Launching a product may be an exciting but stressful experience for a Chief Marketing Officer (CMO). It can be a highly risky affair too. This is because it has been found on average that forty per cent of product launches generally fail. Understanding how to launch a new product successfully is thus important. Harris Partners conducted a study of a few marketers in the UK, US and EU, and asked for their views on the .
We are definitely aware of the impact that social and digital are having in the marketing landscape. If you have a look at what was the situation even a few years ago, you can argue that it has simply changed to a great extent. The study considered this to be the main impact on launch promotion, altering the way launches are managed as well as measured, and that it had brought in a lot more opportunity for the marketers.
However, based on the study conducted, has highlighted a few concepts, which the transatlantic Chief Marketing Officers need to follow to ensure their product launch is a success in 2020.
Understand The Customers On A Global Scale
Even if your target audience happens to be local, it is important to think on a global scale. According to the study, most of the marketers now make use of social listening for supporting their new product development. They consider it to be a cost-effective way of collecting data & insights, listening to as well as identifying the needs of the consumers. The CMOS must now think globally for their product/service & scope market demand & competition on a broader scale. Success is going to come from understanding the global customer, their needs and desires and how your product is going to help them fulfil their aspiration or resolve their struggle.
A lot of marketers were of the opinion that slow methods happen to be the biggest threat to the success of a product launch. With launches becoming multi-faceted, internal communication in an effective way has become vital for success. In 2020, the brands must recognise the significance of launching from inside out. Getting over the slow corporate methods & lack of internal communication is more crucial now. If customer care executives aren't pretty much aware of product launch, this can impact the customer experience negatively.
Be Brave With Your Innovation
Launch marketing should be treated as a separate part of the marketing strategy. It needs a creative approach & often a dedicated team, which specialises in product launching. The brands cannot afford kick backing & settling with something mediocre when the struggle for cut-through is very much competitive. You just have one single shot to get your launch right & especially when stakes are high, the marketers should ensure that they have the creative right for a campaign to deliver success.
So, take these into your considerations when you are planning to launch a new product in the market. Being a CMO you will definitely be successful with your project. Try them out!
