Consumer’s Perspective on Newness
Consumers play a crucial role in the success of new products. Their perspective on “newness” is influenced by several factors:
1. Perceived Value: Consumers assess new products based on their perceived value. They consider whether the product fulfils a need, offers unique features, or enhances their quality of life. A product’s perceived value can make it more appealing, even if it comes with a premium price tag.
2. Innovation and Trendiness: Many consumers are drawn to products that are innovative and align with current trends. Products that incorporate cutting-edge technology or fashionable design elements often garner attention and demand.
3. Risk vs. Reward: Consumers also weigh the risks associated with adopting a new product. They consider factors such as product reliability, potential compatibility issues, and the learning curve required to use the product effectively. Companies must address these concerns to reduce barriers to adoption.
4. Word of Mouth and Reviews: Social influence plays a significant role in consumers’ perceptions of new products. Positive word-of-mouth recommendations and favourable reviews can propel a new product to success, while negative feedback can hinder its adoption.