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Get a bigger lift from new products

Get a bigger lift from new products

This week? A new angle on new products. They are the life-blood of food retailing. They generate 3% to 5% of total store sales each year. So, here are some ideas for how to get a better share of new product business with just a little more effort.

(Image by Thinkstock)

I recently saw an ad for a new type of toothpaste that promised “enamel health” recently. It was my brand, so I was intrigued. The ad described the product’s benefits, but said nothing about who should use it or how. (Does it replace what I’m using now, or do I use it in combination?) I’m always curious about dental health, so I thought I’d go to the manufacturer’s website to learn more, but life got busy and I forgot about the whole thing.

This experience made me think about the opportunity retailers have to help their customers learn about and try new products — ideas based on more effectively merchandising new products in-store and then using digital to draw shoppers to it. 

In-store this could involve:

• A special display devoted to new products.

• A demo area devoted to a new top product each week.

Online it might look like:

• Highlighting new products in the circular and, better yet, in the personalized digital circular.

• Creating social groups of customers to try new products and offer reviews.

Sure, all of these efforts take a little more work, but they also hold the potential to generate a lot more sales. At the same time, they make coming to the store more fun and rewarding.  These days, when few parts of the store are growing, can you afford to ignore opportunities to encourage your customers to learn about and try new products?

What are some ways you generate excitement for new products?

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