Five by Five MD Jo White reveals consumer thoughts on product launches
Product launches are failing to entice consumers …The survey, commissioned by specialist launch marketing agency @FivebyFiveUK Five by Five, identifies consumer attitudes to and opinions of product launches. The survey polled 2,000 consumers from around the UK.
Key highlights include: 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 ..50% have even waited in line to buy a new product – with men more likely to do so than women
Research unveiled today has highlighted how much more brands need to do to successfully launch new products – and capitalise on public demand. 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.
Half of consumers (50%) have even waited in line to buy a new product – with men more likely to do so than women. Overall, 21% have stood in line to buy new technology (up to 26% among men), one in ten (10% – up to 15% of men) have actually waited in line to buy a new game.18% to see a new movie and 15% for a new book. Around one in eight women (13%) have also waited in a queue to buy newly-launched cosmetics.
The consumer technology sector was actually ranked first for building anticipation when it comes to launching something new (32% said it was best), followed by the video games industry and then the TV/movies sector. Perhaps unsurprisingly, Apple was the brand most people named as creating product launches that stuck in the memory – particularly the iPhone and iPad.
Websites were also seen as a key element of a new product launch: over half (51%) of consumers want to see online offers and/or competitions, while 38% want video content and 35% want behind-the-scenes information. Furthermore, one in eight consumers (12%) has attended a launch event, but over a quarter (27%) of those people weren’t impressed by the event they visited.
The survey of 2,000 UK adults was commissioned by specialist launch marketing agency Five by Five. It also found that people tend to favour the rational over the emotional when considering a new product: 72% went for whether or not they need it rather than how it made them feel, with women more likely than men to favour the rational approach.
In addition, half (50%) of consumers said the desire to try something new was the main reason they tried new products, followed by special offers/promotions and seeing that the product is innovative. Three out of ten (29%) have even pre-ordered a new item to get it as early as possible.
Jo White, managing director at Five by Five, comments: “The appetite for new products and services is clear for all to see 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.”
The research also revealed that around a quarter of consumers (28%) like seeing re-launches of old or discontinued brands, 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.
And interestingly, social media was not seen as a priority by consumers when it comes to new launches: only 4% base their buying decision for new items on social buzz and only 9% want websites for new products to contain content they can share online.
White continues: “Launches can be highly stressful, terrifying, exciting and wonderful. The best ones have a unifying golden thread, tell a meaningful story and are highly co-ordinated
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.”
The research also identified key trends in product launches in a number of major sectors:
Consumer technology
- 31% of consumers like to see tech launches fronted by the company’s CEO
- Innovation is primarily what encourages the purchase of a new item – a third of shoppers (33%) buy new tech if it does something no other product can do
Grocery/FMCG
- Over a third (35%) have heard about a new grocery/household product but then not been able to find it in-store
- Two-thirds of consumers (67%) are more likely to buy a new item if they’ve tried it out first
- The number one purchase driver for new products is special offers/promotions
Films/TV shows
- Women are considerably more likely than men to see a new film/show because it features a particular actor they like
- Interest in new films/shows primarily comes from seeing trailers and promos, whereas only 5% say they watch because they heard about it on social media
Video games
- Four out of ten consumers (41%) try out new games before they buy
- One in five (21%) want to see more creativity and innovation in how video games are launched
Fashion
- The top three factors that encourage people to buy new fashion wear are clothes that are similar to what they already buy, special offers and good reviews.
For more information, visit: http://www.fivebyfiveuk.com/
Twitter: @FivebyFiveUK
New product launch graphic by Shuttlestock
