Do you have to introduce new products far quicker than competition
Being ‘First to Market’ has always held a certain appeal to the manufacturing and marketing side of the house – as well as in the eyes of the ultimate beholder – the consumer.
But there is a key game changer today!
The availability of the Internet…and the accompanying plethora of Social Media platforms and other World Wide Web based ‘listening posts’ have given rise to a new concept that hitherto had a lesser influence on the ‘need for speed to market.’
I am going to refer to this new concept as “The Need for Dominating Consumer Share of Mind.”
Our purchase habits have never been the same ever since the Internet enabled the World Wide Web to become that hugely successful channel for all things product…be it product information, Features, Competing Products,Advantages/Disadvantages, Technical Spec. Comparisons, Pricing, Consumer Feedback…and all literally in the blink of an eye?
So simply obsessing about getting new products out to the market before the other guy blinks…may be an obsession whose time has long since passed…
We need to dominate our existing consumer/future potential consumer’s mind well in advance of putting anything out in the market. We must inform them (well in advance) what we are about to launch, using the most seductive means available to us, and ‘wow’ them with the sheer uniqueness, value, lifestyle options the new product promises them. All this literally in advance of any product launch.
We then need to maniacally monitor this process to ensure we are truly achieving the sort of advance dominance of our Consumer’s share of mind, and that they are waiting with bated breath for the product to become available.
Witness Apple’s launch of the new, larger screen IPhones and IWatch…which launched to the largest ever record for sales in a single Quarter – upwards of $ 42 Billion???
So any debate around the need for speed to market w.r.t new product needs to be in conjunction with “The Need for Dominating Consumer Share of Mind.”