Even during the very best of times, launching a successful CPG product is a challenge. Despite the challenges and perilously low new product success rates, manufacturers and retailers continue to enhance their new product development initiatives…and for good reason. After all, new products create buzz and excitement, help consumers with their daily lives and build and strengthen brand loyalty. In today’s world, the success of new products is dictated heavily by the shopper’s pursuit for value and innovation, so it’s more important than ever for CPG and retail decision makers to devote massive resources to product development, marketing, merchandising and promotion to communicate these product attributes.
At the upcoming SymphonyIRI Summit, my colleague, Larry Levin, executive general manager of Consumer Insights, and I will address this issue and offer insights into common attributes of the most successful new products. We will also discuss the best new CPG products of 2012 and how they managed to breathe life into the industry.
Do you have best practices you’d like to share? What was your favorite new CPG product launch of 2012? You can join @Symphiri on Twitter for a conversation about new CPG products by using #sigsummit.
The 2013 SymphonyIRI Group Summit will take place at the Wynn Las Vegas from April 15-17, 2013. You can find out more information on the agenda, speakers and breakout sessions as well as sign up to attend here: www.cpgsummit.com.