What do best in class manufacturers do to develop winning new products?
Just like grocery retailers use shopper insights and category management to drive sales and profit growth, best in class new product companies all share one thing in common – deep consumer insights and knowledge. However, many times consumers can not articulate current product shortcomings without manufacturers going the extra mile to discover these hidden consumer need gaps. When evaluating a new product introduction, look to see if the manufacturer has done their homework in the following areas:
- Have they done a comprehensive consumer attitudes and usage study?
- Do they identify a major consumer need gap or problem that their new product solves?
- Has the product gone through an extensive product testing and verification process?
- Is the target consumer and their shopping habits clearly identified?
- Does their packaging and marketing communications program articulate the product’s attributes and benefits?
- Does the product deliver on taste, appetite appeal, and healthfulness parameters?
- Is the introductory marketing program strong enough to drive significant consumer awareness and trial?
“How to Spot Blue Chip New Products?” series…
- Part 1 – What do best in class manufacturers do to develop winning new products?
- Part 2 – What should I be looking for in a new product?
- Part 3 – What should I delist to make room for new products?
- Part 4 – How can I get manufacturers to bring innovation to my Private Label business?