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Product Launches: Breaking Out of a Saturated Market Research
Like it or not, shopping is deeply integrated in our daily routine.
Apparently, UK shoppers managed to spend £91bn online in 2013 and look set to spend a massive £107bn in 2014 – impressive, eh?
Each of us has a different shopping behaviour, though.
How do you shop? Do you invest time trying to find the best product that suits your needs best and stick to it forever or are you open to finding alternatives and making comparisons?
An Ipsos study reports that 86% of global consumers are ‘very or somewhat’ interested in trying new offerings from household product brands.
Even so, it’s getting harder and harder to grasp potential customers’ attention, persuade them to give up the products they’ve grown fond of, jump ship and go with you.
Why should they bother? In which way does YOUR product make a difference, solve problems and improve their lifestyle?
At the same time, consumers are expecting constant diversification from the brands they know and trust. It’s no longer enough drawing all the attention to you, but also making sure you keep your buyers happy – offering them variety and innovation – whilst making sure they don’t get bored.
Deep listening to online chatter associated with your industry can definitely help brands spot public interest amongst product types.
For instance, by looking at the laundry-related conversation above, you can easily see that detergents are the most popular topic of conversation, followed by enhancers and detergent additives.
Paying attention to these kind of insights can definitely help brands decide whether to place more emphasis on a specific product over another. Alternatively, if noticing lower volumes of chatter than expected on a certain topic, you can be the first to spot a gap in the market and act upon it.
A great use case of a brand that have used this to their advantage is Old Spice – they embraced the idea of differentiation in a saturated market by producing distinctive content and continually reinventing themselves.
Their popular 2010 campaign Smell like a man, man placed them on an advertising pedestal and the release of their recent Re-fresh Body Spray only reiterated their top position.
Following a spike in Twitter mentions of “too much Axe Body Spray” in December, relating to a PBC NewsHour article on the issue, The Re-fresh Body Spray campaign release was coupled with a campaign to ‘Scent Responsibly’.
As shown in the chart above, the product launch generated high volumes of conversation, with almost 70,000 mentions following the first seven days after release.
To understand how much buzz relates to the advertisement compared to the product, our team used Brandwatch Analytics to slice and dice the data.
A closer inspection revealed that out of the total number of mentions, approximately 6,700 were directly discussing the product, as opposed to conversation surrounding the advertisements.
Furthermore, as illustrated above, the Old Spice campaigns are the leading topic among consumers talking about the brand. This is the case due to the humorous social message promoted by their ads- they often go viral and help the brand build a stronger connection with the target audience.
Key takeaway? Such use cases prove once more that talking less about yourself, and focusing more on the audience and what would appeal to them, does make a difference.
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