By Daniel Hunter
Nearly three quarters (74%) of consumers are excited by the prospect of a new product launch, but just 28% end up remembering them, according to new research.
Marketing agency Five by Five found that half of consumers have even waited in line to buy a new product (Apple fans, we're looking at you!) — 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 (see!) 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 with over half (51%) of consumers wanting to see online offers and/or competitions, while 38% want video content and 35% want behind-the-scenes information.
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.
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, said: “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.”
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