Old brands vs new ones

There is an old saying, "Make new friends but keep the old; one is silver and the other is gold." Purchase preferences seem to echo the verse's sentiment that life is enriched by both the tried and the new, says Ipsos Open Thinking Exchange (Ipsos is the world's third-largest market research company and the OTX is its global innovation centre). The majority of those in India, 67 per cent of the 1,016 people surveyed online, like to try new brands and products. Maybe that is why so many traditional brands put "new" in front of their product names. One-third in India (33 per cent), though, prefer sticking with brands they know, filling pantries, drawers and shelves with the products they are familiar with.

  For product managers, it pays to appeal to both. So, on the one hand, they have to elicit excitement from those who prefer the new, and on the other, cater to those who tend to opt for the tried and tested.

In more mature economies such as the US, where people are more wary, the eagerness to try new brands is on an even keel, with 55 per cent of those surveyed willing to experiment but 45 per cent wanting to stick to brands they know. Globally, 18,331 were surveyed.