Last week, Microsoft (MSFT) put out a press release and had CEO Steve Ballmer give a speech on its new search engine Bing before it was ready for consumers.
Bad idea, it turns out.
AdAge reports the announcement and speech generated about 1,500 news stories — an enormous amount of press coverage that generated tons of traffic to Bing.com.
It all went to waste, though, as, according to Compete, traffic to the new search engine dropped from 1.7% of all Internet traffic two days before launch to .9% one day before. Oops!
Microsoft plans to paper over the problem with cash, having set aside some $80 million to $100 million for an ad campaign.