As you probably know, Disney+ recently joined the increasingly saturated market of subscription-based streaming services. And while their $6.99 monthly fee is a fair amount less than the cost of a Basic Netflix plan, nearly a quarter of U.S. Internet users were willing to pay significantly more than $6.99. This is according to a GlobalWebIndex survey of 2,504 U.S. internet consumers.
What the study uncovered was that 42 percent of those surveyed indicated they would likely sign up for the service simply because the content reminds them of their childhood.
As Simon Sinek, author of Start With Why likes to proclaim, ‘people don’t buy what you do, they buy why you do it.’
People don’t buy a set of attributes or product features. They buy a feeling, a belief or an idea. They align themselves with a brand if it fills a void in their lives, makes them feel a certain way or allows them to see themselves in a new light. In the case of Disney, people bought because they wanted to relive the warmth of their childhood.
At Able&Co., we are often faced with the enormous challenge of new product marketing — launching a new-to-the-world product, technology, solution or real estate community — and turning it into a living, breathing brand. Typically, we are charged with taking the new product and infusing it with meaning, voice and a fundamental belief system so that people ultimately understand what it is, how it works, why they should believe in it and why they should buy it —regardless of its cost.
Done successfully, an effective new product marketing launch can raise awareness, expand a customer base and ignite growth. To that end, we employ a proven methodology to all we do, consisting of a scalable, measurable and repeatable framework. We’ve seen it work for many of our clients across a number of industries — from medical devices to new real estate communities among others.
In fact, after years of many successful new-to-the-world product launches, we’ve learned a few helpful do’s and don’ts along the way:
DO aim for a smart idea versus just the big idea.
To us, a smart idea is one that has more value than just a flashy or cool hook. We define a smart idea as one that is specific, measurable, achievable, relevant and timely — or S.M.A.R.T.
DON’T fall into the one and done trap.
Ask yourself, how can you create a marketing message that can deliver long-term value? Does it have legs? Can it work in different channels? Is it telling a story and helping the viewer/reader gain a more dimensional understanding of the product and what it stands for?
DO your homework.
To really know our audience, you need to dig in. That means conducting demographic and psychographic analyses. It means holding audience workshops that explore drivers, obstacles and pathways to success. Utilize the tools that are out there and gain insights that will give your new product the best chance for success. It has worked for us.
DON’T just hope for the best
Once you’ve identified the right audience for your new product and your message is ready to go live, it’s time to optimize. Set your new product up for success and maximum impact by employing measurement tools. Look at the analytics. If a message isn’t connecting, review your audiences’ needs and wants and make changes quickly. Don’t wait until a launch is over and then ask, ‘Did it work?’ Make it work along the way.
DO adhere to brand and/or compliance standards.
Just because a product or technology is new, try to avoid the temptation of rogue marketing. A new product launched in the context and vernacular of a larger product line or suite of services or established brand will eliminate customer confusion while leveraging brand equity.
DO think holistically about strategy, concept and implementation.
Clients (particularly those on a deadline to launch a new product) are in a hurry. They need creative work that is real and actionable almost immediately after it is presented. Not rough ads or one-off gimmicks. A new product campaign needs to be thought through: how it will work across the website, what is the go live strategy, how will the sales force implement, and so on. Strategy, creative and implementation are most definitely unique phases of a campaign. But think of them in unison rather than independently of one another and you will set yourself up for success.
Don’t be boring.
Find the ‘why’ and then bring it to life in a way that no one has done before. Excite people. Make the reader care. Drive people to action. Move mountains. It takes talent and that’s something the Able team brings to the table on every new product launch.
Do you have a new product or service to launch? Are you unveiling a new innovation or a concept that is ready to go live? Want to be in market quickly and make an immediate impact? Bring us your biggest branding challenges for new product marketing and we’ll bring you our best — our best people, practices and ideas.
Contact us today and let’s start a conversation.