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Using social media data to improve a service or product launch

How much does it cost to launch a new product or service? Marketing expenditures alone can run into the millions pretty quickly. Just think about how many product launches happen during the Superbowl! Now add on the cost of the people creating and managing launch activities. Then add the cost of the market research and product development. Do you think you spent more than $1m on your last launch? If you are a big brand, it’s highly likely. If you’re a small brand, maybe just under that mark.

So the question becomes, “How can you do a better job and get higher returns on your launch, no matter how you measure it?”

On April 8th, Visible presented a webcast in association with Gleanster Research titled, “Using Social Media to Improve Product & Service Launches.” For this webcast, Ian Michiels from Gleanster and Becca Ramble from Visible reviewed:

  • The overwhelming case for using social media analysis to plan, execute, monitor, and adjust product and service launches.
  • Common practices of leading firms.
  • Case studies highlighting the specific ways Visible customers use social media analytics to improve launches.

Are you using social media data analytics now to improve your product launches? How are you using it? 

According to a poll run during the webcast, only 61% of people are using social media to promote the launch. This is surprising in this day and age of social media. Our first thought was that the people on the webcast were possibly not sophisticated social media marketers, but this was not the case as 84% had some social media marketing experience. The simple conclusion here is that there is still a lot of upside to using social media to improve launches.

Getting past the relatively straight forward task of advertising and promoting a launch on social media, we found that significantly fewer people are analyzing social media to improve the launch. Specifically, 26% analyze social media data to help plan the launch, 16% use it to improve product functionality planning, and only 10% use it to ID targets markets for the launch.

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Social media is real time, and provides the truth (for the most part). It can give you predictive information and feedback on activities across all elements of your product or service launch.  So if you have not used it to improve functionality planning, create your messaging, target markets, conduct promotion, develop pricing, or monitor your launch, check out the webcast.  I’m sure you will walk away with some new ideas.

Tags : social media

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