Companies invest large portions of their budgets into product launches, but that doesn’t mean they are launching products the best way. It is easy to fall into ‘product launch ruts’ this can lose momentum and cost you valuable leads; luckily there is a way to fix your issues.At Your Favourite Story, we’ve worked with our clients to launch products for over 11 years. Our clients all have very different needs and customer bases, but each want to successfully market their product and ultimately make money. We’ve created a list of the 8 common mistakes brands make when launching a new product or service – and how to solve them.
1) IGNORING THE CUSTOMER
One of the biggest mistakes you can make, when launching a new product or service, is ignoring your customer’s needs. Your product could change the world, but if it’s not aimed to the needs of your target audience you won’t see a return on your investment. When you begin to craft your product launch strategy, you should include a detailed list of ways your product will benefit your target audience. Consider which social media websites your customers frequent, their lifestyle, price point and other key personality details to capture their interest. You should always be asking yourself: how your product stands out in the market? And why they should want to buy from you? What makes your product unique?
2) LACK OF PLANNING
Have you ever said “let’s wing it” – of course you have! But when it comes to your product launch the ‘let’s see what happens’ method shouldn’t be considered. Often this method results in products not gaining any exposure and missing important marketing opportunities at every level of your product launch. Always be focused on raising awareness for your product and brand. Having a strong product launch method and working towards goals will help shape your strategy and greatly extend the lifecycle of your product.
3) ASSUMING YOUR PRODUCT IS NEEDED WITHOUT RESEARCH
Before thinking about launching a product, you should already have a clear idea of where your product fits in the retail landscape. If you haven’t taken the time to examine your competition and assume there is a gap in the market without doing proper market research, you’re setting your product up to fail. Don’t worry, many brands have made this mistake before, catching it early on will give you a chance to regroup and shift your company towards a new direction.
4) NOT ENOUGH FOCUS ON SOCIAL STRATEGIES
It’s not that businesses aren’t doing social media, it’s that many businesses aren’t targeting the RIGHT social media website to really push their digital launch to the next level. Having a clear image of who your customers are and why they use social media can help shape the type of social media posts you publish. Your target audience use social media for different reasons, and your social message should reflect that. There are a few quick fixes to really boost your social media performance; it’s as simple as expanding your social media across more platforms, examining different types of social campaigns, written content and videos.
5) NOT EXPLORING PRE LAUNCH PHASE
The pre-launch phase of your product launch strategy is the experimental bit, where companies can take a few risks and really challenge themselves to get the best results. It can be very easy to settle into one comfortable product launch method and forget to take a few chances. It doesn’t mean you should throw away a strategy that has seen results in the past, but instead try something new in addition.
6) CHOOSING THE WRONG DIGITAL LAUNCH METHOD
You wouldn’t want to launch a new peanut butter brand at an allergy convention. You should always be looking for unique opportunities to grow your company and launch your product, but you should have clear idea of what isn’t right for your image. Airbnb and Dropbox are two great examples of businesses who used growth hacking techniques as a way to increase notoriety. Choosing the correct digital product launch method can strengthen your strategy and ultimately extend the life of your product.
7) FORGETTING ABOUT POST LAUNCH
So you’ve done the pre-launch and launched your product, but what are you forgetting?
What you do after your product launches can greatly impact the direction of your future product launches and give your company a clear view of what went right and what went wrong in your campaign. Your analytics, retargeting, and social monitoring campaigns are all-important to the full circle of a product launch method and shouldn’t be overlooked. Many businesses forget to include this critical step in their strategies and often regret missing out on these opportunities.
8) LACKING CREATIVITY AND VARIETY IN LAUNCHES
It’s like the movie, Groundhog Day, doing the same thing over and over again and expecting different results each time. When your product launch strategy lacks creative flare it often doesn’t translate to sales numbers. Your product launch should feel like an extension of who you are as a company – and clearly you don’t want to be seen as boring. Who would want to look at the same advertisement strategy over and over again? Try something new!