Products, need to be upgraded otherwise they would not survive in the market. Therefore, the corporate research and the development sector has to play a significant role in this case. Improving the product to satiate the consumer’s need is a long and a complicated process. Thus, it involves few key concepts, which most of the corporate sector follows. Few of the key concepts are as follows:
- Naming the next generation product is an important thing. Thus, the organisations adopt a two-way process. The first important way is to go for the sequential approach. The second method is changing the name altogether. If the company carries on with the subsequent naming process, then the customer expect an improved and a better product from the organisation. Things are different in the case of a name change. If the name of the product is entirely changed then, the customer expects something new. They expect new features in the product.
The iPhone series had always maintained the sequential naming process.
- It is important for the organisation to weigh both the risks and the rewards before launching the upgraded product in the market.
Brand is more important than the features
Very few people will have a look at the features of an iPhone. The reason is very simple, the brand name. Most of the people only had a glimpse of the features. The brand name attracts most of the consumers. The following name of the product, therefore, is a way to stick to the brand name. Thus, today the consumers have iPhone 5 and iPhone 6.
The change in the brand name increases the expectation of the users. Thus, many risk factors are associated with the changing of the brand name. Most of the time the expectation of the consumers are very high, and if the organisation fails to fulfill that expectation, then they face a significant loss. So, if you have a look at the advice provided by the experts, you will find something that is very striking. Most of the experts believe that if you are not coming up with a revolutionary change in the model, then it is better to stick to the following brand name. The changed brand name will increase the expectation to such a level, which the company may not be able to fulfill.
The experts also warn you, when you are sticking to the brand name. Your competitors will adopt the same technique as well. For example, if the market today has the iPhone series then it also has the Galaxy series as well. So what should you do now? Well, you could adopt the name change approach, as Microsoft did. After launching Windows 2000, they launched Windows XP and Windows Vista. But when Vista did not prove to be successful, they again went back to sequential naming process and launched the Windows 7.
So, you can follow this procedure. Stick to the brand name. If you see that your competitors are doing the same, then you could go for a name change. If that fails to provide you with success, you could return to your sequential name. It is as simple as that.
Marketing the New Product
The new product that is launched in the market should be promoted in a proper way. The new product is associated with creativity, innovation, and hard work. So, you should promote it in a proper way. You should make sure that the new product that you are launching in the market becomes the necessity of the consumers. Market it in such a way that the functionality of the product attracts the customers, and they should think of having the product at any cost.
You know your products have the certain potential. Thus, the product will fulfil particular needs and the purpose of the customers. Now share this information with your client. The unique way you chose will make sure their clients will be attracted to you. You could take the example of Oona. The organisation wanted to sell their smartphone stands. Thus, they released a video, which shows the various kinds of purposes that are being fulfilled by this new product in different places and time.
After you have launched the new product, be in touch with your consumers. Today it is not that difficult. Stay connected with them through social networking sites. Seek useful advice and suggestion from your potential customers and from those who are already your customer. It will allow your customers to be always excited about your products, both the on which is already launched and about the new product.
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BizWest. (2016). Gaiam completes sale of division to Sequential Brands; changes name to Gaia – BizWest.
Diffen.com. (2016). Windows 7 vs Windows Vista – Difference and Comparison | Diffen.
Entrepreneur.com. (2016). business – The Basics of Branding.
Pauwels-Delassus, V. and Mogos Descotes, R. (2013). Brand Name Change: Can Trust and Loyalty Be Transferred?. Papers.ssrn.com.