With the millennial group becoming the generation with more buying power in the European market, it’s more important than ever for marketers to understand what makes millennials willing to open up their wallets. Also, for companies to remain relevant, it is essential that their products satisfy the ever-changing needs of millennial consumers. A failure to meet these demands can hamper the overall growth of the company. Therefore, companies are partnering with market research firms like Infiniti Research to leverage their expertise in offering new product development solutions to launch a new product in market satisfying the needs of the millennial group.
4 Millennial Shopping Trends Your Business Needs to Keep Up With
Our client, a leading consumer goods company based out of Central Europe that offers authentic and accessible food to customers, faced stagnant growth and rising competition in the rapidly evolving market. With evolving millennial food interests, from the rise of superfoods, to experimentation with flavor and form, to an increased interest in organic options, the company found themselves striving to develop and produce products specifically for this specific consumer group. In order to prepare for a future in which satisfying the ever-changing needs of millennial consumers is essential, the client approached Infiniti Research for a solution. With Infiniti’s new product development strategy, the company wanted to develop and produce products aimed at millennials. Also, they wanted to study the market and create an efficient innovation process that puts the consumer at the center of its thinking and product development.
To help the client introduce a new product for satisfying the millennial customers’ demands, the experts at Infiniti Research adopted a comprehensive four-phase approach. The new product development strategy involved determining market potential, securing approvals, developing product life cycle stages, and product tracking. Also, the experts conducted an ethnographic study of global emergent consumer tastes and food cultures in the European market.
Armed with new consumer insights, the company was able to conceptualize, produce, and release a series of products for millennial consumers. Our new product development strategy also supported the company to begin a health-centric overhaul of its current and upcoming products. The company also introduced new organic offerings in their meal, snack, and beverage categories. By placing innovative consumer-centric thinking at its core, the company has emerged as a robust food brand for the modern consumer.
With Infiniti’s new product development strategy, the company was able to strengthen their reputation as a resilient and modern food company. Also, they were able to enhance their sales rate by 33%.
What is new product development?
New product development is the process of bringing a new product to the marketplace. The process of new product development involves, conceptualizing, designing, developing, and marketing a new product or service. Having a well-defined plan for new product development can help businesses generate high profits. Today’s businesses need to engage in an new product developmet (NPD) process due to changes in consumer preferences, increasing competition, and advances in technology or to capitalize on a new opportunity.
What are the Stages in New Product Development Process?
Bringing up a new product to the market can make a huge difference in a company’s sales rate. But, certain businesses fail while trying to launch a new product in the market. Have you ever wondered why? New product developments are extremely challenging. Therefore, companies must follow a step-by-step process while bringing up a new product to the market. Below, we have listed up the stages in the new product development process.
Stage 1: Product idea brainstorming – Conducting market research and consumer surveys play an important role in this initial stage of new product development process. It is imperative for businesses to analyze products that customers are looking for. Therefore, better market research of the target customers can help companies uncover the needs of their customers.
Stage 2: Analyzing customers’ reaction towards similar products – Analyze the top competitors marketing similar products and study customers’ response and demand towards similar products.
Stage 3: Business analysis – Business analysis is a very important step in new product development process. Here, detailed business analysis is done. This helps the company figure out whether the new product would be commercially profitable or not.
Stage 4: Product development and distribution: In this stage of new product development process, production department makes plans to produce the product and marketing department makes plans to distribute them.
Stage 5: Commercialization: This process involves advertising the new product on mass media like TV, radio, newspapers, magazines, and more.
Stage 6: Review of market performance – In this stage of new product development process, company must continuously monitor the performance of the new product. They must make the necessary changes in their marketing plans and strategies continuously.
CONTACT US to learn more about our new product development strategy.