Every week, we’ll be bringing you an insight from our 2016 Most Memorable New Product Launch (MMNPL) Survey eBook. We’re breaking down our data and letting you know what the trends, behaviors and learnings we’ve gained from the survey. Download the full ebook below.
When it comes to investing in media, it’s important to establish your goals before determining the media mix. The outcomes you desire and the consumers you want to reach will determine the choice of channels and the roles they will play in your overall campaign.
The MMNPL survey tracks not only which information sources consumers use to learn about new products, but also which information sources are the most influential in making product decisions. This allows us to determine which channels are best for brands wanting to raise awareness and which are best for brands wanting to sell product.
If you want to raise awareness, TV commercials and in-store displays are the best way to motivate consumers to remember new products. These forms of media consistently rank highly with consumers as information sources.
Since 2002 when we launched the MMNPL survey, TV commercials have ranked number one in educating consumers about new products. For consumers over the age of 35, television outpaces other sources of information by an average of 39 percent. Younger generations are most likely to learn about new products from social media but TV commercials now populate Facebook, Instagram, Twitter, YouTube, LinkedIn, Tumblr, Snapchat and virtually all other social channels.
If you want to drive purchases, a sampling program or coupons are shown to be the most influential source of information about new products. It lowers the risk involved in the purchase decision, making it easier for consumers to try something new and effectively eliminates buyer’s remorse, as consumers are either getting the product for a discounted price or are buying a product they already tested and liked.
With new digital couponing and sampling techniques, it’s easier than ever for brands to offer free samples and discounts to entice people to try a new product.
Before planning your product launch, know your goals and your audience. Decide if it’s more important to raise awareness or generate conversions. Determine your audience’s demographics and what media they are likely consume. Use that data to allocate budget towards the media tactics and channels that are most likely to meet your goals.
To get more great insights into product launch marketing and consumer behavior, download our 2016 Most Memorable New Product Launch Survey eBook: