Sep 24 2024
Retail is the first place that feels the impact of a struggling economy.
During times of economic hardship, the retail world is the first to feel the impact. When consumers are struggling to pay their bills, the likelihood that they’re going to buy anything other than necessities becomes less and less. All brands feel the effects when the economy is strained, but it’s premium and niche brands that feel it the hardest as their products are usually priced outside of their customers’ budget or deemed inessential.
Complicating matters is that brick-and-mortar stores have less foot traffic. People turn to online venues like Amazon so they can find the best deal, or even consider off-brands to spend their money on. Situations like this often lead to brands downsizing their retail footprint, if not pulling out altogether. Though this helps the company save money, it can further push the consumer to another brand through an online retailer.
Situations like this aren’t ideal if you’re trying to run a successful business. Making matters worse, depending on how your business is structured, there is still the expectation from your customers that you’re going to release something new or revitalized. Considering this factor, and considering that your brand may now be up against more online competitors than ever, there is no room for error.
It’s times like these where product testing is more important than ever.
Retail, In General
We live in a society that loves shopping. We love widgets, doodads, and products we invest our money in because we know they’re worth it. But when money is tight, it’s hard for us to buy those products and support the brands we’ve come to rely on. It’s easy for us to log on to Amazon and find a product by an off-brand that seems similar to the one we want from our favorite brand. In some cases taking that risk pays off, but in most cases, we find that product pales in comparison to what our favorite brands offer.
But if we knew a product met our needs and demands, we might be willing to spend the extra money to get a product we can rely on. When the economy struggles, everything we buy is an investment. This, in turn, becomes an opportunity for brands to invest in their customers.
For brands, this becomes a true test. As we saw during the pandemic when supply chains were impacted, it didn’t stop people from shopping – they just looked to other brands to fill their needs. The same thing is happening now because of the economy. But unlike during the pandemic, there isn’t anything impacting sourcing, logistics, or anything else that would stop you from getting your products to the consumer.
But there’s zero room for error. If you’re going to bring a new product to market in these trying times, you need to focus on appeal. That process begins by talking to the right people to ensure you’re bringing the right product to market.
Talking to the Right People
Some brands are able to get by with their current product selection for prolonged periods of time. However other brands need to either update their products or bring something new to the market in order to stay profitable. When the economy is straining their customers’ wallets this becomes a complicated business model to follow. However, by talking to the right people – brands can regain their sense of direction. By making sure they’re bringing products to market that meet their core customers’ needs, brands have a better chance of making a profit even during tough times.
Every brand has a set of core customers. These consumers are loyal to your brand because they’ve either had good experiences with your products or their friends and family have. Your relationship with these people is crucial to your brand. They’re the ones who will give you honest feedback about how your product performed or what they expected from it. The best way for you to tap into this beneficial resource is by proactively engaging these customers.
MESH01 has the means and ways to make that happen.
The Pre-Launch Product Testing Impact
At MESH01 we believe that putting your product in the hands of testers who will use it the way it’s intended can provide valuable feedback so that you can launch that product with confidence. In accessing your core customers you can conduct data-driven pre-launch product test procedures that produce this feedback and eliminate your margin of error.
What’s more, is that our platform allows your brand to brand to access this data in one place, whenever you need it. This allows you to make informed decisions without impacting your timeline and making sure you’re staying within the confluence of the market.
The old saying that “you need to spend money to make money” is true. When the economy takes a hit it might not seem conducive for your company to take on another expenditure. However, there’s never been a better time to do so. Your company is already taking a deep look in how it plans to overcome this current financial situation. By ironing out any bugs in your products through pre-launch product testing, you can bring to market a product that appeals to consumers so that they don’t end up investing in an off-brand through another online retailer.
This process not only helps you retain those customers but can also grow your customer base due to the fact that your product meets the demands you said it would. That’s appeal. And, as we said earlier, appeal is the key to success for brands trying to succeed in a strained economy.
Find Out More
If you’re a brand that wants to streamline its product development process and amplify your ability to bring a successful product to launch, then MESH01 has the answer. Our Tester Community is comprised of eager, well-informed, people who represent your core customer. Our platform makes both concept testing and pre-launch product testing easy. We’re not trying to impact your development timelines, we’re trying to make them more efficient.
Connect with us today to find out how you can raise your level of appeal, retain and expand your customer base, and succeed in business by bringing to market products that meet the demands of the people that matter.
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