When a company goes all out to introduce a new product to an established market, there can be some unexpected – and unfortunate – blowback. Some customers may feel pressured to exchange loyalties, pursuing the new product in lieu of the old. Torossian has some tips for companies launching new products who want to make sure their established brands are protected
Never Compete Against Yourself
When a new product enters the market, the possibility that it will cut into your current market share should be a paramount concern. To mitigate or minimize this, you must establish the new product on its own merits, not as a counterpoint or competitor to your established product. It should be positioned as an independent option meant for a specific market, not a competing option.
Find Strength in Uniqueness
Even though there will be an obvious reason why the new product has been researched, developed and released, that should not undermine or negate the uniqueness and worth of the established product. Ronn Torossian and 8th largest NY PR agency 5WPR says that PR should consider ways to re-position the current product based on its well-established merits.
Celebrate the Established Product (and customers)
Sometimes product changes or new line introductions are the result of an emerging or evolving market. When this is the case, it is even more important to celebrate the established product and honor the customers who made it a hit. Even when the company is going in a new direction, your PR can reflect a respect and appreciation for those who have supported you thus far. It may be advisable to give those loyal customers a forum. It may be possible to find a niche product or service that can appeal to them even as your market focus is moving on.
Reassure the Established Customers
Make sure that your current consumer market feels appreciated and not alienated by the move. Sure, your market may be evolving, but there is no reason to jettison those who have supported you to this point.