MONUMENTAL PARTNERS ISSUE 6 | VOLUME #1. JUNE-JULY 2014
The Dawn of the new World Order
From Sampars Cash & Carry to Shopsampars.com
THE DELECT TAKEOVER
4 Reasons Why a New Product or Service May Fail
4 Reasons Why a New Product or Service May Fail By: Paul Chuks Eze 1. Failing to Take the Consumer Point of View Many times we fall victim to selfishness in coming up with new products. We develop a new service or product without as much as critically looking at things from the angle of the intended consumers. Why would people buy such products? What will the service do for them to make them want to sign up for it? One way of making sure we know what the intended consumers think is to carry out a survey cutting across the target consuming group for the new product/service. Taking a serious critical survey is cardinal to the success of your new business offering. It could enlighten you on grey areas that would have made your idea a flop. As you probably know, business has risks and one major factor overlooked in a product could be the difference between success and failure. 2. Lack of Research Ideas are a penny a dime and thus a product we think is revolutionary and brand new may have had resemblances in the past. Research, as a vital component of Product/service Development will equip the businessman with the facts required to develop a top performing product. A well crafted research work will cover areas such as customer survey, identifications of opportunities and obstacles if any, geographical factors and cultural idiosyncrasies of your target consumers which may go a great extent in influencing buying decisions. 3. Impatience Developing a product that will be successful and have long market life requires painstaking efforts and you can never be too careful. Big corporations being very much aware of this, invest years in Research and Development before unveiling new products or services. Time therefore has to be taken to duly collate and analyze all necessary data that will contribute to
the making of a great product. That said, product development should also have a flexible time limit. It does not pay to remain in development stages forever and watch the competition suddenly come first to the market with a similar offering. 4. Insufficient Publicity Developing an ambitious publicity plan is not negotiable if you hope to get your new product up and running. Many organizations at most do the minimum things required such as sending out a couple of press releases and throwing a few adverts on air. No amount of publicity for your new product is enough. Remember, the way and manner you make your product arrival statement will matter to the success and consumer perception it will have.
THE
TAKEOVER
Derrimon JSE and beyond Food brands are a dime a dozen these days, but what separates a great brand from the no name product on the supermarket shelves? With consumer taste and preference deciding the survival of your brand, competing in the current market place has become far more difficult. Recognizing the constraints such as changes in the environment, changes in consumer tastes, prevailing brand loyalty and of course competition can push a company to better position their brand during the development stages of that brand. These beginning stages of any product demand lots of effort in developing the ideas and design of the product. After which marketing is the name of the game and the prize is your product’s success. Experts in this industry know the job is never complete and sales campaigns, distribution channel marketing and branding are always ongoing. New Kids on the block, Derrimon Trading Company Limited has joined this exciting commercial product development market and has hit the ground running. As a major distribution, their recent achievement came through the introduction of their Delect brand in consumer goods market. After mastering the art of product distribution and channel marketing, the decision to launch the Delect line of products was a no brainer. Additionally Derrimon recognized that far too limited a number of high quality brands were in the market place, especially those coming from Jamaican owned companies. Derrimon’s ability to create a great brand at low prices goes hand in hand with their style of marketing thus the commercially viable product Delect was born. The company recently celebrated its first anniversary of being on the Jamaica Stock Exchange, through their first Annual General Meeting and reported a successful year to the tune of a 50 million profit. Their listing on the Jamaica Stock Exchange Junior Market, allowed them to develop their flagship brand by injecting finances into their product development and marketing departments, while igniting their expansion plans for the 2013 to 2014 financial year.
Launch of the Delect Brand
The Delect brand continues to grow under its flagship product Rice which is one the top selling bulk rice in Jamaica. The company has not only lived off the merits of its core products of bulk Rice, Mackerel and Oil but has pushed to introduce new lines of Delect Food, namely canned Mackerel and Ketchup, and more to come in the areas of Corned Beef, Vienna Sausage, Vinegar, All Beans as the list goes on. The Delect brand offers a great tasting product at a low cost. Their price margin is what sets them apart from their competitors and has contributed the positive returns reported at their AGM. Derrimon is showing their prowess not only be bring a cost leader brand but they have always showed their dominance in the Channel marketing department, which is all about developing relationships with retail outlets islandwide.
The Dawn of the new World Order
From Sampars Cash & Carry to Shopsampars.com New products are launched every day, the demand for a product can be so great that creating new channels of distribution could form the basis of a new product. This was the case with shopsampars. com. The grocery retail store, Sampars Cash & Carry emerged as a successful island-wide grocery outlet, after expanding its Marcus Garvey Drive central location into four additional stores across the island. Sampars not allowing technology to pass them by opened its fifth location, only this time doing without the limitations of the brick and mortar overheads, via the internet and hence shopsampars.com was born. Shopsampars.com is an online e-commerce superstore for local and international buyers alike. Offering a vast variety of high quality brands and low prices as sold in the store, the online platform that was launched in 2011, is viewed as an extension to Sampars Cash & Carry that is now accessible 24/7. Consider this scenario, you’re a single mother of three and you need to go grocery shopping. Of course you know you need to go to Sampars to get your best value for your money. But the thought of getting the kids ready, loading everyone into the car and having them run wild in the supermarket and only placing them when they’re nagging you for a treat that you haven’t accounted for in your budget. Basically after thinking about what the next few hours of your Saturday entails you’ve lost all your energy and just can’t be bothered. www.shopsampars.com will be your new best friend. Under the tagline ‘Grocery Shopping Made Easy’ www.shopsampars.com demonstrates how an existing product can be re-launched within the same company through a different channel and tap into a new market. The products sold on the website are still the same, the prices are still the same and so remains the same trusted quality. What remains different is the market niche, the product appeals to and the means of distribution. This re-launched product offers
convenience to the ‘pressed for time’ shopper, the budgetary constraints shopper, the more inclined to tech solutions user and their largest market – overseas shoppers, shopping for loved ones living locally or shopping for their favorite Jamaican brands to use abroad. “The site continues to attract, not only local customers who want hassle-free way of shopping, but also members of the diaspora who want to purchase groceries for their families in Jamaica”, Derrick Cotterell Chairman and Chief Executive Officer of Derrimon Trading Company Limited.
“creating new channels of distribution could form the basis of a new product” Shopsampars.com has created many opportunities for buyers and continue to implement ways to make shopping online easier for their customers. With a large portion of their market filled by international buyers their recent partnership with Jamaica National (JN) focuses mainly on them. Consumers are now able to make JN food transfers where the recipients are able to purchase foods through the shopsampars. com or have their products delivered straight to them. Moving forward you can bet on shopsampars.com to find more ways to simplify the purchasing process while delivering the highest quality of service. As it stands the product extension of Sampars Cash & Carry, www.shopsampars.com, has been successfully launched to the markets, locally and internationally.
Chill
CHILLPIN COMING SOON
Participants playing
Creative Director at MPL Kahlil Harris presents Anthony Lyn with his prize in the under 8 section
CALSFOODS WEBSITE http://calsfoods.com
Branding for Facebook store
Branding forFacebook store
Members of the Parents Section
CWH GAS Yellow Page Ad
Derrimon SUN POWDER Bus branding
By: Scott Brooks The process of launching a new product can be thrilling, inspired, worthwhile, and positive. Most successful launches can be described this way while less successful launches are more likely to be knee-jerk, volatile, opinionated, and ego-feeding. When you have a new product to release to the world you will want to follow a very careful regimen to help ensure that your launch falls under the category of a success. Following prescribed launch methods will result in more predictable results. The new product should be tested with a focus group to eliminate any possible last minute issues concerning performance or quality. There are many different methods of testing a new product, but the best way to test it is when it is in the environment it was designed for. Once testing is complete and you have established that your product is indeed ready for launch, you will need to put together a sales copy to present to your prospective customers. You will want to draw on your products’ strengths to develop a sales angle. This would be a great place to include a client testimony and any feedback you have from your focus group that will help brag about your product without having to toot your own horn. Market research is key in preparing for your launch. You will want to build anticipation around the launch date, so you will need to know how much product you are going to need. There are many ways of calculating this need and you should choose the method that works best for your product. Let the world know of your launch date approximately two months in advance and send little samples and teasers along the way to prepare your prospects for the launch and make them aware of the benefits of owning your product. On launch day you should just be ready to move product and plan for some solid customer service.
On the Brink Credits Publisher:
Monumental Partners Limited
9 McKenzie Close
Kingston 8
St. Andrew
Tel: 876-969-2646
info@monumentalpartners.com www.monumentalpartners.com Managing Editors:
Kahlil Harris
Christopher Goulbourne
Brand Manager:
Jheanelle Maturah
Graphic Designer:
Kristopher Kerr
Contributors:
Scott Brooks
Paul Chuks Eze
Jheanelle Maturah
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