August 16, 11 When it comes to product launch ideas, brands like Apple always manage to get it right. In fact, they managed to sell overiPads on their launch date. Every business wants to make the most of their marketing investment, but not everyone is like Apple.
But the fact remains that the success rates of new product introductions and innovations have improved little over the last 20 years. This is due to a number of factors, including economic conditions, an explosion of consumer touchpoints, shifts in decision-making behavior, and the deluge of information marketers have to sift through to ensure they are up to speed with the latest trends.
Here are 8 steps any company can follow to increase their odds of growth and transformation through a new product launch: Address head-on the number one reason for failure.
Companies often refuse to acknowledge a new product or service idea serves no strongly identified customer need, and they try to retrofit their marketing to compensate. Then develop offerings and experiences that deliver it in a peremptory way.
Focus on the most critical rule of thumb for growth today—customer acquisition. Get as many quality customers—even light, occasional users—as quickly as possible. More customers mean more sales, share, and with that, conversion to loyal, heavy users. In addition, new customers have a key attribute that every marketer should leverage—word of mouth.
Forrester Research concludes the most valuable customer today is the one that may buy little but whose blog postings, online product reviews, and favorable word of mouth gets 10, 50 or 1, others to buy.
The longer people are with a brand, the less they talk about it, but new customers are more likely to recommend a brand to their family and friends.
Face what you must really accomplish through Facebook. Marketers must ask themselves: What—beyond a discount—will both incent new customers to like my brand and habituate their interaction with it? You also have to obsess about how to add them faster than anyone else in your category.
Growing a customer base quickly is unlikely to come from building an e-commerce site and expecting people to find it only through search and blogs and Facebook.
Getting lots of new customers quickly requires some sort of mass reach. Mass reach from traditional media is—at least for now— still the most effective way to grow a customer base. Social media then fuels these conversations. Contrary to the buzz about the power of social media and apps, adding TV to the media mix still proves to be the most effective way to jump-start growth.
Since adding TV to its marketing mix last year, sales experienced a dramatic lift. TV exposure can—even weeks later—drive a potential new customer to search for you.
For maximum ROI, perfect your mix. Identify the mix that leads to the best conversion rate and then work continuously to improve it. Many marketers say they know the media or touchpoint path their consumer takes on their way to purchase—until asked to map it visually.
Plotting the path takes a chart with a horizontal axis of touchpoints, and a vertical axis with the steps and stages of the buying process. Where and when can one maximize reach? Where are people falling off the path to purchase?
What message is best at each touchpoint to move a person to the next stage of their decision-making? The ultimate benefit of mapping is identifying the mix of touchpoints and messages that drive the best conversion rate.
Your launch never ends. Marketers must face that their launch will be forever in beta, a state of continuous improvement that prevents the brand from losing momentum, or worse, stalling out. Studies confirm that marketers who assume their launch is over, who pull back, who stop innovating, or who let share of voice fall below their market share, do not fare well.
As so many successful company leaders have confessed: The best way to predict the future is to create it for yourself.
The firm is known for its annual invitation-only conference, Brandworks University. Flickr user Emanuele Longo ].The following serves as a checklist for product launch activities: Planning. A product launch plan has been prepared covering all activities to be performed by Engineering, Manufacturing, Marketing, Sales, Product Support, and Field Service.
New product launch marketing strategies built on proven methods, extensive experience & academic insights New product launch marketing management strategies that work! Product placement: The campaign wasn’t only on Gucci’s channels and ashio-midori.com brand carried out a product placement strategy with the launch of the collection which involved a celebrity or influencer such as ashio-midori.com Barbadian singer made an appearance at the Coachella festival dressed in one of the brand’s designs and her photo on Instagram, which was of course a must, received.
Product launch marketing template is your reference to make any new goods be a hit in the market in just a short time. This is the manual you must download to make a careful selection of the people, resources and contingency plan to make your product launch a success.
The product launch roadmap is typically managed by the product marketing team to coordinate efforts across different teams. A product launch plan is usually a timeline-based roadmap that clearly communicates the deliverables in relation to time.
When preparing for a product launch, design a marketing plan to achieve the intended sales goals. This marketing plan will likely involve building product awareness and demand in the marketplace, taking your product’s buyer personas into consideration.