New research has highlighted that social media is king when it comes to launching new products, with three-quarters of brand marketers now prioritising social media in their launch marketing plans.
This is in line with the wider marketing industry, where 74% of marketers now prioritise social, according to the survey commissioned by specialist marketing agency Five by Five. The research involved more than 730 senior marketers across the UK, US and Australia, including 62 brand marketers working in the FMCG sector.
In the FMCG sector, sales promotion ranked second among the most important channels, with two-thirds of marketers citing it. PR came in third at 44% and TV advertising ranked joint fourth with press advertising on 39%, suggesting that ‘traditional’ above-the-line ad campaigns are holding less sway when it comes to building awareness for new products and services. Digital display made up the top five with 35%.
According to this new study, one factor in the growth of social as the go-to channel for launches may be the faster timeframes facing marketers: eight out of ten marketers working in the FMCG sector (83%) say that the average time between the idea first originating and launching the product has shrunk over the past five years. In addition, just under half (45%) say they usually have only six months or less to prepare for a product launch.
Martin Flavin, creative director of Five by Five, said: “Social media has become the most important way to generate buzz for new products and services before they appear. Shareable content and social engagement allow brands to create a groundswell of pre-launch interest in a way no other channel can match.”
And Five by Five strategy director Michelle Mitchell added: “Deadlines have got tighter, and costs have risen – but marketers now are more informed about their product launches than ever. This increased knowledge means that campaigns are braver, smoother and more effective.”
The three factors most likely to threaten the successful launch of a product or service in the FMCG industry are lack of budget (52%), competitor activity (47%) as well as ineffective marketing communications and slow processes, which were cited jointly in third place on 40%.
Senior marketers spend an average of 40% of their time on launch activity, and, as a consequence, many cite the need for additional resources around launch.
Mitchell concludes: “While the internal processes marketers go through to get their launch off the ground may have become easier, they are still considered a significant barrier to success; there is clearly still room for improvement.
“For many senior marketers, launches have become more multi-faceted. This means that effective communication internally, alignment with external agencies and the correct investment of time and budgets is crucially for ensuring a successful launch.”
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