What is Time Marketing?
Companies introduce approximately 2, 50,000 products every year around the world. A company’s best chance of having a successful product launch is to research how, where, and when to launch a new product.
“When” of this formula is known as time marketing – the strategy behind releasing a new product to the market at just the right time. It is also known as “purchase timing behaviour”. The goal of time marketing is to decide when to launch a product in the market or advertise to consumers.
Who implements Time Marketing?
When a business is able to track and identify its target audience and the marketplace, it can find the right time to market its new product offering.
How is a time marketing plan developed?
Market research is necessary to find out the consumer’s buying pattern. Moreover, it provides consumers with insights into product features, pricing, decision-makers, distribution channels, motivation to buy, and (most importantly) launch dates. Information and direction that comes from market research are critical to a marketing team’s success.
The marketing team also needs to consider where other products of the brand are in their product life cycles before launching something new.
Consider the iPhone, for example. When Apple released the iPhone 4S in 2011, the device’s sales reached an all-time high. When the iPhone 5 was released a year later, sales surpassed five million in the first weekend alone, despite the fact that the updated product was not significantly different from the previous offering. Apple’s time marketing strategy has created an environment of continuous innovation, assisting in the maintenance of high sales, by launching new products when the existing products are still at the top of the market.
Advantages of Time Marketing:
1. Meets our urgent needs
2. Supports the feeling of urgency
3. Enhances connections with target audiences
4. Strengthens existing relationships
5. Quickly and easily provides content
5. Become more diverse with your content
6. Gains insight into the audience
7. Promotes engagement of a higher quality.
How are you planning to implement Time Marketing in your business?