New product development creates waves in the pool

If a new product comes onto the market and seems to deliver a 2% improvement in performance, would that be enough to create a storm of protest in a market?

That’s what has happened in the highly competitive world of Olympic swimming.

Leading brand Speedo has launched its LZR swimsuit and such has been the success and popularity of the product, that 90% of Olympic swimmers have chosen to wear it. In some cases, the swimmers demanded that their national associations break contracts with rival swimwear manufacturers so that they could wear something they genuinely believe provides a performance advantage.

A 2% performance improvement might not sound much. However,2% is a signficant change (if true) in a sport where hundredths of a second can mean a new world record, or the difference between a gold medal and leaving empty-handed.

This article from the BBC business site provides some excellent coverage of the debate about the new Speedo swimsuit. It also describes how Speedo will gain significant marketing advantage from being seen as the dominant swimsuit brand at the Olympics.

The global swimwear market is said to be worth £6.6 billion per year, so even a small increase in market share will bring substantial rewards for Speedo.

As for me, I’m tempted to buy one of these LZR swimsuits, although I doubt they do my size (yet). I’m a little nervous about the retail price of £294 (which is exactly what I paid for my last triathlon wetsuit). Still, if I could guarantee to shave up to 2% of my time…