Top 5 Mistakes to Avoid when Launching a New Product
Whether you are a new company to the market or you are an established company with a new product, you have to be prepared to launch your new product by strategically planning every step.
Below are the top five mistakes to avoid when launching a new product:
1. No market research
Without sufficient market research, you are unable to determine your target audience and your product launch is aimed at the wrong target audience. You may be thinking that you already know who to market to because you already understand the industry. By assuming this, you exclude potential customers. Perhaps you try and include everyone. This isn’t a very strategic approach because the marketing message will become generic and it will not garner any attention.
Using demographic research reports, you can have a better understanding of who your customer really is, in terms of age, gender, and household income. In addition, consumer behaviour research studies can provide further insights into how certain customers behave during the purchasing process.
Without this type of market research, the target audience is unclear and it results in an unfocused marketing campaign.
2. No marketing budget
You’ve spent years developing and manufacturing your product and you’ve probably sunk a lot of dollars into it. And now you have little to no money left for promoting it. Unless your product can speak for itself, you will need a sufficient marketing budget to fund the launch of the product, market the product, and sell the product.
3. Lack of sales force training
Without a sophisticated sales force that truly understands the product, they will have no motivation or commitment to sell the product. The sales team needs to believe in the product and understand its features and benefits so they can reiterate these factors to potential customers.
To accomplish this, you must provide your sales force with the tools necessary to promote this product, and whenever possible, let your sales team test the product themselves to have a full understanding of what the product can do and why someone should buy it.
4. No market testing
If you are not testing your product on the market, via focus groups or product trials, the manufacturer’s claims have no credibility. Ask people to test your product and provide feedback. Beta testing your product can help iron out any kinks you may have been unaware of.
5. Unsophisticated marketing campaign
You’ve spent hours on end developing and creating this extraordinary product and now you believe you can develop a marketing campaign that will gain traction and create buzz about your new product launch. A campaign that is created in-house by the manufacturer lacks objectivity.
Use a professional to gain a new perspective about your product. They will be able to successfully launch and market your new product through the appropriate marketing channels.
By avoiding these five mistakes, you will be on your way to a successful product launch!
Inderpal Gill, Firstbase Business Services