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Speed Dial: 60-Second Marketing Insight Newsletter
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Which new products caught your attention in 2009?
Think back.
Take a moment.
Hmmmm....
If you struggled with that question, you’re not alone: “worried about jobs, pay cuts, and holding on to their
homes, a whopping 93% of respondents could not name one new product launch from a list of 50”, writes Brandweek's
Noreen O'Leary. ( Click
here and you'll see the 10 Most Memorable Products from 2009, per Schneider Associates/IRI/Sentient Decision
Sciences.)
Consumers may have had major distractions, but much of their new product amnesia results from reductions in
consumer insights, product pipeline research, & brand strategy development.
Now comes the surprise: while much of my business relates to these projects, cutbacks don't bother me when
companies are:
1) Rethinking & Regrouping. Many organizations are reconsidering their product lines,
redefining their markets, & rediscovering their core competencies. That's time well-spent.
2) Solidifying Their Base. We all know how hard it is to attract new customers. When a firm
focuses on measures that strengthen its relationship with its heavy users/core customers & deepen brand
loyalty, it can survive & even thrive.
3) Scoring Quick Wins. From line extensions to product improvements to cross-promotions, there are
plenty of low-cost, low-risk options that can sustain a brand. "We're really going after some low-hanging fruit
right now", explains my friend Sherry Polevoy, Sr. Marketing Manager at Prestige Brands and a veteran of Pepsi,
ConAgra, & Reckitt-Benckiser. It's a smart move.
These three approaches have value even when the economy is booming. Ultimately, though, truly breakthrough
products require breakthrough thinking. Because despite yard after yard of plush polyester goodness, the Snuggie
just shouldn't be one of the most memorable products available to consumers.
Let's think BIG this year!
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