While launching a new product can be exciting, it can also be quite nerve-wracking. Although you’ve researched, planned, executed and tested your product, there are still several things that can go wrong. In a perfect world, your new product would go off without a hitch, sales would be good and the design is flawless. However, in the real world, you may run into a few problems. Here are five things that can go wrong after a product launch.
1. There Is No Demand for Your Product
Bringing your company’s great idea to fruition doesn’t always work especially if the initial concept were based on only a few customer experiences. If you or your team does not conduct proper initial brand research, your product can fail upon launch because you may have developed a product that isn’t needed or wanted in the marketplace.
To help remedy this situation, make sure your market plans are based on substance and facts. Your product needs validity from a large group of testers, not just a few. Finally, you need to substantiate that there is a business need for your product. Find out who your customers are and if your product can tie into a larger growth picture for others.
2. Unsuccessful Sales Training
A key feature to any successful product launch is how your sales staff is trained. If your group has strong sales training, your team members will really understand how the product works. They can answer nearly every question about the product from research to cost. Employees who cannot tell a customer what differentiates their product from the competitor’s were not properly trained.
To be successfully trained about a new product, the sales staff must:
- Know the product inside-out
- Can effectively communicate its value
- Understands the customer’s pain points
- Provide motivation or incentives such as rewarding specific achievements
- Have sat in a product demo and played around with or used it during their free time
- Understand the target market
3. Your Product Was Flawed
It’s a fact in the business world that some products poorly fail because of being designed. Their bad quality can really affect the initial product buy-in whether it’s because of usability or poor user-experience.
In order for your product to be successful in its chosen market, the entire system that supports it must work together from the very beginning. Consider pre-market testing to rule out any potential pitfalls or other design issues.
4. Missing Your Launch Deadline
The goal of spending so much time and money marketing is to build eagerness for your big launch. You can make a large number of sales on launch day and help create momentum to reach the sales goal you have set for your company and your product. Failing to launch at the date and time you set will not only kill the anticipation, but break the trust customer’s may have in your brand.
To avoid this, make sure you have a plan that will allow you enough time to meet your launch deadline. This needs to include buffer room in case of any problems that may arise. Have milestone goals to meet and don’t announce your launch date until you’ve hit a certain number of them. Since your launch is essential for your product and company’s success, make sure you have enough time to reach it.
5. Being Too Similar to Competition
While there are always going to be similarities between products (i.e. Coke and Pepsi), you still need your product have its own identity. This is a common problem that many businesses make. If not enough research and planning are put into your idea, and it’s too similar to a competitor, then it will probably fail after it is launched.
Be aware of the position your product has in the market place. Know what your competitor is doing always, and make sure you have alpha and beta testing releases. If you truly believe in your product and don’t want it too similar to your competitor’s, then do your homework and make sure you keep your product unique.