Marketing involves understanding a product. However, it also means understanding the market which we need to launch the product in. There are various elements and factors, which firms consider, when launching a brand and new product into the market. Louder was responsible for launching the Screen 6 technology.
As a leading digital marketing agency, Louder took its role seriously by first understanding the market before launching the new product. This was done through an announcement which targeted advertises arguing that the device cuts the digital media spend and an improvement of conversion rates through the targeting of customers on the devices they utilize. The following is an illustration of the Screen 6 process.
Screen 6 Product Launch
Like in most cases of product launch, the announcement of the new product, targets the advertisers who wants to incorporate consumers by providing adequate information from various platforms.
The introduction of a new product requires a firm to have an in depth understanding of the targeted consumers and ensure that the product being provided is able to meet the needs of the market. Louder according to me has managed to do this as the product meets the needs of us marketers as we target different customers. As such as advocated by Popovic (2006), understanding the market is critical in providing product or brand which will meet the needs of the said market.
I think the developers of Screen 6 had made an analysis of the market and concluded that there is a need for the product. Mumbrella reports that majority of individual utilize multiple connected devices within a day an switch about 21 times an hour which leaves a lot of data. They utilized research that the current market whereby they report that Criteo, a marketing technology company, had analysed 1.4 billion online transactions and reported that 50% of the purchases globally used multiple devices throughout the decision making process of the buyer. Further in 2014 reported that marketers on digital impression barely meet the intended audience.
Market Gap for Marketers
By understanding the gap in the market, the company then developed the Screen 6 as a solution to markets in the digital market.
Screen 6 unlike the other devices in the market, as reported by the article, does not rely on sharing of data between companies on cross device user matching it utilizes and analyses first party data directly from the data of its partners. Thus the solution enables the audiences to be effectively targeted by advertisers which result to critical media savings as well as investments in conversions as well as generating more accurate data across marketing campaigns.
Mumbrella illustrates how Screen 6 first understood the market by analyzing the competitors, the consumers and other elements in order to develop a device which would successfully meet the needs of the market. I think Screen 6 used a perfect framework by first understanding the consumer behavior is critical element in launching and introducing a new brand and product in the market. Like everyone else in need of the product, I think I will think of buying the product for my marketing needs.
Umbrella, (November, 18th 2015), Louder launches Screen 6 technology in Australia, http://mumbrella.com.au/louder-launches-screen6-technology-in-australia-331368
Miller, K. (2006). The Marketing Mix Revisited: Towards the 21st Century Marketing by E. Constantinides. Journal of Marketing Management, 22(3), 439-450.
Popovic, D. (2006). Modelling the Marketing of High-Tech Start-Ups. Journal of Targeting, Measurement and Analysis for Marketing, 14(3), 260-276.