Suppose you’ve spent countless months and resources creating a product; now it’s time to put it on the shelves. What are you going to do to ensure a successful launch?
For a successful marketing campaign, you need to first clearly define your target audience. From your market research you know who this product is made for. Let’s keep them in consideration when creating a marketing campaign: age group; gender, income, lifestyle etc.
Second most important aspect of a successful marketing campaign is data. Before you invest in marketing, look into historic data to work out which piece of marketing has been successful for similar products for a similar target audience. Replicate what has worked in the past to ensure success. If your target audience is the Gen Z generation, perhaps digital, mobile, and app-based marketing has worked the best. Perhaps for millennials, it’s email marketing and in-store promotions that helps them make their purchasing decision. This is something historic data will unveil, allowing you to hit bullseye with each piece of marketing, saving you valuable resources.
Finally, don’t forget marketing metrics to quantify success. Engagement with the product and brand, click throughs, footfall, time spent etc are all important metrics to consider after a campaign launch. This level of data should be collected in all omnichannel as modern consumers are multichannel shoppers.
Following a marketing campaign, compare footfall and time spent around/with the product. This is the consideration phase of the buyer’s journey. With an effective marketing campaign, you would have attracted your target buyers into your store and shoppers should seamlessly move from the consideration phase to the buying phase.
However, if that is not the case, you need to analyse the data to see why consumers are not purchasing the product. Perhaps after interacting with the product they found the quality or price to be unsatisfactory. Was there maybe a lack of information? Do you need sales assistance to help shoppers? Your analytics will reveal where the issue lies.
At the buying phase your conversion data from POS systems will indicate the success of your product launch, helping you decide on releasing similar products in the future or not.
Emphasis is on making data backed marketing decisions because it is proven to reduce costs and increase sales. With data you can personalise marketing for your target audience, improve consumer experience and ultimately revenue.