Brand marketers typically emphasize advantages and benefits (and rightly so). But negative thinking also has its place. Case in point is the new product launch. These flop at the alarmingly high rate of 70%. Which translates to a mere 3 out of 10 success stories and plenty of squandered budget bucks. Given this mathematic doomsday, new product launchers should take a good hard look at the major causes of failure. Benefits and advantages come later.
One of the prime causes of failure is underestimation of success. Sometimes, a newbie bursts out of the gate with blazing speed, triggering scorching demand. Unprepared for the deluge, brands are caught off guard and short of product. Supply simply doesn’t meet demand. Disappointment and frustration generally follow, converting a flood of orders into a trickle. And that’s the end of that.
Delays are another stumbling block in the realm of product launches. Often, the postponements result from unsuccessful testing. Despite the best laid plans of development teams, product trials often uncover hidden weaknesses and undetected flaws. Until these issues are rectified, the launch is on indefinite hold. Rarely good news for eager beavers craving the latest and greatest. Customers will wait only so long before they say so long.
Is the answer, then, a perfect product? It’s a good start. But not the final answer. Because even a flawless product can get lost in the shuffle – and often does. New products abound, and to get noticed, a brand must be a screaming standout. Differentiation, then, is a required characteristic of every new entry.
And don’t forget the cardinal error of many a product launch — shabby content. Often, content stresses selling points, while neglecting educational elements. Bad move. Solid information is a prerequisite for decision making in a data-driven society. If info comes up short, so will consumer interest.
If you have any questions or comments about launching a new product or any other brand-related topic, feel free to send them our way.