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Introduction
The Keurig Incorporated are spreading the spectrum of their products with the creation of the Keurig Kold. Kold is a recently developed machine for making cold drinks. So far it has only been sold on the Internet, but the company is working on its full launch. The benefits, factors for success and marketing strategies of the Kold machine are the result of an attempt to combine the benefits of Keurig coffee machines and consumers’ love for soda drinks.
Primary features and benefits
Considering that 12% of the Keurig Inc. belongs to Coca-Cola Co., the variety of drinks Kold can make includes not only iced teas, craft sodas, mixer, flavored waters, and seltzers but also all-favorite Coca-cola sodas. Such an assortment of drinks clearly has it benefits. Keurig’s CEO Brian Kelley work for the Coca-Cola Company and knows, that usually with soft drinks consumers have to make the choice and buy perhaps less different kinds of product than they wanted, because beverages take a lot of space in the fridge. Furthermore, the more vast assortment is, the more flavors consumers would want to try because the very slogan of the Kold is “Pick and Choose. And Choose. And Choose”. Moreover, the compact form of the product consents to it.
As for the Keurig Kold machine itself, it is rather minimalistic and exquisitely designed kitchen gadget. Unlike instant beverages that are associated with unhealthy living and are more oriented to lower class consumers, Kold is designed to fit into the modern understanding of privileged lifestyle. And it is not that cheap; therefore, it is branded like a fashionable fancy device, rather than a product for everyday needs.
Factors for success
The Kold machine is presented as a fashionable and modern product, mainly oriented to the consumers who want to be aware of technological trends. Apart from that, there is one significant factor for guaranteeing its success – it is the individualization. The Keurig Kold provides a room to customize the product. It makes it less routine and allows the customer to add some creativity.
The other factor is that whereas soda drinks are sometimes associated with something unhealthy, Keurig brands itself as an eco-friendly company, since the time they introduce single-serve coffee brewer. On the other hand, the creators of the machine may before long run out of their own creative potential to invent new flavors. Apparently, it would influence sales badly, if the consumers were mostly interested in the technological innovation of the product.
Motivation to develop new products
Keurig has been struggling to design a new type of product that would occupy its own niche. Firstly, they introduced the new coffee maker with a vast number of regimes and options but it was proved unsuccessful. This time, it is different due to the new CEO. Kelley tries to occupy an entirely new niche in the market. Therefore, if it is successful Keurig will be automatically leading company in this category.
The other reason is the rough competition among the producers of coffee machines. These products became the indication of fashionable lifestyle, and it became more challenging to meet the demands of the consumers. In the highly competitive business environment, it is hard to improve both functionality and the look of the product.
And eventually, the strategy with the Kold was to develop the new product on the basis of two products consumers already like. The purpose of its development is to add the stylish and exquisite note in design to the general public’s love for soda drinks. Therefore, for Keurig it is not so much a development of the innovation, as an improvement of two existing consumers’ favorites.
Marketing strategies
Like any other product, the Kold has its potential consumers. The first group of consumers is certainly people with the love to exclusive and innovation. Furthermore, the marketing strategy Kelley decided to use for them is already working. Keurig did not put the product on the shelf of the supermarkets at once. They started advertising long before the launch, and then the company only sold the Kold on the Internet to make it more rare and exclusive. This group of potential consumers is looking for innovation and novelty of the product rather than its functions.
The second group of potential consumers consists mostly of the young people, the Millennials, for whom the primary purpose of such a product would be the creative element of the Kold, the ability to make each drink authentic and to turn the process of its preparation into something less routine. This group of consumers is more interested in the functions of the product.
Conclusion
The decision to develop the Keurig Kold was not a spontaneous idea of the management but the thought-through launch of the product. The creators of the Kold developed bright marketing strategies; however, there are to be more approaches to potential consumers for the Kold to be as successful as other Keurig products.
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