Bringing a new product to market is no ordinary feat, especially when that product is in a new category for your brand. As brands continue to recover from the pandemic’s supply chain disruptions, the next major challenge is building a compelling business case with retailers, especially for those who had to forgo shelf space during the pandemic.
Despite these challenges, entering a new category and successfully launching a product is achievable with the right approach. Utilizing invaluable insights gathered from shoppable media, shoppable landing pages, and innovative where to buy solutions can significantly boost your chances. Here’s how MikMak can help you leverage these tools to secure retail shelf space.
Maximize Sales: Inventory + Demand
So you have discovered a need from your consumers, developed a product, and are ready to get it on shelves and sell millions. Sounds easy, right? Not so fast.
In the highly competitive world of retail, securing shelf space for a new product can be a daunting challenge. Retailers often have specific sales thresholds that must be met before they agree to stock a new item. So, how can brands ensure they meet these benchmarks and persuade retailers to say 'yes'?
The first step: Enable commerce everywhere and gather as much data as possible
So you’ve identified consumer needs, developed your product, and are ready to hit the market. But how do you ensure you meet retailers' sales thresholds? The key is to enable commerce everywhere and gather as much data as possible.
MikMak Commerce transforms your digital touchpoints (social media, retail media, programmatic ads, paid search, connected TV (CTV), video ads, email campaigns, and brand websites) into shoppable experiences. This means every piece of media and digital content can drive direct traffic and sales, allowing you to collect detailed data on how well your product performs across various channels. You can track which channels, campaigns, and creatives are most effective, and gain insights into audiences that convert.
For example, you might discover that using a where-to-buy store locator in a particular social media campaign drives significant traffic to a specific retailer, or that email promotions lead to larger basket sizes on shoppable landing pages for another. With this data, you can demonstrate that your marketing efforts consistently drive traffic and sales.
Measure the omnichannel outcome and maximize sales
Behind all MikMak Commerce experiences is MikMak Insights. MikMak Insights analyzes real-time consumer data to reveal where your product generates the most purchase intent. You can pinpoint high-demand areas and tailor your distribution strategy accordingly. If your product is trending in New York, but not Texas, you can prioritize stocking stores in New York to capitalize on existing interest.
With insights into demand patterns, you can manage your supply chain more effectively. MikMak allows you to align production and logistics with actual consumer demand, minimizing waste and ensuring your product reaches retailers and locations with the highest sales potential.
Armed with data on which retailers and locations have the most potential, you can make a compelling case to retail partners. This data-driven approach not only increases your chances of securing shelf space, but also strengthens your relationships with retailers by demonstrating your product’s market potential.
Innovation Inspiration: Learn from BodyMark by BIC
While your head might still be spinning from the challenges of bringing a new product to market, here’s a glimmer of hope: BIC successfully developed and launched their BodyMark product using these very strategies.
We are all familiar with BIC’s pens, lighters, and other everyday products. However, BIC recently innovated by entering an entirely different category: Beauty. While the brand might not have the same recognition in the Beauty aisles as in other parts of the store, the brand took a calculated risk by developing a new product, BodyMark by BIC. A risk they saw proved successful over time. Here’s their story:
By partnering with MikMak, BIC leveraged real-time marketing data to identify Instagram as the most effective platform for their Bodymark by Bic audience, especially when featuring creatives with real people. This targeted approach led to a 968 percent increase in purchase intent and significantly boosted sales.
MikMak's closed-loop attribution gave BIC invaluable insights into how their marketing efforts directly impacted sales, enabling them to refine their strategy and drive substantial business growth. The success of BodyMark by BIC demonstrates that with the right tools and a data-driven approach, even the most daunting product launches can turn into success stories. By focusing on the proper channels and understanding consumer behavior, your brand can also achieve eCommerce success and strengthen partnerships with retailers.
Ready to innovate? MikMak is here to help
Bringing a new product to market is a complex journey, but with the right tools and insights, your brand can navigate the challenges and be successful. MikMak’s powerful combination of real-time data, actionable insights, and robust eCommerce solutions has helped brands like BIC transform their product and category launches into triumphs. Whether you’re looking to strengthen retailer partnerships, optimize your omnichannel marketing strategy, or gain a deeper understanding of your consumers’ shopping behavior, MikMak is here to guide you every step of the way.
Don't leave your product's success to chance. Schedule a demo with MikMak today and discover how we can help your brand innovate, adapt, and thrive in the competitive market. Your next success story starts here.
