Welcome to Cola War in Nigeria Day 11…
It is said that you cannot continue to do the same things the same way & expect a different result. Companies who want to increase sales in a competitive market must develop new products. Consumer taste change hence you must give something new.
Consumers sometimes get tired of taking the same thing. People grow and hence changes come and this can result in changes in consumer behaviour. To this end, an organization that will win this Cola War must be willing and ready to give consumers new products based on feedback.
Developing new products helps you beat your competition in the game because you’re giving consumers varieties & they have opportunities to make choices. Keeping a product line over a long period of time makes consumers get tired & it may soon become stale in their sight
Human nature likes trying new things. Consumers may get bored seeing the same kind of offerings over time. The result of this is a switch to another brand if they are offering what appeals to their taste and satisfaction. Coca-cola had a lot of varieties in the 80s.
You will recall that Coca-cola had the Fanta brand having a lot of flavours including Chapman, Apple & a host of others but they were later withdrawn from the market however the advent of Bigi Cola brought about a lot of these flavours & I believe it’s giving them an edge
The most important leverage of product development is that it enables your brand to stay relevant to its consumer base. If your organization is not creating something new, your competitors will do and they will take your consumers away from you.
Consumers are only loyal to what satisfies them. Be sensitive to the changing needs of your consumers and use the information gathered to develop new products. Don’t stick to the old ways of doing things and expect to win the war in an ever-changing environment.
You will surely be able to increase your revenue when you continuously excite your consumers with new products. New product development will also help increase your market share. This is obviously one of the ways to win in the market. Keep researching and keep innovating
We will continue tomorrow and we will look at a major problem with most of the big brands if not all of them. I will also give illustrations that will help understand a potential pitfall with the market leaders in this #ColaWar Thank you for staying tuned.
- READ: COLA WAR IN NIGERIA (DAY 1)
- READ: COLA WAR IN NIGERIA (DAY 2)
- READ: COLA WAR IN NIGERIA (DAY 3)
- READ: COLA WAR IN NIGERIA (DAY 4)
- READ: COLA WAR IN NIGERIA (DAY 5)
- READ: COLA WAR IN NIGERIA (DAY 6)
- READ: COLA WAR IN NIGERIA (DAY 7)
- READ: COLA WAR IN NIGERIA (DAY 8)
- READ: COLA WAR IN NIGERIA (DAY 9)
- READ: COLA WAR IN NIGERIA (DAY 10)
- READ: COLA WAR IN NIGERIA (DAY 11)
- READ: COLA WAR IN NIGERIA (DAY 12)
- READ: COLA WAR IN NIGERIA (DAY 13)
- READ: COLA WAR IN NIGERIA (DAY 14)
Written by:
Oluwole Dada, (Regional Sales Manager at Nestle Nig. Plc; Member, Chartered Institute of Marketing (UK))
For more insightful conversations, follow Oluwole Dada on Twitter @oluwole_dada