As a consumer, we see thousands of new products on a daily basis. What distinguishes these products as new products? A new product is NOT a modification of a younger model. For example, The Curve by Blackberry is a model that has modifications and newer technology but is not a new product. A new product would be, the Blackberry Torch released earlier this year.When releasing new products, we the marketer must incorporate many strategies to help the product reach the consumer. This includes functions such as Research and Development (R&D), business analysis, and testing. So many factors play a pivotal role in the success of a new product.
When Blackberry released the Torch, much of the force behind the product came from consumer, research and market analysis. Iphone and Droid had been leading the mobile technology world in touch screen devices, and Blackberry attempted to compete with the Blackberry Storm. The Storm didn’t compete as well across the touch-screen field and thus, the Torch was created.
As discussed in an earlier blog post, products go through a life cycle- very much like life itself: Birth, Life, and death. The cycle isn’t as heavy but the cycle begins with the introduction or conception. After the release it begins to grow and reaches maturity. Unfortunately in the last stage, decline, the product loses momentum and sales decrease.
If you look at statistics and market research, decline usually corresponds to a new product release or modification. How ironic. We, as the marketer, must continually be finding new strategies and tactics to keep the product in the growth and maturity stages for as long as possible. To accomplish this, a strong effort and initiative on our end must be present that gives the product enough momentum to sell. Think of it as a rocket. If you had a perfectly designed rocket, yet no fuel, no lift would occur. If that rocket had only a small amount of fuel, it wouldn’t reach the heights it could if it were to be properly fueled. Further, if you want to get to your destination, you need to make sure there is gas in the car. Otherwise, you’re broken down on the side of the I-4 outside Orlando, Florida like I was at 17 years old.
