The Holmes Report featured an op-ed by Schneider Associates’ EVP and Launch Expert Julie Hall about how social media is changing the way we launch new products.
Hall and Schneider Associates introduced the Most Memorable New Product Launch (MMNPL) Survey in 2002, and since then, the poll has surveyed thousands of consumers about the most memorable product launches each year, analyzed media consumption and purchasing habits, and predicted trends based on the results.
Hall highlighted one significant change in this year’s MMNPL findings: “Facebook was nowhere near the top 10 sources of information about new products – and in the span of one year, it became the third most used source of information on new product launches, jumping from 17% to 40%. And this is just Facebook.”
Based on this and other findings, Hall coined the fifth P in the product marketer’s arsenal – Participation (the original four: product, price, promotion and place). Hall insists that consumers can be engaged by “Relationship Marketing,” which allows them to interact more closely with brands and products they love. Going forward, campaigns must consist of a blend of participatory marketing through various sources of old and new, traditional and social media marketing techniques in order to succeed.
Read the full article here.
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