An overwhelming 85% of new product innovations flop every year according to Nielsen, leaving the efforts and vision of too many businesses unrequited. In April 2011, the Harvard Business Review (HBR) sought to explain why failure grossly outweighs success by revealing five fatal flaws related to product launches, with number four highlighting the need for consumer education (and how companies fail to provide it).
The “Nielsen Breakthrough Innovation Report”, published in June 2015, aligns with HBR in stating “Consumers pull brands into their lives to address circumstances in which they need some help to resolve a struggle or fulfill an inspiration—to make progress. Consequently, for marketers to develop successful innovations, they need a deep understanding that centers neither on the consumer nor on the product, but rather on the circumstance.”
The reports emphasize the importance of conveying how your product applies to the customers’ circumstance. In short, if you’re preparing a 2016 product launch, tell a compelling story.
Event marketing allows consumers to touch, taste, or use your product while seeing and hearing first-hand the existing need or desire it fills, which proves effective in driving brand awareness and direct sales time and time again.
Fortunately for businesses that are interested in capitalizing on the benefits of event marketing, EventPro Strategies (EPS) has executed countless in-person marketing events and created lasting, meaningful, and positive connections between products and consumers. Our services include promotional staffing, street teams, experiential marketing, in-store demonstrations and promotions, and much more.
Let EPS and our professional talent engage consumers, tell your story, and ensure your 2016 product launch is done right. Learn more about our service offerings and contact us so we can assist you in developing a customized plan that puts your product launch in the 15% that prove to be success stories.