By Kevin Schluth
When it comes to launching a new food product, today more than ever, getting people to try your new product is the first, and most important step, in a new product launch.
Even the most popular products in the world were complete mysteries at one point. While there are many different ways to launch a new product, all new product success starts with trial. There is no ‘word of mouth’ marketing if you can’t get people to try your product in the first place.
In a world of tweeting, blogging, smartphones and all other forms of instant messaging technology, there is something to be said about a good old-fashioned Free Standing Insert…or FSI. A tangible and visually appealing piece of paper that tells consumers: ‘give us a try and we’ll take a couple bucks off.’
While print media in general, and newspapers in particular, are struggling to maintain profitability, people still use coupons they receive in the paper or in the snail…I mean mail.
Compared to the first half of 2008, CPG marketers continue to allocate the largest share of coupon distribution to FSI’s than any other media. In the first half of 2009 86.2% of coupons were distributed via FSI’s, compared to 13.8% via ALL other media.*
Refrigerated foods increased the amount of coupons by 16.8% and frozen foods increased the amount of coupons by 41.5% in the first half of 2009.*
Also, coupon usage is no longer dominated by women. Current stats show that men are closing the gap by accounting for 45.3% of coupons used with 54.7% for women.*
FSI’s are a cost-effective way to introduce your new product to the buying public. By including a high-value coupon, you are creating a low-risk situation for consumers to try your product, and positioning your brand as one that understands the economic hardships of Mr. & Mrs. Consumer.
FSI’s are a great tactic to drive trial and raise awareness, but they cannot sustain your new product launch alone. They should be used as part of an overall collection of tactics used to market your new product. Integrated marketing approaches using multiple forms of media are always the best plan to launch a new product, but FSI’s can assist in one of the most important parts of a launch…getting potential customers to try the product.
*Source: Valassis