New product launches are an integral part of any successful business growth. Launching a new product or service may be a fun-time but it has to be done correctly or the chances of success will be severely diminished.
I have done lots of research on successful and unsuccessful brand new product launches and discovered there were quite a few mistakes which were common one of the launches which neglected. These include:
Not likely early enough:
Companies often devote most of their time to planning and developing their own brand new product, not likely the launch. Several weeks prior to the launching date they recognize they don’t have a strategy in place, they don’t possess the expertise or resources which they need to successfully execute the launch.
Poor or non-existent advertising strategy:
Sometimes companies focus all their efforts on preparing their launching but pay little attention to developing a marketing strategy to take sales in to your long-term. The launching doesn’t go well and they wonder why.
Failing to define your target market:
If you have not clearly defined your target audience, how can you make sure exactly what they need and how to achieve them?
Launching too soon:
Companies are usually so keen to be first to advertise they overlook important aspects of the launching and it doesn’t move well.
Poor quality product:
This goes along with launching too soon. I have seen it time and time again–a provider is so anxious to start their brand new product they overlook crucial flaws.
A stiff, inflexible launch strategy:
Successfully launching a new product is an art not a science. Because of that, you have to be flexible. Companies that are not flexible cover the price together with unsuccessful launches.
This is a frequent mistake not just in product launches but in small companies in general-they neglect to ensure they have sufficient funds in place to take them until they develop a normal cash flow.
Sure, it’s good to daydream about the perfect product launch in which you spend a couple thousand dollars on advertisements and the next thing you know, you are the toast of both radio and television programs across the country and everybody is raving about your new product. A nice fantasy yes, but rarely ever happens in real life.
Not delegating (attempting to do everything yourself):
nobody is an expert in everything. Especially in small businesses, CEOs have a tendency to think of themselves as jacks of all trades together with the expertise to do this. Regrettably, that’s not usually the case.
Perhaps not having a crisis program:
What can you do if things go wrong? Lots of people just dread but strategy usually doesn’t help. While obviously nobody can plan for each possible catastrophe, using a crisis plan in place may be a massive help.
Becoming aware of these common errors and planning ahead so that you can avoid them entirely is essential to your successful new product launch. But just how can you prevent them? This is a question which has perplexed marketers since human beings first started trading with one another thousands of years back. Implementing a successful new product launch is part art and part science however there is not any one-size-fits-all approach which works for every product in each situation. Every new product launching should be approached as a unique occasion and most significant–proper preparation and strategic development are essential for success.