Making “New” Last Longer
In this month’s editorial “What’s New With You,” I wrote about the power of “new” and how positioning new products effectively can make a big impact on the shopping experience you create. To stay along those lines, an industry friend sent me a link from RetailWire that discussed making new products last longer.
This retail blog post, sponsored by Proctor & Gamble and titled “Benefits in Making the Excitement of ‘New’ Last Longer,” had some interesting things to say, such as:
New items deliver 70 percent of category growth and half of same store sales.
A significant amount of consumer trial still occurs six months after and beyond the launch date of a new product. (This window of time, the write-up notes, provides a huge opportunity “to give shoppers a reason to try new items that are already very successful and therefore provide the benefits of ‘new’ longer to the retailer.”)
A couple years back, Proctor & Gamble looked at ways to encourage consumers to try recent new items, since more than 60 percent of shoppers repeat purchases of a product where they made their first purchase.
P&G developed a multi-category solution to lengthen the “win” for new products. They called it “Have You Tried This Yet?” and its platform included digital, print, TV, search, in-store materials and PR — all designed to facilitate a second wave of support 6-18 months after an intitial new product(s) launch.
Now in its third year of implementation, P&G is pleased with the incremental trial and retailer results its program has been able to stimulate. To learn more about the “Have You Tried This Yet?” initiative, click here.
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