Product / Service: Hype vs New Necessity

Image source from supremenewyork.com

I’m curious about how the consumer reacts to certain products. Some hype products receive a lot of attention as soon they are launched, and the other, some new-necessity products receive slow attention from the public at the beginning and then soon take off well.

Hype products are usually tangible to the brand. Brand carry status or symbol of community, which that said, people want to feel “fit-in” in the maybe fabricated perception towards the group of society that shows the high level in something and influences.

New-necessity products are innovations of already existing products that people feel used to them. They feel used to these products till they don’t appreciate the products anymore and they don't feel is there anything that can do better than these existing products. For example, household appliances and other technology.

Hype products are just a phenomenon where very soon the sales will drop to zero. Hence, hype products are not sustainable ventures but just for quick revenue to invest to create in other new hype products. These required a team that are creative and consistently looking at new trends to influence again. Such as fast fashions, electronics gadgets, entertainments like drama series and so on.

New-necessity products are created to make people lives to be more productive with the products’ useful features. However, since the predecessor products are already useful and people have comfortably adapted to use them, this makes the new innovations slow to take off and only early adopters will try them out first. Such as for example, electric cars like Tesla. This type of products are designed to be sustainable which the sales at the beginning may not be exponential rise but as its cross the same level of sales as the pioneer existing products, these new innovations will keep increases in sales and take the entire market share as the late adopters start to buy these new products.

What makes new-necessity products are slow to rise in sales at the beginning, majorly because of the price of the products. New technology sometimes required a whole new supply chain tailored to support this line of products. Besides, the new technology are not for economies of scale since the company know the slow response from the public, therefore the new technology is made at the beginning in high quality for the niche core market with the demand that already looking for these type of products.

Hence, both of these hype and new-necessity products are created with these phenomena in mind. And we at the beginning need to know what will our products brings to the society as are they for a seasonal or long-term venture.

It will be great as the new-necessity products will be no longer “new” and already established, the company can introduce seasonal hype offerings or products to support their long-term core business. And these supplement initiatives will keep the existing fans or customers not get bored with the core products.