Using Big Data to Inform Your Next Product Launch

Launching a new product is a big deal. By the time the product has reached the point of setting a launch date, company employees have already sunk countless hours into the whole process from the idea to design, development and quality control. The final step is getting the product message out there and building hype throughout the customer base.

In many cases, effectively marketing a new product can be the most difficult part. Success relies upon building enough interest and excitement to convert customers. Within the segment of the customer base that can be considered “loyal customers” or “brand followers,” this might be straightforward. However, a new product launch can be a grand opportunity to expand the base and entice new clientele.

One powerful tool in the toolbox that can be used to help make the product launch a success is big data. The analytical technology has already changed the business landscape from automation processes to customer experience. Incorporating the tech into the marketing of a new product is one more way big data is creating big business success.  

Collecting and using data

Effectively collecting and using data can be a challenge, especially if the company isn’t already utilizing big data toolsets. The first step to successfully collecting data is defining the target audience, a process called segmentation. Which types of people are likely to be interested in the company and the product and why? Determining this allows marketing teams to zero in on specific tools that can be used to reach this audience.

Fortunately, much of the heavy lifting associated with defining a target audience was likely completed during product design. After all, one of the most critical aspects of creating a new product is determining who needs it and how it is going to improve their lives. Furthermore, it is a key component to designing a marketing strategy that is going to work.

As data starts rolling in, it can be hard to determine what pieces of information are actually going to help set the tone of the marketing strategy for the new product launch. Focus on the data that is meaningful and take advantage of built-in tools that can help with data analysis. Distilling the targeted information while remaining open to the bigger picture is a learned skill that takes time to master. 

Capitalizing on tech tools

Big data can play a role in collecting and analyzing data that helps set the marketing strategy. It can also help determine the best tools to use to reach the audience that has been identified. Big data may even be incorporated into how those tools themselves work. Take social media for example — big data is the basis for all social platforms and a great many companies use these platforms for targeted marketing of their selected demographic.

Other options for reaching a techy customer base include things like QR codes. QR codes are marketing tools that allow users to scan with a smartphone and be taken to a website with more information on a product. They’ve gained a ton of popularity recently as a quick and easy way to get more information on healthcare protocols, new products and local events. They can be a great way to save companies money in advertising and simplifying things for customers.

In recent years, several big-name companies have taken QR codes to the next level. For instance, companies like General Motors have replaced Service Parts Identification labels with QR codes to help customers find reliable information on parts. And Nike took QR codes a step further by allowing potential customers to use QR codes to custom design their shoes.  

Incorporating customers

Arguably the most important aspect of marketing in today’s world is incorporating the customer into the entire process. Today, user experience is king and without it, many businesses will struggle to gain and retain high levels of customers. Incorporating customers can happen at all levels from product design to marketing strategy, it just takes creativity to figure out how to make it a reality.

One way that customers can be involved in a new product starts way before the launch date. It begins during the design phase. Here big data can come in handy again. The tool can be highly valuable in taking thousands of customer reviews of previous products into consideration and outputting trend information. For instance, if customers are regularly complaining about the lacing system in their running shoes, maybe it is time to find a way to fix that with the new product.

Even after the initial design, potential customers can still be incorporated into the process. A way to do this might be to send the product to a group of highly loyal customers and ask them for honest feedback. The feedback collected here can help make tweaks that improve the product before the launch date. It can also help build some of the hype surrounding the launch.

Final thoughts

Big data can be a powerful tool in many aspects of business, particularly in preparing for a product launch. The tech can be utilized to identify and target potential customers, actively market the product, incorporate customers and enhance the user experience surrounding the product. All in all, it is well worth the investment in analytics to inform a product launch.