Get egg-cited! We don’t need to master the art of a perfectly boiled egg anymore. There is someone to do it for us every morning for mare £1.49. At least that is the plan of Nottingham-based The New Egg Company. The idea is simple – to deliver healthy and ready to eat breakfast that is different from anything that is offered on the market at the moment. The package includes pre- boiled egg, a solder and salt. In other way – everything you would need when doing it at home. You just need to leave the egg in boiling water for five minutes and enjoy deliciously runny egg with standard toppings.
It is risky business as well; new-to-the world products accounts for only 10% of all the new product launches (including product replacement, extensions and additions). Still almost 80% of all the new products fail to be sustainable and deliver the expected profits. The rate of success is small. Is it worth of the risk then, you may ask. What are the characteristics of the products that occupy the shelves of every Tesco and Asda or PC World?
In some cases it is a cleverly put marketing campaign, finding a gap in the market or getting thumbs up from the test customers during the concept testing.
In some cases it also takes some luck and going against all odds. The example could be an iconic product – Sony Walkman. The idea of its launch was rejected by primary marketing research – people wouldn’t like to be seen with earphones humming and fidgeting to their own music. However the young market bought the idea and made it trendy and desirable. Sony Walkman ended up as a huge global success.
Will Yowk share the glory of Sony? The spokesperson of the producer – The New Egg Company is convinced about the success of their product. “There is definitely a market out there, I know loads of people who will buy it. It’s for people who don’t have the time in the morning but want a healthy breakfast”.
The more sceptical of us may question the whole idea of the product. It needs only three minutes to boil an egg in home conditions. You need five to have the Yowk ready while negotiating a cup full of boiling water sitting on your desk. It is also difficult to marry the idea of healthy eating with pre-boiled egg and pre-toasted solders. Let’s talk about money. Yowk is priced at £1.49. One egg will cost around 30p. Additional costs of toast and salt are marginal. Home-made taste – priceless.
Jobber, D. (2007) “Principles and Practice of Marketing” McGraw-Hill
Lecturer in Management, Department of Strategy and Enterprise