MISTAKES TO AVOID BEFORE LAUNCHING A PRODUCT

To help it gain momentum and bring a more immediate advantage to your business, any new product or service your company produces deserves a product launch. It needs to be done properly and done well for a product or service launch to add value. When it comes to launching a new product, Consumer Growth & Lean Startup are not new concepts; we still see people make the same mistakes over and over again. Let’s look at the most popular pitfalls, so you can avoid tapping into them:

Focusing on people who are not your customers

There will be plenty of views about what the company can or should not do, whether it’s a partner, an investor who isn’t interested in the day-to-day, shareholders, a board of directors, family members, or someone else. Of course, particularly if they are from investors or others who have a share of ownership in the company, you should take their views into account.

However, if it has clients, the organization always succeeds. Without clients, for someone to have shares of ownership, there is no business available. So, when faced with the possibility of a new product or service, make sure it’s going to be of benefit to your customers and not just a demonstration or done to impress individuals who are not your company’s customers.

Setting up the wrong price

The price you put on your new product or service will attract or push away customers. It also defines the benefit that your company will make from the new offering, or the wrong pricing may lead to losses for your company. For your company’s new offering, it is important to bring some serious thinking, testing, and analysis into the correct price range. It could be the difference between a success and a failure and it could decide whether the company continues to expand or whether a freefall begins.

Not Researching the Market

Testing your product or service vigorously and testing the market with a focus group of your customers is also relevant. You need to know that you will perform as planned with your new product or service and that any bugs are worked out before launch. Besides, a perfect way to obtain useful insights and feedback is to test the latest product with a focus group of current and ideal customers. Not only can you get ideas directly from the target group for change, but you will also be able to spot something important that your customers may be lacking.

Ignoring Feedback from Customers

Ignoring customer reviews is another major, and popular, mistake when introducing a new product or service. If you’ve done a soft launch or a focus group, then you should have got a lot of input. If the feedback is mainly positive, it is certainly a good sign, but negative feedback is important too.

To have a successful product or service launch, negative reviews will highlight significant problems with your new offering and also identify holes in consumer education or change that you will need to fill in. Ignoring this feedback will alienate your clients and make your latest offering fail as well.

Having No Marketing Campaign or Launch

There are still so many companies who work under the presumption that they don’t need ads, that word of mouth and referrals are going to be enough, and that consumers will come if they just create it. If you’re a big brand, without much of a strategy or targeted marketing, you may get lucky and get some new clients for your new offering. However, with a strategy and promotion to back them up, even the major brands introduce fresh goods or services.

Making commitments that you can’t keep

Determining what terminology and content you will be using to communicate about it and show it to the public is part of designing a marketing strategy for your new product. You should have a strong and practical understanding of the strengths and weaknesses of your new offering after extensive and comprehensive testing internally and with a focus group.

To avoid making promises you can’t keep, it’s important to remember them and remain grounded. To be successful and help your company expand, your new offering needs to deliver what your marketing promises it will. You want to be enthusiastic about it, but you still want to ensure the enthusiasm does not turn into intricate manufacturing or unrealistic promises

For your business, launching a new product or service is an exciting time. But, before it even gets off the ground and damages your company, these common errors may sink your new release. You are giving your new offering the best chance possible to succeed by avoiding these common product launch errors.