by Megan Moyer
I consider myself an early adopter when it comes to personal care items, so working at HRGÂ might be viewed as my destiny. Believe it or not, our analysts reviewed an average of 205 new HBW products each month in 2012. There are always new products coming to market that I probably need to have.
Being in the position we are in, we have an interesting vantage point on products entering and leaving the market and why some succeed while others fail. There are many moving parts to a new product launch and all of the pieces have to fall into place at just the right time.
Small and large manufacturers have similar difficulties – making sure all four marketing Ps are fully vetted and on target to create (or fit into) a cohesive brand. Market research can help confirm that everything that’s in place is on point.
Solid processes and innovation are key while a product is being created. Careful planning and understanding of where there is a void and how it can be filled start the process. Execution of the plan and making sure the need is being met in a way that will satisfy consumers is the hard part. Of course once the product is on the market, the challenge shifts to continued growth and the process starts all over again.
I encourage you to pick our brains when you are in the planning process. It’s not only our area of expertise, but I – I mean, we – like to hear about the latest innovation in the health, beauty, and wellness space.