Launching new products in the New Year can be quite an adventure, it's no secret that the road to success for any NPD is filled with many bumps and mostly arrives at a dead end. As reported by Harvard Business Review, a staggering 90% of new products face failure within their first year, despite the substantial investments by FMCG manufacturers in R&D, marketing, and advertising.
To help your new products have the best possible start in the New Year, we'll explain the crucial role of consumer reviews. Here are four compelling reasons why securing a good number of consumer reviews as early as possible is essential for the success of your new offerings.
PS For even more on why reviews are critical for NPD, see our post 10 Reasons why Shopper Reviews are vital for Successful New Products.
To build Consumer Confidence
When consumers encounter new products, they often wrestle with uncertainty. They ponder questions like, "Will I like it? Is it worth the cost? Will it do the job well?" To address these concerns and establish trust, it's vital to provide detailed and relevant reviews. These reviews not only offer answers but also alleviate the uncertainty that shoppers face, significantly increasing the likelihood of them making a purchase.
For new products, in particular, which are inherently unknown to shoppers, consumer reviews serve as a beacon of reliability. By reading about the experiences of others, potential customers gain insight into the product's quality and whether it's a worthwhile price, especially in these difficult times. Brands should aim to encourage comprehensive and helpful reviews as they play a crucial role in building trust. A product with only a few poorly written or unhelpful reviews is unlikely to inspire confidence. On the other hand, a collection of detailed and descriptive reviews can be a game-changer, bolstering sales and enhancing the product's reputation.
to drive consideration
Product ratings and reviews are retail media because they play a significant role in influencing consumer behaviour and driving sales within the retail ecosystem.
It is not just the fact that reviews sit next to your products that make them retailer media. It is the fact that you can take action to ensure your products are fairly represented, but unlike advertising, this is not about the short term. Your digital marketing bursts or search term bidding often only runs for a few weeks, your reviews represent you all year long and can be managed on on-going basis.
For your NPD, those first reviews are absolutely what potential new shoppers will want to read. Get the right reviews at the start by actively engaging a reviews supplier. If you think you can wait, it is worth knowing that it takes 18 months to get 30 organic reviews in Tesco. By then you are already delisted. Getting a good number of representative reviews early, encouraged trial, the key action you need from shoppers at launch. Reviews are read in all categories and by shoppers in-store and online. As a result, they are vital to the success of your NPD.
To Create an Aura of Popularity
Obtaining reviews early on helps create a positive perception of a product's popularity. When a product accumulates 30 reviews quickly, shoppers will assume it must be selling well and, by extension, must be a high-quality product. This perception of popularity can significantly influence their decision to make a purchase. Timing is of the essence here, as reviews should be secured when your advertising efforts reach consumers, typically 4-12 weeks after the initial product launch.
The concept of the "wisdom of the crowd" comes into play, where consumers believe that if many others have tried and reviewed a product positively, it must be a worthwhile choice. Therefore, as a brand launching new products, you should prioritise the rapid accumulation of reviews to capitalise on this psychological effect.
to keep up with the competition
As the number of ratings and reviews on supermarket websites continues to rise steadily, staying competitive is paramount. For example, Tesco currently boasts an average of over 32 reviews per SKU. To remain at the forefront of the market, it's crucial not to fall behind in the race for reviews. Services like CheckoutSmart can be instrumental in helping you gain a substantial number of reviews, ensuring your new products garner the attention they deserve in a highly competitive environment.
Brands that prioritize obtaining and managing reviews effectively gain a distinct advantage in the marketplace. By staying ahead of the competition in accumulating reviews, you can ensure that your new products stand out and capture the attention of relevant shoppers.
HOW GET REVIEWS QUICKLY for new products
We have 2 ways to help brands get reviews quickly:
- NPD - Pre-Launch - If your products are available pre-launch, we can have shoppers try them and write reviews before they hit the stores. Once the product is launched, we can post these reviews, providing you with the fastest possible, high-quality, permanent reviews. For more information on this option, please see our website.
- NPD - Post-Launch - If you have already launched or have a product that cannot be sent out by ambient means, then we can get our shoppers to buy your products as soon as they are launched, starting the same week. They then write their reviews and post their honest feedback on the retailer site, for more on SmartReviews.
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