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So, you’re getting ready to launch a new product. Congratulations! Too bad a sizeable number of products fail.
It’s true: one market research firm cited by the Harvard Business Review found that 75 percent of consumer packaged goods fail to earn at least $7.5 million during their first year on the market. The news source then followed up on that statistic by examining more than 70 top products released between 2002 and 2008 – and finding that a significant portion were no longer being sold.
Learn from the mistakes of others and launch a brand that grabs people’s attention.
Of course, shoppers may not realize how poorly many products do, or how high turnover can be. The Harvard Business Review cited consultant Jack Trout, who once remarked that the average American household buys the same 150 items for 85 percent of its household needs.
So how can a new product launch hope to succeed? Don’t worry – just because many businesses experience failure doesn’t mean you’re doomed to follow suit. Learn from the mistakes of others and launch a brand that grabs people’s attention.
Market your product to create a great first impression
Some product failures can be chalked up to supply issues or other problems within the business. But a failure of marketing often shares part of the blame. Creating something useful that works well is often only half the battle. The next step is to make sure that it gets noticed. The are many factors that go into the work of boosting a brand, but a clear product label is one that must not be ignored.
Here are three questions to ask when making such a label:
If you want your product to have the best chance at success, you need a custom label that stands out. For that, your business needs a high-quality printer. At DuraFast, we carry a wide selection of printers and printing supplies to help your labels stand out. Contact us today!