Learning from others’ mistakes

The old adage ‘you learn from your mistakes’ has been adapted slightly for a more risk-adverse marketer. Instead, FMCG brands can learn from others’ mistakes, according to the latest research from Datamonitor.

Many products hit the shelves with nothing more than a whimper and are dropped within months. The reason is simply because consumers are being bombarded with brands and don’t notice when a ‘new’ and ‘innovative’ one hits the shelves.

Many shoppers find it hard to stray from their shopping lists, and stick to their old faithful, dependable brands. Online supermarket sites like Ocado let you know exactly what you ordered last time. I have to confess – and I bet I’m not the only one – that I regularly ‘tick all’ and get exactly the same shop as the time before without considering new brands.

Put simply, it can take a lot of persuasion for shoppers to try something new. Unfortunately, it seems that many FMCG companies are needlessly pumping out new products without a second thought. Between 2007 and 2009, more than 1600 products were launched, according to the research. It doesn’t say how many of those are still on the shelves, but I bet a large portion of those ‘innovative’ products have been quietly forgotten about.

Rather than being one of those mistakes, Datamonitor has studied 100 brands in detail to see what made them irresistible to consumers. Giving people a real reason to buy a brand, like having a strong ethical positioning was identified as a key reason for success.

Tapping into rituals was another reason why some brands succeeded. Rather than slashing the price, making your brand a habit for consumers can make it irresistible.

Market conditions also play a vital role, of course. Research suggests those brands that analyse competitor products, gaps in the market and other conditions are most likely to succeed.

So rather than learning from expensive mistakes, there is a long list of failures – and a few successes, of course, that marketers should study.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3703 or email customerservices@marketingweek.com

If you are looking for our Jobs site, please click here