5 Secrets Why Most Product Launches Fail and What You Can Do About It
A Product Launch can be a pretty hectic moment for any company. Even big time companies like Apple can struggle with a Product Launch. Just look at one of their first attempts at a hand-held device, the Apple Newton PDA (more on that later).
There are a few things to really keep an eye out for if you want to better your chances on your Product Launch. These top 5 things to look out for are not top secret information but none the less are points that most companies seem to overlook. Keep an eye on the following:
The pricing doesn’t match up:
You may be offering up the best thing since sliced bread but if your pricing is reaching for the heavens chances are people will not purchase it. Correction, your pricing may be high but it needs to match what you are offering.
A perfect example: The whole idea of normal people being able to go into space. I believe that a seat on Richard Branson’s Virgin Galactic was running around $200,000 per seat back in 2013 when the idea was first launched.
Now to some that may sound absurd but the reality is when you consider that you may be one of a handful of people that can say they have been to space then the price tag seems pretty reasonable. You see there is value in that pricing. Where if you told me it would cost me $200,000 to go sky diving I would say you were crazy! My point is: Make sure there is value in your pricing!
Are you listening to your customer’s needs and wants?
Worst thing you can do is run a bunch of test and surveys to see what your customers want in a product and then side swipe them with a product that doesn’t meet their wants and desires. Never ever ignore negative feedback from your customers. You will just be setting yourself up for failure. Customers know what they want and if they don’t get it from you then you better believe they won’t be purchasing your product.
Are you solving a problem that just isn’t there?
Make sure your product or service is actually of some help. Last thing you want is to create a product that really isn’t helping your customer base out.
For example: Maxwell House came out with a product years ago that was a ready-to-drink coffee for people that were in a rush. The problem was people still had to pour the product into a cup and heat it up in a microwave. There was no difference in doing this and warming up a cup of water for regular coffee. At the end of the day they weren’t solving a problem and the product failed.
Is your execution on point?
It’s not just about having a cool product that can actually help people’s lives. It’s also about your execution. Does it have a good design that is aesthetically appealing? Does it have a good user experience? Are you putting the product in front of the right market? These are just a few of the questions you should be asking yourself in order to ensure a smooth execution.
Are you taking too long to launch?
I understand how someone would want to make sure everything is perfect before they roll out with a product but there is such a thing as taking too long. A competitor can beat you to market if you take too long, your product or service may become obsolete, the market may have taken a big hit. These are just a few of the factors that could scrap your product launch. Remember, do your homework and prepare yourself to launch but don’t take too long.
If you’re in the middle of a product launch and feel you may benefit from talking to the pros contact us today at Up Automation and get your free 30 minute consultation today!