Not sure whether your brand will benefit from launching a spin-off product such as a sleep aid or a soda-infused barbecue sauce? Test the waters first.
|Scooped by amber jackson|
In this article by Jehan Hamedi, published on Ragan's Pr daily website, Hamedi discusses the steps needed in order to judge brand extension with social media platforms. Hamedi says that social media is a great way to test consumer interest in a brands new product. Social media is also a free tool, versus paying for market research studies. He list four steps that can used to evaluate your product with the aid of social media.
The first step is to establish a baseline. If a brand wants to find out what people are saying about their products they can perform text analysis on social media platforms that have conversations about their product. A brand can determine the tone of the conversations and how people feel about your product. The second step is to examine other cases. A brand can compare their information from their analysis with other products they carry to see how well they fit together. This information can give a brand a good idea of how their new product will be received by consumers. The third step is to evaluate the brand extension. This step takes place several months down when a brand analyses the discussions that have been taking place online about the new product. Has the conversations been positive or negative, do people recommend the product? Does the new product incase brand loyalty and brand awareness or does it hurt the brands imagine? This information is vital for a brand to know whether or not to continue with their new product. The final step is to conduct a full post launch audit. At this point brand managers must ask the vital question, how has our brand extension affected our overall brands image. The answer to this question is the important information when deciding whether or not to continue with a new product launch. Brands want to grow a positive image and if a new product hurts that growth, it must be dropped.
I related this article back to our discussion on electronic commutation and social media. This article focuses on how brands can use social media as a cost effective way to judge the success of a new product and the effective that product will have on a brands image. The article on social media stats can help a brand decide which social media outlets to use if they want to gather information on a new product.