How to make a product launch a real blast-off

 

For consumer goods companies, new product launches are a staple component of their endeavours to capture consumer imagination and share of wallet. These launches are not only about persuading consumers of the technical features and benefits of a new vacuum cleaner, tablet, or portable barbeque. They are also about the brand.

For the PR team, a product launch usually has objectives, including:

  • To excite consumers about the new offering and explain how it fits their lifestyle

  • To ensure the product compares favourably with others in the category

  • To build brand awareness and consideration

Media coverage can be far more powerful than people realise. While advertising often gets the credit for a successful launch, PR can propel a new product into the market in ways that convert directly into purchase consideration and sales.  But how do you measure that contribution to activity through the funnel?

Having daily time-series data about the impact of media coverage on audience behaviour means the PR team can take the fair share of credit for outcomes. It helps brands understand the times when PR activity is moving the needle, in a way that has not been possible before. Using sophisticated statistical analysis, we can demonstrate with very high levels of confidence the product launch outcomes that can be explained by media coverage:

  • The percentage of Google search for a product or Masterbrand

  • The percentage of Google Shopping activity

  • The percentage of website visits

  • The percentage contribution to paid search advertising results

  • The relationship between size of media audience and sales revenue

  • The relationship between media coverage and brand tracking metrics, such as attention and consideration

The most effective media contributing to these outcomes can also be identified. This turns on its head the traditional approach to the press list, meaning that PR teams can focus on the publications that deliver the greatest bang for the launch buck. Not in terms of ridiculous circulation or impressions metrics, but in a systematic and meaningful way that reveals the disparity between volume of coverage and audience impact. That means comparing, for example, how trade media performed compared to consumer lifestyle media, or how advertorials performed compared to earned coverage.

Metricomm can also retrospectively gather data about the impact of previous launches, to help with planning and setting KPIs for upcoming product announcements. The more data you accumulate over time, the easier it becomes to spot patterns and trends and make realistic plans to supercharge product launches and capture valuable market share.

If you want to evaluate a previous launch, or get your hands on concrete insights to shape your plans for an upcoming product unveiling, we’d love to hear from you via hello@metricomm.com or the form below.