FMCG launches need attention
Research unveiled earlier this month has highlighted how much more FMCG brands need to do to successfully launch new products – and capitalise on public demand. Over a third (35%) have heard about a new food/drink/household product they wanted, but have then been unable to find it in store.
In addition, three quarters (74%) of consumers are excited by the prospect of trying a new product, but only 28% could name a product launch they remembered.
Two thirds (67%) also say they’re more likely to buy a new grocery item if they’ve tried it out first. The main factors that encourage shoppers to try new FMCG products are special offers and promotions (chosen by 45%), enjoying trying new things (42%) and a new product coming from a brand they already like (24%).
The research also revealed that around a quarter of consumers (28%) like seeing re-launches of old or discontinued brands such as Wispa, but around one in ten (9%) think those re-launches aren’t done well. One in five (21%) even see them as cynical attempts to cash in on nostalgia.
Jo White, managing director at Five by Five, which commissioned the survey, comments, “The appetite for new products and services is clear for all to see, especially in the FMCG world, and a great launch should be the springboard for success. However, the fact that so few have been truly memorable shows there’s a huge opportunity for brands in this area. There’s also a concern when brands put time and effort into their launches but the sought after new products then can’t be found in the store.
“Launches can be highly stressful, terrifying, exciting and wonderful. The best ones have a unifying golden thread, tell a meaningful story and are highly coordinated. Consumers want to see new services and items on the shelf, which puts the onus on marketers and brands to make sure they arrive with a bang and not a whimper.”