Does Your New Product Idea Have a Wow Factor?
For a new product to be successful it has to get noticed by its potential customers. Obviously if nobody notices the product it has little chance of success. As you go through the new product development process think about the type of person who would buy it in a store or through an online website. What about your new product stands out? What about the new product sizzles? Is there something about your new product that consumers are going to really be intrigued by?
There were a number of new products that had an obvious “wow” factor” such as the iPhone and Tesla all electric car. The whole world was wowed by these new products. There are other products, however, that had a “wow factor” only to their specific target audience. These products are equally impressive and attention getting but only to their intended customers. It is likely that your new product will fit into this category.
The FridgeFresh by BerryBreeze is an example of a product that was successful because it has a “wow factor” to its intended customers. What makes this product amazing is that it eliminates any odors in the refrigerator and keeps produce in the refrigerator fresh 2-3 times longer than normal. One of the problems with buying a lot of fruits and vegetables is spoilage. Many people bring produce home, put it in the refrigerator and after a few days the uneaten produce is wasted through spoilage. They often smell foul odors in the refrigerator and notice mold growing on the fruit and see that the vegetables are turning rancid. FridgeFresh significantly reduces this problem.
The target audience for FridgeFresh is consumers who purchase a lot of fruits and vegetables and keep them for a long time. People who do a lot of Asian cooking are also a target customer because of the products they buy. Kimchi, for example, is one of the most well-known Korean dishes and is stored in many household refrigerators. Because it is made from fermented vegetables it can leave a stinky smell in the fridge. The same can be said for some Chinese dishes such as stinky tofu or thousand year eggs and some Japanese dishes such as salted-dried kusaya fish. There are many other foods that can result in foul odors in a refrigerator. FridgeFresh is a “wow” to these consumers because it solves a significant problem for them.
In conducting research on your new product to determine its likely success you should carefully look at the reactions toward the product by your target customers. Is there something about the new product that results in a strong positive reaction by these key potential customers. Do they say “wow” when they are first exposed to the product? If so, you have a clue as to the likely potential success of the new product after it is launched.
Good luck with your new product.
Winslow Bud Johnson
Stamford Marketing Group, Inc.
Note: If you would like professional help in determining the likely success of your new product give me a call at 203-348-2356 or send me an email at firstname.lastname@example.org. The Stamford Marketing Group specializes in evaluating new product ideas. Over the past 40 years we have helped over 50 sophisticated companies throughout America, Canada, Europe and Asia predict the success of their new product introductions.
Artwork by Erich Ferdinand – https://tinyurl.com/ybadmue3