Innovation 2024 Class 9 PDF

Checklist to ensure field readiness ✓Beta-testing Is performance good enough for WOM? Can the product reasonably change later, if not? ✓Production & distribution Are we on schedule? Who will get first shipments if not? ✓Marketing materials Is there a coordinated (IMC) focus...

Checklist to ensure field readiness ✓Beta-testing Is performance good enough for WOM? Can the product reasonably change later, if not? ✓Production & distribution Are we on schedule? Who will get first shipments if not? ✓Marketing materials Is there a coordinated (IMC) focus in all touches? Is timing right? ✓Training & motivation for sales Have we thought about the trade-off between preparation & secrecy? ✓Realistic support planning ✓PR events and press Have we thought about the pros and cons of pre-announcements? 3 Keys to Coordination 1. Assemble and manage the cross- functional launch team 2. Formalize timeline & responsibility 3. Design and share IMC jointly How do we do this well? 4 Success Factors for cross-functional launch teams: ✓Assemble earlier rather than later ✓Carefully ask “Who?” Project manager (BU), design rep, marcom, sales (CS), production rep, legal, supply chain, etc. ✓Open communication Two-way (especially service & support) Use of a dashboard to track events and accountability pre-launch Use of a dashboard to track metrics post-launch ✓Clear ownership of tasks Marketing Dashboard Metrics that fit the situation Common metrics include: ROI per tactic/initiative Media exposures Tracking targets, prospects, leads, calls Cannibalization % of consumers reporting WOM (q)  Pros & Cons of Pre-Announcements Pre-announcements inform customers about the impending introduction of a new product or service Pros Cons Pioneering advantage Cue competitors Stimulate demand Product delays damage Delay purchase of reputation competitor’s product Cannibalize current offerings Help customers plan Confuse customers Gain customer feedback Create internal conflict Stimulate development of Generate anti-trust concerns complementary products (vaporware) Gain access to distribution Increase shareholder value  Design and share IMC Integrated Marketing Communications refer to the well-orchestrated delivery of a consistent message across diverse contacts (The “universe of touch”) News What is consistent? Print ads Direct mail Value proposition Brochures/Literature Time/place Hashtags Call to action Firm Social media Trade shows Action location Personal selling Mass advertising channels Promotions Sponsorships  Two rules of social media “Viral” versus “spreadable” 1. Give value 2. Forget control Sticky messages: A message that is memorable, stays salient, and is re-used The basis of virality is psychological Common human elements BUT industry-specific execution  bee What is buzz? Infectious chatter about the interesting new person, place, or thing How does it relate to other similar practices? Grass roots marketing Avoid mass media; Marketers → Consumer Guerilla marketing Low budget; quick strikes; creative tactics Viral marketing Spreadable media, self-perpetuating What all of these practices highlight is the power of word-of- mouth marketing (WOM) To create buzz, give fans… 1. Special treatment Advance news and products to demo 2. An exciting story to tell Video Would someone gain status by sharing it? 3. A crusade A desire to educate others 4. Facts High involvement vs Low involvement 5. A break To create buzz, give fans… 1. Special treatment Advance news and products to demo 2. An exciting story to tell Video Would someone gain status by sharing it? 3. A crusade A desire to educate others 4. Facts High involvement vs Low involvement 5. A break The most spreadable buzz tends to be… Taboo Outrageous Information that tends to Unusual be passed along must be Hilarious “story-worthy”… Remarkable BUT must also be RELEVANT Secret **For products, it is more likely that BAD news travels quickly