What Does Launching An Innovative Product Mean In Terms Of Market Uptake And Risk?
Andrew and Wendy Greaves, and Robina are the power team behind the New Zealand business. The business is doing well, but like any small business it isn’t all smooth sailing. Maintaining a business, keeping things fresh and adapting to the changing markets is a tricky thing to get a grasp on.
“With risk, there is opportunity and excitement, and that is what we choose to focus on.”Andrew
The Power Panda is in an enviable position. It offers a new and innovative product that fills a need in the market. Being first in offering a product that solves a pressing pain point means that you set yourself apart from the rest of the players in your industry. That is the upside. The downside is that your totally new and innovative product could just fall on its head. That is the risk, but Andrew is motivated by the challenge of becoming a game changer in his industry.
With a brand-new concept and product, the need for creating brand and product awareness and generating interest quickly is paramount. In the early stages of the business, Andrew and his team got the message out by promoting their product using radio advertising. They understood that they needed expert help marketing their business and have done so. This has allowed them to adopt a more strategic positioning and use an integrated approach to their marketing.
Now
Target Market Has Been Defined Message/Media Mix Fine Tuned Website Updated
One Day Deal To Create Massive Awareness Multi-Step Direct Mail Campaigns
Delivering 1000% Return On Investment Future
New Niches Being Developed
At present, they are spending on average 60% of their time on marketing. The main focus of that is dedicated to making their website, do what it should do- to educate, to inform, to develop the trust with their visitors and to motivate to buy their product. “We had a functional website but it was rather ‘homemade,’” says Andrew.
Andrew and his partners understand that in order to keep pace with developments in the market they must keep their skills relevant by continually seeking out new tools, resources and information. “We continually strive to improve our products. Our business is all about innovation, that’s how we got started and how we continue to grow. It will always be that way for as long as we are around,” says Andrew.
So what’s next for The Power Panda?
Despite the volatile economic conditions the group are hopeful and excited about the future of their business. They aim to expand geographically throughout Australia as well as inventing and introducing new products. With a strong demand in the market for products of this type, Andrew feels the opportunities are endless for The Power Panda.
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