“Innovating on established brands that are already trusted by consumers can be a powerful strategy,” said Rob Wengel, Senior Vice President, Nielsen Innovation Analytics. “Companies spend millions of dollars on new product innovation, yet two out of every three new products will not be on the market within three years. Marketers and retailers can deliver successful new products by ensuring they uncover unmet consumer needs, communicate with clarity, deliver distinct product innovations, and execute an optimal marketing strategy.”
Half (50%) of global respondents say they are generally willing to consider a new product purchase, with respondents in North America and the Middle East/Africa (57%) most enthusiastic about making a switch. Nielsen’s survey shows that value and proof-of-concept make a difference: more than two-thirds (64%) of respondents say they would consider value or store-brand options, and two-thirds (60%) will wait until a new innovation has proven itself before making a purchase.
“Consumers are enthusiastic about adopting new product innovations but somewhat apprehensive about embracing new brands,” said Wengel. “In order for consumers to adopt new brands, marketers need to launch very strong awareness and trial-building campaigns, supported by a positive product experience. Generating positive word-of-mouth endorsements are important, because negative experiences can significantly diminish the likelihood of new product success.”
While there is no one-size-fits-all approach to developing a compelling new item, brand familiarity is clearly one of several key characteristics that resonate strongly with consumers so that products are easily recognizable on the shelf.
- Popup rides: Glamour has teamed up with YSL and Lancome to offer free taxi-shops for Fashion Week. Just download the app and swipe your mobile phone to snag your very own beauty cab.
- Don't forget men$wear: Ace Hotel teams up with Martin Greenfield Clothiers for a two-day bespoke pop-up tailor service.
- Charming presentation: Lauren Moffatt sent her models back to school for Fall.
- Product launch: Miu Miu has created a limited-edition bag collection to fete Fashion Week.
Indian women may wear Western dress during the day but for weddings and other formal occasions they often prefer to wear six-yard (five and a half metre) saris, reflecting the strong pull of tradition. "This is part of our effort to connect to India's culture and to the tradition of elegance of Indian women," Bertrand Michaud, president of Hermès India, told AFP. "It is not a marketing tool, we won't make a fortune with them," he said.
There are a total of 28 saris to the offering, with one line priced at 300,000 rupees ($6,120) and a second priced at 400,000 rupees ($8,158). The sarees are designed by Sunita Kumar, wife of former Indian tennis player Naresh Kumar along with Hermes' in-house designers. Each sari is created in Paris and made of a variety of fabrics, from cashmere to twill silk.
The company's sari launch comes after Hermès recently sought to bolster its presence in India by opening a flagship store, one of its biggest in Asia, in Mumbai. It already has two outlets in New Delhi and the western city of Pune. Most global luxury brands in India are tucked away in five-star hotels or malls but Hermès chose to open its Mumbai store in a renovated colonial era street-level building.
"We want to be part of Indian life," Michaud said.
The signature artwork (seen above), by AVAF Creative Director Dennis Freedman, will be featured on holiday shopping bags and packaging.
We think this campaign, which brings together several creative talents, is a much needed improvement over last seasons drab "Have a Foodie Holiday" boondoggle in association with the Food Network.
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