Businesses Failing to Make Lasting Impression with Product Launches
Websites are key element of new product launches but only 4% of consumers cite social media as an influencer
Three-quarters of consumers love new products and services yet businesses are failing to exploit this as undistinguished marketing means only 28% can name a memorable product launch, according to a recent consumer opinion and attitude survey.
While 50% of respondents have queued for a new product/service they had not tried before and 29% have pre-ordered a new item to get it as early as possible, product launches are failing to stick in consumers’ minds.
Half of consumers said the desire to try something new was the main appeal of novel services and products, this was followed by special offers and promotions, and finally seeing that a product is innovative.
Additionally, 67% of respondents said they are more likely to buy a new item if they have had an opportunity to try it first, but only 12% of consumers have attended a launch event and over a quarter of those attendees were left unimpressed.
The survey, released by marketing group Five by Five and featuring 2,000 UK adults, also highlighted the best way to promote new launches; websites were named as a key element of a new product launch with 51% of consumers wanting to see new products accompanied by online offers and competitions, while 38% prefer video content and 35% want behind-the-scenes information.
However launch events and social media came out surprisingly low in the survey with only 4% of consumers citing social media as a basis for buying a new product.
Managing director, Jo White, commented on the research:
“The appetite for new products and services is clear for all to see and a great launch should be the springboard for success. However, the fact that so few have been truly memorable shows there’s a huge opportunity for brands in this area.
“Consumers want to see new services and items on the shelf, which puts the onus on marketers and brands to make sure they arrive with a bang and not a whimper.”