Launching a new product or service can be challenging for your clients. Marketplace noise continues to grow, and it's more difficult than ever for a business to be noticed. As a result, your client must find a way to move the sales needle and be visible to the target audiences.
The CMO Survey, published in August 2019, reveals that the typical marketer allocated about 22% of their budget to launching new products and services in existing territories. And they spent another 9% of their budgets debuting new products and services in new markets. All of this effort and spending will amount to little unless businesses support the rollout of products and services with an effective launch campaign. Bain & Company research, conducted in conjunction with Twitter, also indicates that the number of launches per company is growing. Using best launch practices will ensure that your client maximizes their chances of realizing “1.5 to 2 times higher revenue growth rates.”
Most businesses can’t be all things to all buyers. Because they need to make the biggest impact possible with a limited budget, they should carefully target their launch audiences. Help your clients identify who is most likely to purchase their new product or service. Then target these audiences with shareable content. In this way, passionate consumers of your client’s offerings will share the workload of spreading the news about the exciting new product or service. The impact of influencers can multiply in the marketplace.
Increased Ad Budgets
At launch time, urge your client to ramp up their ad budgets. The most successful businesses saturate the marketplace in a concentrated period of time, especially on launch day. In addition to using public relations channels, businesses that experience best launch results employ up to six media formats. They buy advertising on social media and other digital formats. They show up in print publications and direct mail.
As you help your clients hone their launch strategy, they should be watching their competitors and industry marketing trends, especially on the digital front. You can get a sneak peek into that kind of data by running a Digital Audit on AdMall from SalesFuel.