Successful product launches begin with a strategy, consistency and one question…
How does it benefit the member?
A new product launch requires many steps. The first is to prepare a well-developed strategy covering such points on how to broadcast the news, create buzz, engage the member, while remaining consistent with messaging during and beyond the launch. The strategy will allow you to set goals that include all the ways you will Inform and educate your staff, review the use of social media channels, deploy marketing collateral materials, create incentives, and how to stay consistent throughout the process.
Your credit union has just made an investment to provide a new service for members. From providing a new auto resource to insurance offerings, it’s important to have a plan. Marketing can tip the scales on how profitable your launch will be. Let’s look at messaging. What forms of messaging will you be using across the various communications channels? Announcing the service on your website is a good first step, but messaging needs to also incorporate how to get the member to the website while focusing on; what’s in it for the member? Specifically, why do they need this service? Review the messaging, and how it relates to meeting their goals. Give them a reason to click and act.
Training / Staff Education
Employees should feel comfortable with the new product and have the ability speak easily about its features to members. Product representatives can provide training materials to help achieve this. Training and explainer videos are now readily available from most companies and serve as a great way for staff to view how a new product works. Discuss what is expected of staff when it comes to member engagement during the promotion and after.
- Onboarding Webinars Discuss with your product representatives about hosting an onboarding webinar. This will help get staff involved and provide an understanding of the finer details of how the launch will be achieved as well as how the product works.
Communicate the benefits of the product from the perspective of: “What is in it for the member? Why should they spend time with this new product? How will it benefit them?” Look at this from the member’s perspective. The marketing plan should also extend beyond the initial product launch to keep members engaged and aware throughout the year.
- Social Media
Engagement of members of all ages can be achieved through social media, this is an area where a little goes a long way. Products promoted on Facebook, Twitter and Instagram experience more exposure. What will your message be to inspire clicks to your website? Keep the member’s perspective in mind.
- Marketing Collateral
Gather the content you will need to develop in-branch communications, website advertising, external communications, email marketing and social media posts. Cross channel promotions will generate greater engagement and reach more members. Reach out to your product reps; often materials have already been developed along with customization to meet your needs. Think beyond just your website as the only source of engagement. Add email marketing along with video messaging to increase traffic.
Offering an incentive to members during a product launch will bring the added attention and boost you’re looking for. How about a promotional rate? Giveaways? Host this on your website and drive attention to it from cross channel marketing efforts from in-branch promotions, email marketing to social media.
Launch Day and Follow Up
Get excited! All the planning has come down to this; it’s time to inform members. A successful launch keeps the product memorable for the member and will boost your bottom line. However, you’re not done! Take inventory of how the launch unfolded. Remember to keep the excitement going and focus on; what’s in it for the member, all year long with a consistent marketing message. Regular meetings with product representatives will provide the support and guidance needed for engagement 12 months a year, while keeping members coming back for more.