Understanding Target Audience
When launcing this product to the market, the first thing I would do is to define the target audience and know how to reach them. Understanding the target audience and knowing how to reach them effectively is very critical to successful product launch. The reason this is critical is because the information, the channels and the languages you use when communicating with them and when appealing to their demographic may vary from audience to another (Di Benedetto 2018, p. 53). Also, understanding the target audience will give Unilever the direction in their marketing, facilitating more consistency in their messaging which allows them to authentically connect with their customers. Secondly, is to know and have a deep understanding of the problem the refrigerators will be solving is also very crucial to their success. I would ensure that the company tests the refrigerators first to know if it will fulfill the customers unmet needs.
Thirdly, the validity of the product that is launching by making the first sale before it launches to build the brand in the market even before it is launched. Doing this will enable the company to see whether the customers will buy the product based on a pitch which will inform the company on the chances of it selling when it actually exists in the market (Hultink et.al 2016, p.243). Fourth, I will do a competition analysis which will allow the company to be different by figuring out our brand differentiators and also by recalibrating to fill any void that exists. Lastly, I would analyze the possibility of creating a free trial before the launch of the refrigerator aiming to get as much feedback as possible before the official launch. Also, the users will experience the refrigerators themselves by seeing how it works which will enable the company to see whether the refrigerator can deliver it’s market expectations which will also determine whether it will succeed or fail once it launches.
One of the tools would be predictive modeling which takes conventional data that is kept by the marketers where it compiles it and then crunches it so as to reveal the patterns that could confidently predict the behavior of the future buyers. Predictive analytics will allow the company to assess the content or messages they should be putting together more concretely so as to optimize their potential revenue. Secondly, content scoring which takes a look at the singular marketing deliverables effects to revenue (Griffith et.al 2015, p.65). These will enable the company to identify various pieces of content the customers interacted with before which made them purchase the product which attribute to the relative percentage of total revenue that was driven by the customers to the pieces of content. This will inform the company on the content pieces to put together for the refrigerator to successfully sell after the launch. And lastly, if the company decides to do their analysis on digital platforms, they can use mixpanel analytical tool which tracks customers’ behavior informing the company on what the customers are doing on the platforms and the time they are spending in the applications (Barret 2018, p.82). This data will be very useful to the company as it will allow the company to compare the retention rates for the users that is based on the marketing strategy the company used to win the customers over enabling them to see the strategies that resulted to the long-term customers who are very valuable to the company.
References
Barrett, CB 2018, Market analysis methods: are our enriched toolkits well suited to enlivened markets? American journal of agricultural economics, vol.78, no.3, pp.80-87.
Di Benedetto, CA 2018, Identifying the key success factors in a new product launch. Journal of Product Innovation Management: an international publication of the product development & management association, vol. 16, no.6, pp.45-63.
Griffith, JF., Celsi, M., Ortinau, DJ and Bush, RP 2015, Essentials of marketing research. New York, NY, McGraw-Hill/Higher Education., p.64-71.
Hultink, EJ., Griffin, A., Hart, S. and Robben, HS 2016, Industrial new product launch strategies and product development performance, Journal of Product Innovation Management: an international publication of the product development & management association, vol 14, no 4, pp.233-265
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