The success of your new product launch plan depends on collecting clear, actionable customer data.
With any effective product launch plan, evidence is everything. As eminent US statistician and author William Edwards Deming put it: “In God we trust. All others must bring data.” He knew about these things. Deming is credited with helping to build Japan’s reputation for innovative, high-quality goods and contributing to the country’s post-war economic miracle.
Like countries, companies need data. Without it, any new product launch plan or marketing strategy is a leap of faith. There are many ways to get this business intelligence. You can buy customer data or collate the information yourself by building conversations with customers through subscription services and e-shops.
Gather’s Pro app makes your customer data capture strategy quicker, easier and more cost-effective. This allows you to rest assured that customer insight is taken care of, so you can focus on what matters: your launch and product marketing plan. Here, Gather MD Hugo Spalding and I discuss how…
AL: What role can customer data play in new product development?
HS: Data is the very foundation of any new product development. One Harvard Business School estimate puts the number of consumer goods launched in the US annually at 30,000. As many as 95 per cent of them fail. That’s 28,500 failed product launch plans a year and untold wasted hours.
Of course, there could be many reasons for this. But our understanding of our clients’ own challenges tells us there is a common theme that unites them all. Businesses can become blinkered by the creative process of developing a new product and marketing it for launch. Too often they can lose sight of the customer’s needs they are trying to meet.
AL: But obtaining that insight can be costly and difficult. How can businesses work with what they’ve got?
HS: To me, it’s clear: businesses should gather this insight when they’re out and about, liaising with clients or future clients. You need the right tool to do this. Gather Pro can capture the customer data you need when you’re at an exhibition, sales meetings – wherever – in only a minute. Optical character recognition allows you to scan details quickly and efficiently. You can then pose your own customisable questionnaires and obtain actionable insights on the information gathered by sharing seamlessly with the rest of your organisation via Wi-Fi.
Flexibility is at the heart of this proposition. We recently worked with Boundless by CSMA (formerly the Civil Service Motoring Organisation), which needed a branded data capture app that could work on or offline to gather information for its rebranding. Just four staff captured 1,227 leads at eight events. Eighty per cent of those entries were from new customers.
AL: So you’ve gathered the customer data. How do you leverage the insight?
HS: Gather Pro is compatible with all CRM systems, meaning you can process the information quickly and efficiently to inform your product development process. Or you can simply access the Gather Portal and download the CSV files you need. Our software crunches the numbers for you to generate intelligence reports and share actionable insights across your organisation.
Gather Pro can help your next new product go the distance. It starts with giving you quicker, easier and cost-effective customer data capture.
Get in touch with our team to find out how.
By Amii Lanham