Every year, thousands of brand new products hit the market. The reality is that most of these products go on to fail. They either struggle to find an audience, don’t reach the right audience, or they don’t impress when they eventually do make it to their audience.
Clearly, finding the right type of consumer is a vital part of a successful product launch. But it is not the only thing that needs to run smoothly. There are lots of aspects of a product launch that can go wrong and these pitfalls must be avoided at all costs.
If a product launch manager wants to succeed, he has to create an event that introduces the new product in an unforgettable way. It has to reach the right people, fill a gap in the market, and convince consumers to actually go out and find the product in stores. To do this, they need to steer clear of these common product launch faux pas.
This is the single biggest mistake made by contemporary businesses. Yes, it is difficult to carve out a niche within crowded markets, but there is simply no point launching a product that too closely resembles a rival. The essential role of a product launch manager is to make sure that the launch clearly distinguishes the new product as a distinct, valuable commodity.
It can be just as tricky to determine when a product is ready to be launched. However, timing is everything. While it may be tempting (and cheaper) to rush manufacturing processes and iron out glitches later, this will foster divisions between you and your customers. They have a right to expect a product that is ready for the market, so don’t launch until this is the case.
A good product launch manager includes interacting with potential customers on the day of the event itself. You are missing a great opportunity if you spend all of your time trying to get consumers involved. While this is important, you also need to be mining them for valuable information. What do you like best about the new product? Would you buy it in stores? What would you change about it? How much would you pay for it?
You should know exactly who you are targeting and why well before a product launch takes place. This is especially important in fairly broad or crowded markets. If you were launching a new drink, for example, you would need to be very clear on why consumers should pick it over the many other options available. Your product launch then needs to emphasise this idea. It needs to tell shoppers why your product is better than the other choices.
by: Ant Hampel