Successful new products are launched with a thorough understanding of customer needs. They should solve a critical customer problem and add a value proposition.
Customer input in the Oil & Gas industry precipitated the introduction of the new Dynex stainless-steel pump. The corrosion-resistant models would provide longer life in harsh, offshore environments.
Although production cost was an important consideration, price was based on customer value perception. The targeted value and price drove the design decisions.
With the introduction of the new pumps, Dynex could now compete head-to-head with other competitive stainless pumps, with the additional advantage of their single-fluid design, offering lower system costs.
The new pump was promoted using an integrated communication strategy across multiple channels.
INDUSTRY TRADE SHOWS
The product launch was timed to coincide with the industry’s largest international trade show. Pump displays with bright machined housings attracted visitors’ attention. An animated video, playing on a large flat screen, stopped visitors in the aisle.
Online advertising promoted the pump and the Dynex exhibit at the show. Product announcements, included in the on-line directory GlobalSpec, marketed the Dynex high-performance brand promise and detailed the corrosion resistant benefits.
A pre-show e-mail campaign publicized the product launch, inviting customers and prospects to learn more about the pump. A small campaign targeting customers and key prospects included free invitations to the show. A broader segmented campaign was sent to previous oil show attendees, website visitors in the industry, and to global prospects generated through online advertising programs.
Post-show marketing combined direct mail email and follow-up by sales representatives and distributors. Personally signed letters with appropriate collateral material was mailed to North American show visitors.
An email campaign promoted the new pump to the broad pump market. A special landing page provided details, with supporting literature that could be downloaded.