Don’t Go There!
Yes, most of us have been there. So confident and passionate about a product or development that we cut back or forgo the big marketing launch. We assume our new residential development, hotel or restaurant is so incredibly wonderful and compelling, everyone will rush in to buy. After all, we’ve poured our heart and soul in its planning and development, there’s no possible way anyone could not want it. But in so doing, we’ve failed to set the tone and establish the customer experience.
And failing to do so is no small issue. In fact, 70% of buying experiences are based upon how customers feel they are being treated (McKinsey), and 55% of customers are willing to pay more for a better customer experience (Defaqto Research). Therefore, it is imperative to not lose sight of the end goal, and ensure that the customer’s perspective is taken into account and adequate resources are applied to ensure success.
Rushing out with an abbreviated launch campaign not only misses the mark, it delivers less, often ends up costing more money, and invariably falls short of the goal. Every effective marketing campaign needs to make sense within a broader strategic vision. It has to have impact and relevance in its market, and the customer experience needs to be paramount. The campaign needs to be well thought out and well executed. And it needs to be given adequate time to impact a change in behavior. Whether that’s purchasing a new condo or loft; booking events at a new hotel; or ensuring consistent patrons at a restaurant far beyond its opening, an effective strategy is imperative to success.
To maximize the opportunity for success, partner with a knowledgeable advertising and public relations agency to develop a strategic campaign long before the actual launch. Build anticipation; set the tone; develop the brand; and set up the customer experience of what’s to come. It’s storytelling yes, but in today’s environment, it needs to be delivered through an ever-growing list media outlets. Advertising, social media, public relations and strategic events should all play a role. And all of these strategies need to be forecasted, planned, and budgeted for at the outset.
And if you’re supposition is correct and the development or restaurant is as incredible as you believe it to be, you may not need to use the entire budget as originally forecasted. But you only get one opportunity to be new. One opportunity to make an initial impression. And if you miss out on that, it takes longer and tends to cost much more than what it would have if you’d simply initiated a strategic campaign at the outset.
So don’t go there! Market smarter and more strategically. You’ll be pleased with the results.