Did you know that launching new products successfully has become more complex each year?
In the past decade, the number of new consumer products being introduced to the market has increased by 59%, making it much more difficult for new products to gain consumer attention.
If you plan to introduce it to this tide of new products, it is more critical than ever to carefully plan and execute your launch using a creatively strategic proposition.
Here are seven classic mistakes companies make when developing their product launch campaign.
Avoiding these traps will increase your chances of success:
Mistake # 1: Not planning the launch until just before the launch date
There is nothing more daunting for a communicator or marketing consultant to be called up by the customer and told, “We have a great new product ready to launch next month. Can you develop a plan or proposal for me next week?
Unfortunately this happens more often than you think. Companies spend months, even years developing a new product, just to think about the launch while the product is leaving the production line.
In the market where so many consumer products were launched just last year, we really must have an exceptional launch strategy to entice the consumer to buy the new product. This is something you don't think of overnight, so get your launch campaign started early.
If possible, start launch planning once the product has a "green light" from management. This way you have the same time to plan and execute your launch that the production team has to manufacture it.
Mistake # 2: Carving the launch plan in stone
Few are the new products that are introduced as is the plan. There may be a stumbling block in the manufacturing process or the distribution is delayed (sound familiar?). Make sure you build the launch plan flexibly. Always ask the unpopular question "… what if the release date changes?
Keep the launch team informed daily with the product production and distribution team so that the launch schedule is kept in sync with the distribution date and shelf availability of the product. There is no point in implementing a launch campaign if the product is not on the shelf for months due to delays.
Mistake # 3: Putting "Number 1" in Charge of Launch
Appropriate to bear primary responsibility for the launch process are product or brand managers and not executive personnel who have multiple responsibilities and tasks that may impair focus and expertise tactic. The involvement and support of the CEO, President or other company leaders is critical to the success of the launch, but not for the day to day.
These people should be kept informed so that they can make decisions when necessary to ensure that financial and human resources are appropriately allocated for such an effort. The day-to-day leadership initiative must come from those whose full focus is on making the launch a success.
Mistake # 4: Don't educate staff until after the news reaches the public
The company's personnel are the "maximum" in terms of brand ambassadors. Educate them on the launch plan and prepare them to discuss the product with their families and friends. They will start to make "noise".
It is important to enlist these "passionate" in their launch strategy so that they reinforce what is going to be said once the product is introduced in the channel, in stores and in the press.
Mistake # 5: Recycle the media
The number of potential media outlets that can talk about your new product grows daily. Don't just dust off the same media list that was used in the previous release. Today there are multiple publications and channels that cover any number of topics.
Get up-to-the-minute information about each media to make sure the audience is your audience. Don't underestimate online media, or media that didn't exist when a previous launch was made.
Mistake # 6: Use all your resources in the "push" strategy
According to Boston University's “New Product Launch” report, an academic research study examining how technical markets launch their new products, it was found that how the launch budget is spent is as important to success as it is. healthily places the budget in the process. Among the launches studied, those using the "push" strategy that convey "put it on the shelf and they buy it" was less effective than the "pull" strategy that leads consumers to stores looking for the new product.
While advertising within the “Trade advertising” channel is also important, especially during the “sales” phase, using a significant portion of the total launch budget in consumer-oriented marketing initiatives increases the likelihood of success.
Mistake # 7: Forgetting Plan "B"
The number of things that can go wrong when the new product is introduced to the market is unlimited. Brainstorm all potential failures to ensure that your plan contains the remedies for what can go wrong. Develop a contingency plan that lists what your team can do in the event of a crisis, such as product return or food contamination (I just list a couple of examples…).
It is always good to have a plan "B" instead of trying to come up with one on the fly when you are facing an issue that can harm your brand.
Make your next product launch a success. Plan aggressively, execute with great care, be flexible, and be ready for the unexpected.
Bibliography:
Report "New Product Launch" from Boston University
"New Product Launch: 10 Proven Strategies" by Joan Scheneider
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