How to boost Innovative products with the MMD Tools?
At the beginning of the year, it is time to start concretizing the marketing plan for your product innovations. To be successful, it is essential to promote your novelties there where your target group is, and that is in retail!
MMD helps you to boost your innovation in 6 steps!
#BEFORE:
PLAN TO LAUNCH - Get all the info!
Step 1:
Make sure you know everything about the possible target group of your new product.
Get your insights via our Data Platform Enlight+ on the size of the market, the competition landscape, your existing customers, or lookalike product buyers.
Define the target groups with the stronger affinities to the product.
Step 2:
Inventoy the customer journey and the right marketing materials for this specific innovation.
Define the places where your future customer might get in contact with your brand and build your marketing plan accordingly.
The essence of your media plan is to ensure that the new product will be seen, discussed and purchased by your target audience.
Link therefore the possible touchpoints to the audiences at each step of the funnel marketing.
Does the marketing material have all the information that the customers need to act and drive conversion?
#DURING:
AT THE LAUNCH - Shop smart!
Step 3:
Touch the audience at all places, through the devices used by the customers but above all, be present at the key moments of the purchase process:
To promote your new product, make it visible on all shopping paths and channels using retail media in combination with a global media plan.
Be creative to get more attention than comparable competitive brands.
Reach your core target audience at the most appropriate time through various media tools:
Be sure you have enough repeated exposure and omnichannel touch points to impact the memory and change purchasing behavior.
Step 4:
Make it an event and encourage a first-time purchase.
Do not underestimate the impulse purchase triggered by a good context.
A discount coupon, an activation, a tasting/testing event instore are ideal tools to encourage consumers to try your product for the first time.
Or you can push a try-out of the product by giving a sample for free (instore or online).
Make sure your selected target group knows about this promotion by sending a dedicated e-mail.
#AFTER:
POST LAUNCH - Learn, maintain, and adapt!
Step 5:
Assess the efficiency of your innovation, observe the present and predict the future.
Get insights about product distribution and the regional sales spread of your innovation across the country or across commercial banners (type of stores, online & offline). This information is available in your Enlight+ subscription.
Turn data into appropriate actions on short term.
Look at post-reporting for almost every media tool, and learn from the first retail media plan to optimize the next phases.
Learn from the profiles of your new shoppers to recruit similar profiles
Step 6:
Expand your target group and make your first buyers’ group re-purchase the product very soon.
Be relevant and in line with the purchase frequency and the product lifecycle.
Shift your attention to maintain adoption and retention.
Feedback is a crucial step at each stage of the customer journey. Talk to your shoppers, ask their opinion on the product via Ad’vice and learn from their feedback.
