74% of marketers prioritize social media in their top five launch communication channels. Almost all marketers view social media as a crucial channel for a new product launch.
80% of marketers feel that launch marketing is distinct from campaign marketing. However, given that new product failure rates are around 80% there seems to be a major disconnect between strategy and implementation.
[inlinetweet prefix=”” tweeter=”” suffix=””]The average launch planning duration encompassing NPD through to live date is just over six months. [/inlinetweet] Launch planning time falls between two and six months for 65% of companies and between two and 12 months for 87% of firms.
Only 36% of marketers consider TV in their top five launch communication channels. TV falls behind sales promotion (55%), email (53%), press advertising and PR (both 39%) in importance as a launch communication channel. Beyond advertising, storytelling and editorial content creation are seen as increasingly important by some marketers. Some suggest that an ideal launch would be ‘the news in a newspaper’ rather than an advert in the newspaper.
Social media is the perfect channel for a new product launch but be careful.
1ne: Social media can reach early adapters and your best customers who may want to try your new product ASAP.
2wo: The downside is using social media to talk about new products months before they are introduced thus peaking interest before consumers can act.
3hree: Social media can also help you measure future demand if you measure and monitor engagement and sharing.
4our: Social media can also help you target audiences more than other mass channels.
A great example of using social media too soon is the new generation of single serve coffee makers that are coming to market. While they are creating a lot of “buzz” the products won’t be available for some time and as thus consumers forget about them and lose interest.
On the other side of the coin Starbucks continually uses social media to inform customers about new drinks and cups which in turn drives more traffic to stores.
The bottom line is knowing your audience and what interests them. A new laundry detergent may not get the social engagement as a new pizza from DiGiorno. When a new product is launched your goal is first, rapid awareness, but brands have to deliver on that new product promise.