Pitfalls to Avoid at Product Launches
Every year thousands of brand new products hit the market. The reality is that most of these products go to fail. They either battle to find an audience, don’t reach the right crowd, or they don’t impress when they eventually do make it to their audience.
Undoubtedly, finding the right kind of customer is a vital part of an effective product launch. But it is not the only thing that needs to done smoothly. There are heaps of aspects of a product launch that can turn out badly and these pitfalls must be avoided at all costs.
If a product launch manger 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 motivates the consumers to actually go out and find the right products in the stores.
Being Too Much Like Your Rivals
This is the single greatest error made by contemporary organisations. Yes, it is difficult to carve out a niche within crowded markets, however 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 the new product as a distinct, valuable commodity.
Launching the Product Too Early.
It can be generally very tricky to decide when a product is ready to be launched. However timing is everything. While it may be tempting (and less expensive) to rush manufacturing processes and iron out glitches later, this will foster divisions amongst you and your clients. They have a right to expect a product that is ready for the market, so don’t launch until this is the case.
Ignoring the Intended Users
A good product launch manager includes interacting with potential clients 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 essential, you also need to be mining them for valuable information what do you like best about the new product? Would you purchase it in stores? What might you change about it? What amount would you pay for it?
Assuming a Market Need
You should know exactly who you are targeting and why well before a product launch take place. This is especially important in fairly board or crowded markets. If you were launching a new beverage, for instance, you would need to be very precise why customer 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.
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