Launching a new product can be a lot like throwing a dart at a map—when that the map is in another room, the power is out, and you're fresh from the optometrist and your pupils are dilated.
What I'm getting at here is that brands still spend copious amounts of money launching (and relaunching) products despite having minimal amounts of data. Even when companies manage to dig up plenty of data, they often focus their market research on the wrong people—so the messaging never entirely aligns with the customer journey.
Poor market research isn't the sole culprit, though. In some cases, there's simply a disconnect between Sales and Marketing. Sales teams often have the data, info, and knowledge that marketers need; but, if the two departments aren't communicating properly, it's easy for things to get lost in translation. Throw IT into the mix, and all bets are off.
The success (or failure) of most marketing decisions hinge on data, but modern marketers are forced to cover a lot of ground. In fact, only 6% of marketing executives say their teams are martech conversant, while more than 50% say the most significant barrier to success is martech competency.
You don't have to launch products—or even campaigns—with guesswork as your guide. It's time to put old-school tactics to bed and replace them with rapid market-testing.
Rapid testing offers one of the most effective ways to identify exactly where to allocate your budget before a product launch. Instead of placing large wagers that your campaign messaging is right, you spend a small amount to prove that you're right—adjusting as necessary and scaling from there.
With rapid market-testing, you spend a small amount of money to confirm assumptions. You can then move forward with all the data you need to be successful, such as the ideal audience, where the audience congregates online, what messaging resonates with that audience, etc.