So let’s get straight to the point, there are many reasons to search for the success of a product. Can the four elements of RACE theory define the success of a product? We think so.
RACE is a common method used in digital marketing using metrics to determine the success of a campaign. It is assumed that anyone can take these four ingredients and provide evidence to prove that the product was successful.
Suppose we have a product that we want to publish, we can do so much research in advance to define its success. The gut instinct can make us believe that it will do all the work. But we will need data to show if it exists. So how can we achieve this? Let’s look at the four elements, starting with the reach.
It is important to think about how you will create awareness with any type of marketing. The audience you are trying to reach may be on different platforms or just one. It’s not as easy as tweeting or posting a TikTok video. Do enough people know about the product or are you an industry breaker? In a society where technology is constantly changing, there will be multiple steps to interact with consumers. And they need to see how the product is adding value to their lives by:
Communicating with them through social media, online advertising and newsletters can make a difference in how people view your product.
Instead of looking at how many people have found the product online, KPI encourages them to differentiate between new and returning visitors. Using tools like Google Analytics, these metrics show us whether the product is capturing loyal customers and how much marketing activity has reached new audiences.
Launching a product can feel both stressful and exciting, marketing campaigns are ready to go, you can see the results and sometimes hope for the best. Within the product, as much as you can conduct research in advance, to define its success, we need to look at the evidence. This includes the number of people who bought the product, showed interest based on the promotional material and whether it was actually reaching the relevant audience. So what do we need to focus on next?
Once we capture the audience, we want to understand the user’s journey:
We were all there when we visited a website and somehow lost the shopping cart, went back to the homepage and then a random video started loading. We live in a fast-paced world where it doesn’t take long for the search to begin elsewhere. The span of attention is like 3 seconds and in this day and age, we can’t lose customers because they can’t find their way near a website. It’s like walking around a retail park and having no store labels, people no longer have the time or effort to wander around. Allowing companies like Amazon to make 1-click purchases doesn’t mean you can’t lose a market because a business has failed to adapt.
So when looking at product pipelines we often have to work backwards. Tell a user to find their way through social media:
With so much choice, products can be easily saturated. So it is important to find ways to nurture potential customers. Now looking at purchasing power, performance indicators can show how long it takes for someone to make a purchase. It’s easy to evaluate what kind of marketing ads have captured them. If a potential customer can’t make an easy transaction, where do they drop?
The interest of each product will vary depending on its audience, some may find a product revolutionary while others may take much longer to warm up. So when looking at the ‘Act’ stage we need to consider how well users are interacting with the promotional campaign to reach the product. And once we have identified the pipeline for decision making we move on to the transformation.
Conversions are a key issue, if your product is not converted then you know that there is a part of the funnel that needs to be fixed. Conversions can mean different things like:
Race allows us to optimize and we need as the world adapts. Seasonal trends can affect how many consumers buy. But also keep pace with competitors who may or may not have an advantage over your product.
So what next?
You’ve converted viewers, but are they coming back? There will be products that people online and others who shop and can’t wait to call it a day. The good news is that if you have supporters on social media, they can act as your brand ambassadors. This is something we should appreciate in a world where influencers are paid every day to promote their products. The customer’s voice tends to be authentic, when we know that a customer was genuine about a product it makes the experience more believable.
So the next time you want to define the success of a product, use the RACE theory to prove how successful the product was.