Everyone knows how hard it is to create new products with real appeal and get them to the market place in a shape that will make money. So how do you create products that have appeal and protect you from competition?
- Have you identified a completely new need that the consumer really responds to?
- Can you satisfy that need in a unique and ownable way?
- Can you deliver that new product without compromise?
- And can you communicate all this promise to the consumer in a dazzlingly effective way?
British brands like Green & Blacks, Innocent, Gu, Fruit Shoots, and retail brands like our own Tesco’s Finest have all done this, and done it very well, whilst Nespresso is a great example of an international company doing the same. When Nespresso launched into the retail market it provided a solution to a consumer need, Barista quality coffee at home. It satisfied that need in a unique and ownable way. There was no compromise of any kind in execution. Nespresso was communicated in a compelling and unique way. Perhaps it isn’t a surprise that it is now a £2bn per annum brand.
Brands that follow this path have other benefits as well. A product that satisfies a new need has no competition, and so it can set the price point for the market and avoid price pressure.
A genuinely unique solution will be difficult to replicate, thus delaying the arrival of own label competition. It is also easier to sell to retailers, continually looking for genuine innovation, often the bolder the better.
So when you take a look at your brand, or your new products, have these success factors in mind. You’ll be doing it for very practical commercial reasons.
When Honey identifies a unique new consumer need we know how to design to meet this need, defining the product, its presentation and experience to satisfy the consumer. With a genuinely new need the solutions are easier to find and protect for you.
We can work with you to ensure that the product is a unique and ownable expression, proving creative input and providing honest objective feedback to help you on the development journey.
We apply the same considered critical assessment of the product as it nears completion and help you avoid the compromises that can dilute an effective delivery.
And having been with you on the journey we are in a unique position to communicate your precious new product in a dazzling effective way.
