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5 REASONS WHY YOU NEED A NEW PRODUCT IN YOUR BRANDDiscover how new product ideas can combat loss of market share and increase customer satisfaction.

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Since the recession, premium consumer packaged goods have drastically lost market share. The average company loses 20-40% of its customers each year.

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Discover why adding a new product idea to your brand is the smart and cost effective way to recover loss of market share with the following 5 reasons.

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1. Market share

Premium-priced branded packaged goods are failing to grab market share.

52% of consumers who were loyal to a particular packaged goods brand became less loyal during the recession.

In the past two years, 18% of packaged goods bought were low-priced brands.

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2. Customer loyalty

If a brand extension with new product ideas is done right, it can create favourable conditions to make a customer loyal again. A customer satisfied by a brand extension will have a greater tendency to repurchase the same brand.

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3. Increase quality

When you extend your brand with new product ideas, you extend your quality to where it didn’t exist before. Consumers will love that your proven quality makes their everyday choices easier by eliminating risk and uncertainty from their purchase. New product ideas remind consumers that you are thinking of them and anticipating their needs.

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4. Grab their attention

One of the most difficult challenges brands face today is grabbing and holding consumers’ attention. Today, the average customer is hit with 30,000 commercial messages a day.

That figure continues to grow.

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Doing something new and different, like adding new product ideas to your brand, gets you noticed. It’s brave, exudes confidence, creates buzz and keeps you at the top of consumers’ minds.

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5. The need for evolution

The market is becoming increasingly dynamic. Brands that don’t evolve won’t stay in it. Brands need to be able to compete with rivals and successfully move into new niches.

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The addition of a new product to a diversified but well-integrated and focused product portfolio can:

Boost profits by increasing market share quickly

Increase brand awareness

Reinforce the parent brand by reinforcing brand identity

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Find out the best way to introduce your new product to grow your brand effectively with our free eGuide:

Your FMCG product portfolio growth plan

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