5 Things Every Retailer Wants to Hear About New Products
Products are results of ideas born out of a creative mind or an exploratory mind. New products are often faced with an uphill task of competing with the already rooted and known products, hence the prospect of the products becomes a concern.
The greatest concern with which every new products is faced with is how do we sell or market the products. For every products there is also a competitor and therefore every manufacturer seeks to better the substitute in quality and perhaps quantity
Simplicity is often the beauty of success and hence every manufacturer must explain to a retailer the following:
1). Expiry Date
Retailers desire to know if a product is perishable or non- perishable, products which are perishable will be given special attention, retailers also are on the look out for the expiry date of a product, perhaps it’s short or long.
2). Competitive Advantage
The beauty of business is in creation and recreation and hence Manufacturers must seek to be ahead in technology and innovation. Retailers seek to know what makes the particular product better than others as well as other benefits which offers which other substitute products lacks.
The value of a new product in quality and quantity must be fully understood by the retailer and explained in the most simplest form.
3). Targeted Population
Retailers seek to know the targeted population for product as these help to know where the bulk of the advertisement will be directed to as well as the advertisement techniques.
The target for products varies, such as a specific gender, children, youth or adults. Products such as drugs in the syrup form are best targeted towards the children while those in tablet form are best targeted towards the adults.
The females are the best selling point for fashion and cosmetics and precisely, teenagers, hence each new products addresses the problem being faced by a certain targeted population.
4). Cost Effectiveness
Retailers seek to know the the amount of profit they’ll make from selling a product. Retailers have a relatively high running cost, hence desire to know the discount he’ll get from selling a product. Businesses are profit oriented. All entrepreneurs are into business to make profits.
After the value, uniqueness, targeted population as well as the solutions to which the new products offer, retailers seek to know how accessible a new product is, as well as an assurance of continuous availability of the products.
New products whose availability is seasonal and are stressful to acquire by the retailers have limited lifespan in the market competition.
Retailers seek to know the ease with which the new product can be acquired as well as the channel to follow in acquiring them. Having a stress free and simple channel to get new products increases the prospect of new products and hence gets the approval of retailers.