With buoyant economies, burgeoning populations and a fast-growing middle class segment, Asia is ripe with growth prospects and is consequently constantly attracting new players in the product innovation game. Energy and enthusiasm from product innovators across the region is so intense, in fact, that it’s on par with, and in some markets surpassing levels in leading innovation markets like the U.S.
Even as innovation proliferates, however, Asian consumers are typically wary of new products and services, and most won’t try something new until it’s been market tested. The path to purchase for innovation is, therefore, a long one, as consumers need to understand and evaluate brands or categories through research and opinion-gathering before they try them.
Given the rise in innovation in Asia and existing consumer tendencies regarding new products, Nielsen recently analysed various new product introductions in Asia to seek out ways to improve the chance of success. Nielsen’s analysis included brand re-launches, line extensions, new pack introductions and new brand entrants. From this analysis, we identified five key ways to succeed with innovation in Asia.