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Success of Personalized Products

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What are the success rate of Personalized Products?

Personalized Medicine
Personal Care
Healthcare Management
Business Strategy
Profit & Loss Management
Medical Research
Abhishek Raj
36 months ago

4 answers

2

The answer to your question varies based on the product type and the type of personalization involved. For instance, some of the sneaker companies (Nike in particular) are enabling individuals to customize their own shoes. https://www.nike.com/us/en_us/c/nikeid Coca Cola successfully introduced a "mass" form of personalization by having soda cans with people's first names on them...so they could buy their "own" soda can.

The success of these programs is probably defined by more than the economics of the individual products. They are probably elements in a broader marketing strategy that each company has devised to create news for the brands. So, they may not need to hit the same types of economic standards as conventional products.


Michael Fruhling
36 months ago
Thanks Michael for your answer. I want to know more about pharmaceutical, herbal and dietary supplement products. - Abhishek 36 months ago
In the UA - for the average middle class person = pharmaceutical, herbal and dietary supplements = worthless - Dr. David E. 24 months ago
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Pharmaceutical products made for individuals are available from “compounding pharmacies”. The volume of such market is very small, the products are costly, and safe conditions for making such products (such as maintaining standard procedures, cleanliness, etc.) are sometime not in place. Several incidents of undesirable effects due to the presence of contaminants have been reported.

Karel Petrak
36 months ago
Thanks Karel. What about if these standards are maintained and What are the other factors which you think might be important for the success? - Abhishek 36 months ago
There are not standards - not USP - Dr. David E. 24 months ago
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It is based on the area of application. For example I experienced mass brands. This is really successful until consumers can get an access to personalized products in an easy way without waiting for a long time and having to face several limitation in the customization process. If you can provide with a solution handling with all these factors, consumers will be happy to pay more for a unique product providing with an incomparable experience.

Paolo Beffagnotti
36 months ago
Will that be long lasting? How to attract consumers for it? - Abhishek 36 months ago
It will take time but consider that you need to identify your target, create a valuable experience to attract consumers, define what they not you want, set up online and offline events. Then create a powerful retention tool. - Paolo 36 months ago
Easier said than done - Dr. David E. 24 months ago
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Several have identified some of the myriad of ways in which personalized products are perceived--all of which have an impact on what and how to research.

In an increasingly consumer driven market, the traditional science-to-science research approach and focusing on just FDA approval will be disrupted.

Randy Vogenberg, PhD
36 months ago
How will such “disruption” ensure that safety and efficacy of personalized products will be maintained? - Karel 36 months ago
Please could you elaborate Randy. - Abhishek 36 months ago
It wont SANS USP - Dr. David E. 24 months ago

Have some input?