Study: 74% Of Marketers Focus On Social Media When Launching New Products

Study: 74% Of Marketers Focus On Social Media When Launching New Products
SHARE
THIS



A global research study has highlighted new insights around the launch marketing stategies for new products. The research was commissioned by launch marketing specialist agency Five by Five, interviewing more than 730 senior marketers across the US, UK and Australia.

Sales promotion ranked second among the most important channels, with more than half of marketers (55 per cent) citing it, with email campaigns coming in third (53 per cent). TV advertising only ranked sixth, also behind press and PR, suggesting that ‘traditional’ above the line ad campaigns are no longer holding sway when it comes to building awareness for new products and services.

According to this new study, one factor in the growth of social as the go-to channel for launches may be the faster timeframes facing marketers: eight out of ten (81 per cent) say that the average time between the idea first originating and launching the product has shrunk over the past five years. In addition, 70 per cent say they usually have only six months or less to prepare for a product launch.

It also found that around two-thirds (64 per cent) use social listening to support their new product development. This proportion is highest in the retail sector (72 per cent), second highest in the entertainment sector (68 per cent) and by far the lowest in financial services (51 per cent).

Furthermore, around half of marketers (46 per cent) believe the biggest benefit of social channels lies in generating awareness before the product actually launches.

Matt Lawton, managing director at Five by Five, commented, “Insights from each category indicate there’s a big focus placed on social media pre and post launch and that’s an exciting challenge because it requires communications plans to be flexible.”

The study also asked marketers how they feel launch marketing has changed over the past five years. In addition to the tighter timeframes involved, around two-thirds (63 per cent) now think launches cost more, although more than half (57 per cent) believe the process is less difficult than it used to be and a colossal 88 per cent believe they are now able to make better-informed decisions about their product launches.

Meanwhile, three-quarters of marketers (72 per cent) think the creative ideas around product launches have become braver over the past five years, rising to 97 per cent among marketers in the travel sector.

Also, nine out of ten (87 per cent) believe launch campaigns are now more measurable. This proportion is highest among the luxury goods (91 per cent), healthcare (91 per cent) and FMCG (90 per cent) sectors.

Larissa Rembisz, client director at Five by Five added, “Measurability brings insight and that’s both a blessing and a curse for marketers who feel that effectiveness comes at a higher cost and under greater time constraints. It’s great news for our industry that braver work is widely regarded as the solution.”

Unsurprisingly, eight out of ten (80 per cent) think launch marketing is completely different to other forms of marketing and requires specialist handling.

According to the findings, almost seven in ten firms (69 per cent) use soft launching or pilots to support new product or service development. Soft launching specifically is used by more than half (53 per cent) of marketers, rising to 63 per cent among technology brands and 60 per cent for FMCG businesses.

In addition, the three factors most likely to threaten the successful launch of a new product or service are a lack of launch budget (selected by 45 per cent of marketers), ineffective marketing communications (40 per cent) and slow processes (38 per cent). The proportion of senior marketers’ time spent on launch activity is generally variable but high, typically between 30 per cent and 80 per cent. As a consequence, many cite the need for additional resource around launch.

Lawton concluded, “Senior marketers find launches to be all consuming in both the planning and execution phases. The complexity involved requires close agency alignment and effective communication. There’s a lot on the line.”

To download Five by Five’s 2017 Launch Marketing Report, click here.

Please login with linkedin to comment

tv advert

Latest News

QMS’ Jemma Enright Talks The Company’s Plans For The City Of Sydney’s $300M Outdoor
  • Media

QMS’ Jemma Enright Talks The Company’s Plans For The City Of Sydney’s $300M Outdoor

Back in June 2020, QMS pulled off a major coup, snaring the City of Sydney’s outdoor assets away from rival JCDeceaux in a 10 year deal reported to be worth $300 million. COVID has made the changeover and erection of new street furniture challenging, but here B&T chats with Jemma Enright who joined the business […]

by B&T Magazine

B&T Magazine
Two M&C Saatchi Creatives Talk Making Art To Stay Fresh
  • Opinion

Two M&C Saatchi Creatives Talk Making Art To Stay Fresh

M&C Saatchi creatives Sam Rowlands and Jason Leigh talk about their personal creative pursuits, and how it informs their advertising. Then they decided that, as they hadn’t seen each other in a long time, they’d prefer to interview each other… Sam Rowlands — art director/painter/sculptor/fashion designer (as interviewed by Jason Leigh) Sam forgot about our […]

Opinion

by B&T Magazine

B&T Magazine
Michael Speakman Joins Esports Organisation ORDER As Head Of Commercial
  • Marketing
  • Technology

Michael Speakman Joins Esports Organisation ORDER As Head Of Commercial

Esports organisation ORDER has announced the appointment of  Michael Speakman as its new Head of Commercial. As part of ORDER’s expansion, Speakman will help navigate new commercial opportunities by offering a creative space for brands to connect, level up and deliver partnerships across the gaming ecosystem. ORDER continues to sustain its rapid expansion by appointing a […]

Hivestack Expands US Footprint With Clear Channel Outdoor Partnership
  • Media

Hivestack Expands US Footprint With Clear Channel Outdoor Partnership

Hivestack, the leading global programmatic digital out of home (DOOH) ad tech company today announced a partnership with Clear Channel Outdoor Americas (CCOA), the US based business of Clear Channel Outdoor Holdings: one of the world’s largest outdoor advertising companies. Through this new partnership, CCOA will offer advertisers a way to buy DOOH inventory programmatically […]

Samsung Announces Finalists For UNDSCVRD Tiktok Docu-Series
  • Campaigns
  • Technology

Samsung Announces Finalists For UNDSCVRD Tiktok Docu-Series

Samsung Electronics Australia has this week announced the lineup of five budding recording artists for its UNDSCVRD competition, a TikTok docu-style reality series aimed to bring the spotlight to the rising music talent in the country. The series, presented by Samsung Galaxy, brings together five musical talents from across the country who were hand-picked by […]

Indie Agency Kaimera Expands With New Hires
  • Marketing

Indie Agency Kaimera Expands With New Hires

Independent media agency Kaimera has recruited five new team members to manage its continued growth, following several new client wins including Britbox, Campos and Under Armour. Daniel Miller (pictured above) has joined from News Connect, where he was an associate programmatic trader, in the newly created role of platforms manager. In the role, he will […]

Nine’s Love Island Australia Gets Premiere Date
  • Media

Nine’s Love Island Australia Gets Premiere Date

The sexiest singles in the nation (according to Channel Nine, at least) are back on airwaves with Love Island Australia on Monday, October 4, at 9.00pm after The Block on Channel 9 and 9Now. Aussie sweetheart Sophie Monk will return to host (and play Cupid) alongside new addition, comedian Stephen Mullan a narrator, in the world-renowned reality TV […]