Every good idea should be supported by extensive research. Businesses can’t afford to go to market with a new product that hasn’t been properly researched. If you’re unconvinced, let us remind you of “new Coke”, which was launched in 1985 after Coca-Cola lost market share to their rival, Pepsi.
Coke’s decision to alter their traditional recipe resulted in major outcry from consumers, who inundated the company’s call centers with more than 400,000 complaints. Coca-Cola apologized and took “new Coke” off the market, returning to their tried and true recipe, to the relief of their customers. Where did they go wrong? While they did test the new formula on 200,000 subjects, they tested on taste alone, disregarding the fact that consumers make purchasing decisions based on habit, nostalgia, and loyalty as well.
Author: Rudly Raphael