Media consumption and exposure continues to climb at an ever-increasing rate. It’s estimated that U.S. adults are exposed to approximately 10 hours, 39 minutes of media per day.
The same fight for attention happens in retail and e-tail with merchants carrying tens of thousands of items or in the case of Amazon, more than 500 million. Think about that for a minute.
So, how do brands develop innovative and attention-grabbing products, packaging, etc. that stand out?
Just like media headlines, e-commerce websites are able to simultaneously test messaging and imagery to understand what offers, packages, colors, words work best.
Data then points to which package or collection of words, images, etc. will offer the largest return on eyeballs.
The key for brand companies becomes not over-analyzing what to launch but launching variety efficiently and while mitigating or removing risk altogether.
Frain has worked on dozens of large brand projects over the past couple years. From these projects, we’ve seen a shift in the way projects run. Companies are now more nimble than ever, getting to market faster by renting resources and equipment and shutting down or ramping up production based on the data.
The focus used to be on trying to launch the perfect project, inexpensively – which may have included finding a machine at a lower cost.
But, now, realizing that days or even minutes of a successfully running project can pay for the machine or at least for the price to rent, and ability for equipment customers to rent – we’re seeing multiple product packaging launch ideas come thru all at once to increase speed to market, data, and revenue.
As we know the insatiable market demand for more variety exists, as does the opportunity to seize this demand quickly to maximize revenue. The difference between winning and losing today is the ability to act and act again based on data.
“I have not failed. I’ve just found 10,000 ways that won’t work.” – Thomas A. Edison