Three New Product Marketing Strategies: How to Plan for Success

Three New Product Marketing Strategies: How to Plan for Success

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To be successful in today’s highly competitive CPG industry, brands should develop new product marketing strategies that work in an ever-changing environment. By using agile innovation strategies, many challenger brands can compete with massive CPG conglomerates. Agile innovation is a strategy born in IT, but it is applicable in digital marketing—especially in the way it can be used to introduce a new product to a crowded market. By breaking down larger campaigns into smaller components, brands can create a strategy that’s flexible enough to adapt to changing consumer demand.

There is no one single new product launch plan that can be said to work for all brands, but of the plans that succeed, we can see common themes. A successful launch depends on timing, how the target audience is reached, and, above all, partnerships with the right platforms to drive product awareness. Through these strategies, brands can bring a product to market in a way that makes an impact.

 

Agile Innovation in Marketing

Agile innovation—as it applies to marketing—is a process that involves creating one large, overarching goal and breaking down the steps needed to get there. By breaking a CPG marketing campaign down to its basic components, there’s more flexibility in the process.

Hypothetically, if a brand was about to launch a new breakfast cereal—with an overall goal of gaining $1 million in sales in the first year—the brand would need to break that goal down to determine who would make those purchases, when they would make them, and how those consumers could best be reached.

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Demographic

The brand should test market the cereal with adults and children to determine the target audience. For example, a child may request a particular cereal, and even pick it out in the store, but it will ultimately be the parent who purchases it. How will marketing efforts need to change to address both of these audiences?

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Timing

When is the best time to go to market with this particular cereal with consideration for market demand? For example, a healthy cereal may sell better in January when people are trying to lose weight. Meanwhile, a children’s cereal may sell better during the summer, when kids are home from school.

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Platform

Early test campaigns on specific platforms can help to reveal opportunities to gain an audience for a new product. As examples, the cereal brand might consider partnering with a mobile gaming company to reach kids and a shopping app like Shopkick to reach parents.

The benefit of breaking these tasks into components is that it allows rapid pivoting for a brand, which is what agile marketing is all about. As the digital space continues to change rapidly, with new products and campaigns appearing almost constantly, it’s essential to create a campaign that can easily be adjusted based on audience, platform, and timing.

 

Strategy #1: Understand Your Audience to Time Your Launch

Correct timing of a new product launch is imperative, as it will determine the demand of the market. Consider Unilever-owned ice cream brand Breyers. It’s no accident that the brand announced four new flavor mashups at the start of summer as this is a time of high demand for ice cream. However, timing isn’t always as obvious as that. Brands must consider several factors when launching a new product, including the following.

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Season

Season may not seem like it impacts all product types, but it can. Consider sugar, as an example. Since sugar is used year-round, it might seem that season would not affect demand. However, consider the holiday season when consumers may be baking more and having more gatherings. This increased hosting—and baking—will increase demand during the holidays.

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Culture

Sometimes, current events and popular culture can result in a sudden increase or decrease in demand for an entire category of products. A landmark case of this occurred in 2006, when the movie Blood Diamond was released, which highlighted some of the atrocities that happen in the diamond trade. Reputable jewelers became rightly concerned that it would impact sales even for stores that did not engage in any black-market dealings. Even if the seller was legal, releasing a new diamond collection at the time would have been a risky and controversial move.

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Economy

Economic performance doesn’t feel like it should impact products with such low-price points, like some CPG products, but economic slumps absolutely can. When the economy is weak, consumers may use more coupons or switch to store brands, causing a drop in sales for brands at higher price points. On the other hand, a weak economy may be an ideal time for a discount challenger brand to compete, as consumers will have a more substantial focus on value.

Releasing a product at the wrong time makes it harder to gain attention. However, proper timing can be difficult to pinpoint as the causes aren’t apparent. Brands need to be able to understand why consumers choose to buy when they do. Mobile apps and the data they collect through user behaviors can offer an opportunity to CPG brands that want to calibrate their campaigns more effectively.

 

Strategy #2: Use Data to Focus on a Specific Audience

Oftentimes, only a small portion of the population determines the success of a new CPG product. In a study of over 40 million U.S. shoppers, just 1.5% accounted for 80% of purchases in the year following a new product launch. That means that brands should focus more on reaching the right consumers instead of all consumers.

One way to manage this can be through a beta launch using a shopping app. In this case, the brand may choose to make the new product available in a few areas and partner with a third-party shopping app that uses proximity marketing to drive awareness. With Shopkick’s app, as an example, brands can incentivize interactions with a specific product by offering kicks (aka rewards points) when consumers find and scan items in the store.

The brand can then use the data from those signals of purchase intent to determine the best audience for that specific product. For example, if they notice that most of their engagement is coming from women in their thirties with children, they can aim their marketing efforts to reach that specific group of consumers.

The benefit of doing this via a shopping app is it allows brands access to consumers who make purchase decisions for their household. As shopping apps are typically used while in-store and those who download and actively use them tend to be regular shoppers, the shopping app can essentially become a diverse focus group for brands to test the reception of each product. By identifying these consumers, brands are better able to connect with them on the digital platforms they use.

 

Strategy #3: Partner With the Right Platforms for Your Demographic

Partnering isn’t just about reaching out to consumers on a platform. It’s about understanding the resources available to brands. Most platforms offer a specific program for brands, which marketers have used with varying levels of success. A few different types of platforms to consider include the following.

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Social Media

Social media is the obvious choice when it comes to brand marketing as these platforms typically offer many features that brands can use to reach specific audiences. Facebook Ads, as an example, give brands the opportunity to share ads with consumers based on age, interests, gender, and more, providing a chance to reach high potential sales leads.

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Influencer Marketing

Influencer marketing isn’t driven by platform but instead by where the influencer chooses to maintain their following. Working with an influencer could include placing ads on that influencer’s website or on an existing platform like YouTube or Facebook.

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Video Platforms

Video continues to be a significant engagement driver, with video content receiving 1200% more shares than text- or image-based content. Video platforms not only support video formats but also features like pre-roll ads and rewarded video, which tend to offer high sales conversion potential.

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Propietary Apps

Brands can choose to create in-house apps to offer consumers another way to engage with them. This strategy is something we can see with Starbuck’s top branded app, which gives consumers the ability to make purchases and skip lines at the store, as well as obtain rewards points for purchases. By offering an app that supports the purchase of their product, that app becomes an extension of their product. The issue here is that consumers who use a branded app are likely already loyal to that brand, making this a difficult place to reach a new audience.

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Third-Party Apps

Partnering with third-party apps allow brands to reach a new audience of consumers through that app’s user base. Third-party app partnerships with rewards programs as well as with popular gaming and mobile video apps work very well. These platforms provide consumers with an introduction to the brand, which can help to improve awareness of a new product.

All these platforms offer the opportunity for brands to connect with the correct audience to gain sales for new products. A few can even be a means of acquiring data ahead of a hard launch. In either case, a brand can go into the new product marketing campaign with more insight, increasing the likelihood of success.

Tying New Product Marketing Strategies Together

Breaking your marketing strategy into components makes it a much more flexible plan. In the digital age, a brand’s success with a new product will be determined based on its ability to pivot. Applying the standards of agile innovation to your marketing plan can help you gain that flexibility.

Testing marketing strategies through shopping apps can support all of this as it gives you insight into who is buying your product and why. The knowledge gained through this can help with the timing of your product launch as well as where to reach out to your target audience. Shopping apps can help improve your marketing strategies by giving you a better understanding of your consumers, which you can be ultimately used to improve sales.

Shopkick’s app allows our partners to harness the conversion potential and insights gained through an innovative shopping app that incentivizes consumer interaction. For more information about becoming a partner, contact us.

The Top Cash Back Apps for Techies in 2018

 

The Top Cash Back Apps for Techies in 2018

Part of being a techie is not just keeping up with all of the latest and greatest devices. That’s important, of course, but it’s also about following major tech companies, social media platforms, and app developers in the news. I kind of follow these companies like I do sports, looking out for the rookies that I think are going to become stars someday. I’ve even noticed that there’s a trajectory those companies tend to go through: they start with an idea, then they get funding, then they start developing their idea so that it also incorporates a public-facing component, and finally they find a way to generate revenue.

It’s a kind of tried and true trajectory of the tech development world at this point. What’s funny to me though, is that I recently realized that I’ve started to take a similar path as a technology and app user. Crazy, but true. This is my path: I discover or hear about a new app or device, I spend money to get it, I play around with it, and finally, I start to use it to make money. Sometimes that means using it to make my work day or my personal life more efficient, and other times it means exactly what it sounds like. This is especially true of cash back apps.

Now, you might just happen to be totally unfamiliar with the concept of cash back apps, and, believe me, that’s okay because that’s exactly what I’m going to talk about today. Cash back apps are exactly what they sound like: apps you can use to get cash back for certain activities. In fact, today I’m going to do you one better than simply sharing the definition with you. Today I’m going to be talking about some of the top cash back apps for techies in 2018. When you’re done, hopefully, you’ll find yourself on a path to earning some of your cash back.

 

The Top Cash Back Apps for Techies 2018: CoSign

One of the most common and classic tech success stories has to do with social media platforms. As the storyline goes, someone starts a website in a garage or on a college campus. At first, they think it’s just going to be for a certain group or type of person, and then all of a sudden it explodes and ends up being worth A TON of money. At various points, we saw this happen with Facebook, Twitter, Snapchat, and Instagram to name a few. I have to say though, my all-time personal favorite just so happens to be Instagram, because I love sharing my photos with friends. This is also why I like using CoSign because it is an app that offers rewards.

CoSign lets me get rewarded for upgrading pictures to social media, which, let’s face it, is something that I would be doing anyway. Using CoSign, I just tag images that I put up on Instagram (or on Twitter, Tumblr, Pinterest, etc.) with information about any products that just so happen to be in my pictures—stuff like my sweet new laptop bag for work, or my cool new sneakers that I only wear sometimes because I’m not trying to get them scuffed. With CoSign, you can tag tech products, books, movies, clothes—even food. Then, if your followers and friends happen to buy any of the items that you post, you get a commission of up to 35 percent, depending on the product, which CoSign then pays you out through PayPal or gift cards, which are as good as cash at stores.

 

#2 Gigwalk

Gigwalk is fairly new to me. I just started using it somewhat recently (keeping up with the best cash back apps for techies like me is a never-ending battle), and I like it quite a bit. With Gigwalk, you just open it up on your phone, and you get a map of the area around you, a map that has a bunch of pins on it. Each pin represents a task that you can do and get paid for, and these tasks can take you anywhere from as quick as three minutes to as long as an hour to complete.

The actual gigs on Gigwalk are pretty varied in terms of what they entail, but they basically all have to do with helping brands make sure that their products are visible. It’s kind of like the app is briefly contracting you as a field marketing rep. So, as a user, you might get asked to go out to a store and take pictures of how a certain company’s branded displays look, or you might be asked to go out and verify that certain prices are still clearly listed on retail shelves. For your troubles, you get rewarded by getting cash back. I don’t usually get up and leave my home to do any of these gigs, but I do glance at the available tasks whenever I happen to be out and about running errands or getting some quick exercise at work by going for a walk.

 

#3 Ipsos

When I was younger, I used to have a reputation around my house for having strong opinions. It didn’t really matter what we were talking about—dinner, movies, toys, cartoons—I usually had something to say to my mom and my sister about it. I guess that’s why I like the next cash back app for techies on the list so much. This one is called Ipsos, and it is focused on gauging public opinion, especially when it comes to finding out what the population thinks about some weightier topics such as advertising, politics, and other things that often tend to be hot sources of debate on the national level, you know, the things that your parents maybe told you not to discuss in mixed company.

The average user of Ipsos gets about eight survey invitations a month, which can be accepted or declined. Like I said, someone like me who has a long history of voicing his feelings is probably going to accept all eight, but how many you do in a given month is really left up to your discretion. Users can earn points for completing each survey, and those points can then be cashed in for prizes, including gift cards that are 100 percent as good as cash, especially seeing as you get to pick which store the gift cards are from. The number of points earned per survey depends on its length, difficulty, and other factors, such as what demographics you belong to. I guess Ipsos can tell what I like to talk about because I often find myself getting a lot of surveys about one of my favorite things: technology.

 

#4 Shopkick

I don’t try to play favorites with my devices and apps—mostly because I have way too many and that would be really hard—but I think of all the top cash back apps that I’ve been using to make money in 2018, my favorite is this app called Shopkick. I don’t hate shopping, but it’s also not my favorite thing in the world. The reason that Shopkick has become one of my favorite cash back apps is that it has actually helped me look forward to my trips out to the store. If you would have asked me if I thought something could ever make me excited to go out to the store a few years ago, I probably would have laughed. I just always used to see shopping as a hassle, something that takes up too much of my valuable time.

How this app works is actually pretty simple: you go out and you do all of the same things that you do whenever you go to the store, things like physically walking into the store, scanning the barcodes on certain products for more information, and, of course, making your purchases. Once you’re finished, just use the app to scan your receipt, and Shopkick then dishes out all the points that you earned that day for your efforts. You can then trade in your points for gift cards to many of your favorite stores, and, as I’m sure you are well aware of, those gift cards are just as good as cash. Another really cool thing about Shopkick is that it also just so happens to have a grocery list functionality, which is really helpful for someone like me, who hardly ever uses pencil and paper these days to make lists. Without a grocery list app on my phone, I’d be a million times more likely to forget all the things I needed.

Finally, one last thing that I really like about Shopkick is that I can use it to get rewards for both shopping online and in person. In those cases, instead of getting points for walking into a store or for scanning the barcodes on a certain item, I instead get my points for watching product videos online, and, of course, for also making purchases. There’s just so many ways to get cash back with Shopkick.

 

#5 Swagbucks

It’s not quite as good as Shopkick, but another cool cash back app for techies that I’ve been using a lot in 2018 is Swagbucks. Most of the ways to earn your cash back through Swagbucks are things that techies like me (and I’m guessing you too if you’re reading this) do online already, including searching, playing games, watching videos, and taking surveys. All you have to do is incorporate Swagbucks into your daily digital routine. It’s that easy.

For example, I open up the Swagbucks app, just as I would any of my social media apps, and check out the many ways to earn points. I might take a survey, watch an informational video, or do whatever else the app is awarding points for. Swagbucks doesn’t pay that great—usually just $0.01 to $0.36 per task—but if you’re always on your device, like me, that can add up. Once you get at least $3 you can cash out via PayPal or gift cards.

It’s amazing how much we can do from the palms of our hands with smartphones. In the early days of smartphones, I can remember being excited because I was able to check and send emails for work from anywhere. Nowadays, there’s so much more I can do, including using a wide array of cash back apps.

I like using all of them, and they’re all a valuable part of my efforts to get cash back from using my smartphone, but if I had to choose one, it would definitely be Shopkick. Not only is it the most effective, but it helped me—that’s right, me—start to look forward to going out to the store. Now that’s a piece of technology that I can get behind.

Get to know the many different ways that techies can get cash back using Shopkick and start collecting your points to trade in today. Download Shopkick’s free app and join a community of loyal Shopkickers who’ve already discovered how much you can earn with the help of a free shopping sidekick.

And, if you’re on social media catching up with friends, be sure to also join Shopkick on Facebook, Twitter, and Instagram for a little daily fun and inspiration.