The following insight is from our 2017 Most Memorable New Product Launch Survey, scroll down to download the full eBook.
This year we’ve added two new product attributes to the MMNPL list to monitor how important connectivity is to buying products in an increasingly connected world.
“Connected to home WiFi” and “Connects wirelessly to other devices” are two product attributes that we believe will become increasingly more influential in the coming years.
Both these product attributes have started out strong in influencing consumer purchase decisions. Sixty-one percent of consumers surveyed said that a product’s ability to “Connect to home WiFi” would influence their decision to try or buy a new product. Fifty-one percent of consumers surveyed reported that a new product’s ability to “connect wirelessly to other devices” would influence their purchase decision.
In a world where smart home connectors like Amazon’s Alexa are opening the door to a home where nearly any electronic device can be voice-controlled, new products that connect to the “internet of things” will have a competitive edge.
The convenience and ease in which these products can integrate into or improve a person’s life makes “connected to WiFi” and “Connects to Other Devices” incredibly attractive to consumers. Products like light bulbs, refrigerators, door locks, televisions and even trash cans are getting tech upgrades that make life just a little bit easier. (Trash cans that scan the barcodes of items you toss can make a list of what you discarded so you know what to buy). Any brand manufacturing home products must do its best to innovate and integrate into the smart home lifestyle, or risk becoming relics.
Not everything is bells and whistles when it comes to product attributes. Over the past nine years, “Trusted brand name” and “Made in the U.S.A.” still remain amongst the top most influential product attributes. Sixty-one percent of consumers we surveyed said that a trusted brand name influenced their decision to try or buy a new product, a rate consistent since 2008. Similarly, the portion of consumers citing “Made in the U.S.A.” as an influential new product attribute has hovered between 50 and 62 percent since 2009. These are two product attributes that signal quality and consistency to consumers, either because they know and trust the brand, or because they trust American craftsmanship.
Consumers value quality and consistency above innovation, and these product attributes signal that the consumer can be con dent in the quality of the product that carries them. Brands with a high rate of customer loyalty or high-quality products still must seek innovation, but not at the cost of the quality people have come to know and trust.