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We continue Disruptor Week with a post from Angela Bradley, Digital Marketing Account Manger on our 3QA team, on the strategy behind launching an innovative new product in an existing market:
Throughout my time in SEM (Search Engine Marketing), I’ve worked with several startups who are trying to shake up their industry with innovative products or services. While each strategy varies to best fit a client’s needs, I’ve successfully launched several advertising strategies on paid social, paid search, and display, and I’d like to share some common themes.
Whether you’re launching a new product or launching into a new market, we all know that the process can be stressful. In addition to the prep work, there’s challenges such as saturated markets, establishing a competitive edge, explaining an invention, and many more. Regardless of these challenges, the following methods help alleviate roadblocks to prepare for a successful launch.
Aggregate data through a soft launch
If you’re trying to launch a completely new product/invention, a lot of important information can be gained from a soft launch. In my experience, launching your product to a selection of smaller markets allows you to gain learnings around:
- Messaging/Creative: What ad copy or creative resonates with users the best?
- Devices: What devices have the strongest CVR? Are there any devices that assist conversions?
- Channel mix: Which channels are performing the best? How should we allocate spend accordingly?
- Targeting Options: What keywords, audiences, interests, etc., are providing the most impact to overall performance?
Leveraging channel and Google Analytics (GA) data can be really effective in understanding what to expect for launch day. Determining the latency period for a conversion, and the common pathways between channels and attribution modeling, can help you understand your funnel.
Have best practice touch-points in place
Once you’ve gained some initial learnings from your soft launch, implementing a multi-touch marketing system can really help you nurture users through the funnel. Providing additional information about your product or company can help build rapport between a user and your brand and ultimately persuade them to purchase. That being said, setting up airtight brand and remarketing touch-points is vital to this strategy.
For branded campaigns specifically, some best practices are to:
- Monitor your auction insights regularly to ensure you’re keeping your competitors at bay. The closer your impression share is to 100%, the better!
- Open your budget ceilings to prevent any impression share limits. This comes in especially handy for launch day or large press mentions that may cause a surge in branded searches.
- Set your ad delivery settings to accelerated. If anyone is searching your branded terms, be sure that you aren’t missing out on impression share because you’re using the standard ad delivery option.
- Test audience segmentation based off of visit recency or funnel location. Craft messaging specifically to these audiences to grab their attention and provide additional information to put some of their potential concerns at ease.
- For paid social, optimize for impressions to ensure you reach your entire audience.
- Ensure your budget isn’t getting capped for these audiences as well, especially as you build traffic flow to your website.
Lastly, acquisition campaigns will vary greatly depending on your product, market, or even business goals. It’s important to use upper-funnel messaging such as blogs, videos, etc., to introduce your product and start the relationship. From there, remarketing and brand will be the safety net to capture customers and close sales.
On the day of launch, use all of your learnings from the soft launch to set yourself up for success. With any launch, the main goal is to put your best foot forward with top-performing audiences, creative, channels, and markets. Don’t be afraid to add negatives to poor-performing markets, devices, and ages to make your strategy as efficient as possible.
Additionally, monitor your brand and remarketing audiences throughout the day but also keep in mind your bounce rate on GA. Change your bids and budgets periodically but understand the potential latency period that may delay conversions days later. All of these factors are extremely important to consider as you open up your targeting to reach the masses.
By following these steps, you’ll set up your account for success as you carry your strategy forward post-launch.
Need help with your next launch? Reach out to us; we’d love to help!