Whether you’re introducing a new fragrance for men, unveiling the latest model in your automotive line, or promoting the premiere of a blockbuster film, how you launch to the public makes a huge difference in how successful these products, services, or brand messages ultimately become.
Done well, launches can stimulate interest, generate buzz, and boost sales. When executed poorly, however, they can tarnish a brand’s reputation.
How important is launch strategy? Twitter partnered with Bain & Company (@BainAlerts) to find out. Their findings show that making the right kind of splash is critical to a product, service, or message’s long-term success. A successful launch is especially important in a world where hundreds of new products are introduced each day. According to Bain, the number of launches increased an average of 27 percent per company in 2018 over the prior year; the food and beverage industry alone introduced an average of 55 new products each day.
At the same time, this research found the window of opportunity for launches to succeed is rapidly shrinking; items that don’t prove their value through robust initial sales are pulled from shelves, new services lose momentum, and brand messages disappear more quickly than ever.
Despite these dramatic changes in the market, more than half of the companies Bain surveyed have changed their launch tactics very little over the past two decades. But those that have deployed a sophisticated approach to launches are reaping the rewards. In our survey, brands that used the best practices had revenue growth rates 1.5 to 2 times higher than those that didn’t consistently use those practices.
Earlier this year, Twitter partnered with Bain & Company to determine the factors that go into a successful launch. Bain interviewed more than 650 senior marketing executives from leading US brands and identified the key tactics of launch leaders — the top 15 percent of brands surveyed that reported successful launches, along with growth in revenue and market share over the last year.
From this research, we identified five strategies that separated the launch leaders from the rest of the pack, and that had the greatest impact on successful launches: