At a glance
Bain & Company, the consultancy, has identified five characteristics that are shared by the most successful brands when it comes to launching new products, campaigns, and features. These include conducting in-depth audience research, finding the right tone of voice, and spending a meaningful portion of their overall budget on the first day of launch.
Why it matters
The research by Bain & Company reflected the fact that new launches are increasing at a dramatic rate, not least in categories such as the food and beverage sector. At the same time, however, many marketers are not sufficiently informed about the strategies needed to truly stand out in the face of growing clutter and competition.
- The enterprises that intelligently championed the launch of a new product, feature, promotion or campaign realized 1.5 times to two times higher annual revenue growth rates for a brand.
- The most successful product launch leaders were 1.7 times more likely to “blitz” on three or more channels at once.
- The best-performing operators were nearly three times more likely to make sure they had real-time data access, as well as the talent on their team and the decision-making capability, to pivot at speed following a launch.