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:
- What does your design say about the product? On a label, you can say a lot in few words. Do you want bold colors, or something more muted? What about your font choice? This isn't just about visibility – your design will evoke reactions from the audience that informs what they think about what you are selling.
- How well does your product fit in with the rest of your portfolio? Your product should have a consistent style. You probably don't want to use four different fonts and seven different colors on a single label. But you should also be thinking about how this look fits in with your other products. Some companies like to have a consistent style, so customers can easily recognize all of their offerings.
- Will the look carry over to social media? It's no secret that the internet – and specifically social media – are the keys to marketing today. Influencers, who have thousands of active followers, can be excellent brand advocates. This means that much of your advertising will consists of pictures and videos shared on social media. Be sure that these can adequately capture the essence of your label – you might not want something that is hard to read or understand at a glance.
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!