New Products and The Pivotal Consumer
Who Drives New Product Success?
Top-selling new CPG products depend on extremely small consumer concentrations to drive sales volume. These top buyers will make or break your product launch. Yet, just 1 out of 67 shoppers drive 80% of sales for the average top-selling new CPG product. Where can you find these cherished few who will make or break the success of your next launch? How does cannibalization effect line extensions? How can you find your high-value consumers?
While there are a variety of success factors for any new product, finding and motivating buyers are always high on the list. To assist CPG manufacturers, brand managers and retailers in this effort, Catalina recently examined the consumer purchasing dynamics surrounding 25 of the top new product launches of 2010 across a variety of departments, including frozen foods, boxed dinners, dairy, bakery, snacks, and beverages. Our study is based on a full year of product sales following each launch as observed within 20,000 food, drug and mass stores, representing a portion of the Catalina Network.
A few highlights of our report:
- Just 1.5 percent of shoppers made up 80 percent of volume for the average new product in this study.
- Top category buyers were 3.8 times more likely to try a new product than the average shopper.
To read more about these insights and many more, download the report by completing the registration form below.