Product launches are essential for getting your product noticed and, ultimately, purchased. Sometimes these launches are highly successful and then other times, they fail. When they fail, you’re left asking why.
Product launch failures can occur by a number of external issues that no one can control, but most of the time it is because of the following reasons. However, by ensuring that you follow these steps, you can ensure a successful product launch.
You can have the world’s best product and at a fantastic price, but if there is no audience—or the wrong audience—then it’s not going to sell at all. You need to ensure that its being marketed and promoted to the right people—after all, who in Siberia, will want to buy snow?
You need to ensure that the prospect’s problems are addressed using the language they are comfortable with. You need to make sure that your product is connected to their wants, their fears, their needs. It’s even better if it is your help they need in order to understand. After all, we only faced our reliance and problems regarding bulky desktop computers until the laptop and iPads were invented.
You need to ensure that you have articulated the changes the product you are launching will have on the future of that person or company. Do the legwork for the prospective buyer, connect the dots for them so they can see the overall image. How can your product deal with their problems and then provide them with an answer?
People are more likely to purchase a product if they are led through the process with someone who they feel secure with. Not only do you need to articulate the promise of your product to the customer’s problems, but they aren’t going to purchase it unless they believe you can solve the problem. Product launches work on establishing trust— endorsements are helpful, but confidence gained through direct communication is the best way forward.
One of the key factors in a successful product launch is the planning. Have you articulated to the customer the plan that helps them to see exactly how the product is going to affect them? Sometimes it is simple, other times calls for better event planning with a dedicated team.
Your pitch is going to be one of the essential part of a product launch. You can sell dirt to a farmer if you have the right pitch. You need to make sure that the approach and style you take is the right one for the audience you are facing.
The price of the product is going to determine how many sales you get but it can be one of the hardest factors. Sometimes people will choose a $100 product over a $30 one. You need to price your product at the right number to ensure success. The price isn’t just how much people are willing to spend on a product—it’s dependent on their trust in you, in the company, in the promise you make.