According to a study recently conducted by the Harvard Business School, 95% of new products fail after the first year on the market.
One of the reasons is that consumers are every day surrounded by thousand of products and it is hard to pick one over another. Making decisions about new products to buy is extremely time-consuming and therefore customers need something to help them choosing.
An element that could help the decision-making process is the product packaging. This can be very powerful because it tells consumers why your product and brand are different.
On the other hand, even poor packaging can have a dramatic effect. An example is the planned packaging law for cigarettes that Australia has recently introduced. The government removed branding packaging in order to discourage young people from smoking. This resulted in the biggest smoking decline in Australia in 20 years.
How can companies design packaging that makes an impact in order to stand out from the competition?
Know your target
Knowing your potential and current customers will help you understand which kind of characteristics may be appealing to them. Therefore, this is the first stage to undertake.
Do not make your packaging look cheap
You don’t need to eat your entire budget to create interesting packaging. For instanceStephanieverafter an online hair accessory boutique, packages its bows on simple cards in muted colours with stylish typography. It’s an inexpensive solution that gives each item a high-end feel.
Make the package part of the experience
Unbox a new product should be fun. One start-up that’s mastered this is Back to the Roots, which produces kits to get kids and parents interested in growing their own food. Its mushroom kit’s kid-friendly packaging is designed to provide a great hands-on experience.
Consider eco-friendly options
Recyclable or reusable packaging is a good option for consumers to choose your brand over your competitor’s. In fact, 52 percent of people around the world make purchase decisions partially due to packaging that shows a brand making a positive social and environmental impact.
In conclusion, your product’s packaging should communicate something. This could be what your brand stands for and what it means for your customer. Don’t miss this opportunity to create a packaging that stays in your customers’ mind.