Social media is the most important marketing channel to leverage when launching a new product or service, according to a new study published by marketing consultancy Five by Five. Three-quarters of brand marketers said that platforms including Instagram, Twitter and Facebook are critical for driving mindshare, interest and reach.
Five by Five asked more than 700 marketers in the UK, the US and Australia about their strategies for promoting new products and found that social media topped traditional outlets, such as TV, direct mail and radio, by a significant margin. Seventy- five per cent said that social is the most important, placing it way ahead of sales promo (55 per cent) and email marketing (53 per cent).
“Social media has become the most important way to generate buzz for new products and services before they appear,” Five by Five Creative Director Martin Flavin said. “Shareable content and social engagement allow brands to create a groundswell of pre-launch interest in a way no other channel can match.”
While social platforms enable brands to engage with billions of consumers across the globe, Five by Five noted that their popularity primarily stems from their readily accessible nature. Many products are now being designed and built in ever-shortening cycles, and marketers can create and implement a campaign on social more quickly and effectively than through other mediums.
This idea is supported by the fact that over two-thirds of marketers said that they usually only have around six months to prep a new product prior to launch, which rules out less accessible channels. For example, only nine per cent said that cinema is a top priority for new products. However, despite its easy access, some marketers did register concern about their ability to attract attention on social.
The report concluded that launch marketing is a “completely different” beast compared to other marketing endeavours and requires specialist handling to implement effectively. “For many senior marketers, launches have become more multi-faceted. This means that effective communication internally, alignment with external agencies and the correct investment of time and budgets is crucially for ensuring a successful launch,” Five by Five Strategy Director Michelle Mitchell stated.
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