Marketing Insight

insight from

SARAH WEST

How to use marketing to launch a product, service or innovation

Innovation is more important than ever in modern business and a critical part of the B2B environment too. So, if your business is planning to launch something new and unique, how can you use marketing to ensure your innovation is a success? Sarah West, Managing Director of B2B marketing experts Full Mix Marketing, shares some tips:

MARKETING FIRST, DEVELOPMENT SECOND

It’s easy to convince yourselves that your proposed new product or service will sell. Whilst it doesn’t pay to be cynical, it’s a good idea to conduct some research before you invest time and money in your innovation. Carefully define who your innovation is targeting and put yourselves in their shoes. Ideally, conduct some genuine market research by speaking to existing or potential customers but be careful not to encourage them to say what you want to hear. Customers will have to embrace your new innovation in the cold light of a busy day… Try to analyse the reasons why your innovation might face resistance. An understanding of any barriers can help target your product or service at those more likely to buy.

SELL THE SIZZLE, NOT THE STEAK!

It’s easy to become fixated on the technical features, particularly with complex, scientific, financial, engineering or technology-based products and services. However, the benefits of your product or service may be much more compelling, so think of the best way to communicate them. If you can’t communicate the benefits quickly, succinctly and convincingly, a busy business person may dismiss it. Avoid going down the route of ‘doing-down’ the competition. Instead, use communications to lead customers to the same conclusion you’ve reached about your new innovation.

MARKETING MOMENTUM

As with B2B marketing of established products and services, drip marketing is the best weapon for new innovations. Drip marketing is the continual marketing of a concise message through multiple marketing channels. Even if your innovation has the potential to revolutionise how people interact with whatever you deliver, it takes people and businesses time to embrace change. Through continual drip marketing, you can build brand awareness until your target customers have the time to consider your innovation.

EMBRACE AIDA

AIDA is a simple model which describes the journey your marketing needs to take a customer or business on before they buy: A – Attention I – Interest D – Desire A – Action When planning the marketing mix to launch for your new innovation, it’s important to take this a step at a time. First, your marketing must grab attention, before piquing interest.

BE REALISTIC

Whilst a lot of innovation fails to deliver against the business’ expectations, the innovation is rarely bad. The business simply underestimated the challenge of encouraging busy customers to take notice. Many new consumer products (e.g. food, electronics, cars) have a marketing budget that’s as big as their development budget. However, setting a marketing budget needs to be realistic. In order to realise a return on investment, work out the intensity of marketing you’ll need and the period you’ll need to maintain it before you get meaningful results. Marketplaces can be frustratingly slow to react to innovation, so air on the side of caution!

MAKE A PLAN AND STICK TO IT

Marketing is all about feedback – analysing results and listening to potential customers. A common mistake is to panic if results are not immediate and to prematurely cease or change your marketing. If you make sound choices when establishing your marketing campaign, have faith in the decisions you made. Only change them when the evidence clearly indicates something can be improved.

EXPECT THE UNEXPECTED

However much you might anticipate a particular strength or benefit will be the sources of sales, something else may prompt that final buying decision. Many of the greatest innovations in history – like Coca Cola and the mobile phone - have ended up being used for a purpose different to that originally intended!

WHAT IS THE RIGHT MARKETING MIX?

Direct marketing through email, social media, telesales or events can be highly effective if you know who your customers are. The press and websites love new developments so using content marketing, PR or social media to create a buzz can be very powerful. Digital marketing is an important part of any campaign to put your new innovation in front of the decision makers you wish to target. However, don’t underestimate the impact of something physical such as a brochure or flyer. They can be widely retained and actioned. Likewise, the busiest stands at many trade events are those launching a new product, service or innovation. A specific launch event can also be a great way to engage existing customers and create media buzz. More help can be found at www.fullmixmarketing.co.uk