New Product Launch Success = Understanding the Social Response
As many as 75% of new product introductions (NPIs) never reach their revenue or adoption targets. Why? Because companies cannot effectively monitor customers’ reception to the new product, and they are not able to deliver fast, coordinated responses to the issues and complaints that may arise as the product enters the market. Where do your customers’ first impressions move fastest? Today, the answer is social media.
React at the speed of social
With NetBase, you have an efficient, effective way to understand where a new product is succeeding or how it is following short. You can proactively monitor and measure social media conversations prior to, during and after a new product launch to surface and respond to potential opportunities or issues. You can watch your carefully crafted product messaging get translated into customers’ language as they spread the word to their friends and followers. And in doing so, you can:
- Course correct to improve product launch success
- Lower the risk of product acceptance or adoption failure with quick adjustments to product packaging, messaging, or promotions and proactive outreach to dissatisfied customers
- Allocate spending in the right areas based on pre- and post-launch feedback
- Increase the reach of your messaging by identifying key influencers and prospects
- Correlate sentiment to sales to identify leading indicators and shifts in behavior
Social data and analysis for everyone who needs it
NetBase makes new product launch tracking easy to implement through best-practice business templates, which were designed with input from the world’s best brands and agencies. At the same time, our composable applications mean that you can easily create customized views for different stakeholders: marketing, product management, research & development, finance, operations, and customer support. And with our high-precision natural language processing (NLP) engine, you can be confident that the real-time read you get from NetBase is also a reliable one.