Many companies have flourished while others have fizzled due to plethora of reasons. Throughout Pack Protocols LLC endeavors we have come across one common theme where company’s products either thrive or perish. It is related to research and development.
In most cases, companies have initial visions of grandeur for their products. Driving details such as the size of the market and the potential for profits create great excitement within companies. By doing so, it is often thought as long as the product sells the company, will be the next aspiring business where investors and lenders will follow.
The windfall of success does not happen overnight. Any firm who thinks they can push out a product without any research and development will probably fail 9 out of 10 times. It is imperative to have research and development during the design phase of a product. Here’s why:
Research and development helps companies understand what is actually needed for a feasible product. Without research and development, companies are fundamentally at the mercy of their customers. If the company is unaware of their customer’s wants and needs, the product is good as garbage. This outcome may cause a mass of unwanted product. A good example is the Ford Pinto (see Packaging Busts).
If companies do their due diligence and work with potential customers from the starting phase of product development, the chance of a successful product increases. Be reminded, nothing is ever one hundred percent certain; especially when developing something new.
By conducting research with trusted entities and incorporating a robust process, corporations will be in a better position to understand their product. Furthermore; their customers as well as partners are receiving an inside education of the product and may become early adopters. Conducting research and development is crucial to a firm’s existence.
Adequate research and development goes beyond products and can be applied to packaging. It may not be apparent, but packaging is actually a product itself or is a component of a different product. An example of where research and development may have benefited in regards to packaging can be found below:
Example of packaging redesign gone awry.
This firm did believe a simple packaging refresh would not be an issue. If the company would of done research and development including the consumer they would have found out that the new packaging graphics and labeling scheme may look aesthetically appeasing and modern. The firm would have also determined this was not what the consumer wanted to purchase. Consumers were familiar with the legacy branding. When the firm rolled out the product, they did not conduct any extensive testing to see if the change would increase or decrease sales. Instead they did a mass roll-out and watched their sales dramatically decrease in a matter of weeks.
Research and development is a necessity to product and packaging. Pack Protocols LLC has extensive experience with research and development and always open to discuss strategy. Reach out and we will kindly respond!