Innovation is important to consumer packaged goods manufacturers to ensure their long-term viability through creating products that attract new consumers and delight existing ones. To have a successful long-term product introduction, you need to have consumers be aware of your product, try your product and ultimately love it, make repeat purchases of it and become loyal to it.
Loyalty data is great for measuring a new product launch’s success. The best report for this is the Trial and Repeat report in ToolBox’s Advantage Loyalty solution. This report allows category managers and marketing personnel to view trial build for new product launches and how distribution, flyer activity and marketing in the media drives trial purchases. It also informs the user of the number of repeat purchasers of the product and the average amount of repeat purchases each of them made. The weeks with the highest number of triers speak to successful conditions that incented new consumers. The impact of promotions is also easy to discern as consumer metrics such as category conversion is provided along with number of units per transaction. If more information is required on how a particular demographic reacted to the new product introduction, Advantage Loyalty can help there too. All our loyalty reports allow isolation of demographics for reporting. So if the Energy Drinks Brand Manager was most concerned with product adoption by Males 18-to-34, that’s just a couple clicks away.
So what’s the right repeat rate hurdle to signify a successful launch? That’s dependent on the category and is best viewed by comparing against similar previous product launches the manufacturer had and, if the retailer allows viewing of it, the similar competitive launches as well. Through ToolBox Loyalty, innovation insight and marketing strategy is easier than ever to access.Tags: category management, category management reporting, consumer loyalty, loyalty analytics, loyalty data, shopper loyalty