The first question you should ask yourself before going into product development: “Is this an “AND” product or is it an “OR” product?”
The distinction is simple:
When a consumer is looking to purchase an item, for example, a bag of granola, they usually have an eating occasion and usage in mind. It could be snacking, breakfast, entertaining, gifting… etc.
If the new product is an “AND” product, consumers will most likely buy one item AND another of the same brand/company because, in the eyes of the consumer, the products are meant for different eating occasions.
If the new product is an “OR” product, the eating occasion, in the eyes of the consumer, is the same and therefore he/she doesn’t see the need to purchase two items, so one OR the other will be chosen.
Are you looking to launch a new product? Do you need help determining if it should be an “AND” product over an “OR” product?
Crafted Co-Packing & Consulting is turning innovated ideas into successful products. Contact us.