07/11/14

The Wrong Marketing Strategy Can Lead To Product Launch Flops- Tips to Avoid Common Product Marketing and PR Mistakes

By Julian Steinforth, Expedition PR

Success and failure in petals of daisyEvery year companies launch roughly 30,000 new consumer products. A staggering 95 percent of the new products end up failing, according to Harvard Business School professor Clayton Christensen. We also only read and hear about a small percentage of all these new products – mostly the breakthrough successes and the worst product flops.

It’s hard to get a new product on the peoples’ radar, especially for startups. Marketing flops, and ultimately product launch failures, are not only costly, they can be fatal. Startups and early growth companies simply don’t have the resources at hand like larger competitors to absorb those financial backlashes. Hence it does not astonish that according to NASBP, 46 percent of all US-based businesses failures occur due to a lack of marketing knowledge or management incompetence. And of course the reasons for startups to fail are numerous: from running out of cash, gabs in the strategy, wrong market positioning over to wrong leadership there are many hurdles for entrepreneurs out there. For consumer products, another hurdle is a person’s buying habit. Consultant Jack Trout stated that American families, on average, repeatedly buy the same 150 items, which constitute as much as 85% of their household needs. The challenge to get something new on the people’s radar, might be one of the toughest, but it can be achieved with the right marketing and PR strategy.

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06/17/14

3 Easy Ways to Measure the Impact of Your Communications Campaign

By Katja Schroeder, Expedition PR

 
Stan-05-PerceptionMeasuring the results of a public relations campaign goes beyond counting clips. While it is gratifying to read a positive story about your company in the Wall Street Journal or TechCrunch, it is even more gratifying to evaluate the story’s business impact.  Some measurement methods can show how the article shapes the perception about your company and trigger behavioral changes, such as website visits and downloads.

As a general rule of thumb, PR professionals look at three types of levels for campaign measurement:  communications output, communications outtakes and communications outcomes.

Communications output is the most basic way of measurement, evaluating the communications tools and materials that were used for the launch, such as press releases and social media posts.

Communications outtakes evaluate what has been achieved in terms of key message penetration and stakeholder engagement. Metrics include quantitative and qualitative media coverage analysis, share of voice, event attendance, Twitter chat attendance, number of social media likes and followers, and email newsletter opening rates. Outtakes measurements look at who engaged with the company and what was written/said about the company. However, we still don’t know how the outtakes have shaped the perception about the company and whether they have triggered behavioral changes.

This is why looking at communications outcomes is the best form of measurement. You can gage the actual impact of your communications program on the stakeholder perception and behavior; how the program moved the needle for your business. Metrics include perception audits, social media sentiment analysis and, in some cases, lead generation.

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