According to Forbes, there are an estimated 250,000 products launched each year. What makes yours so special?
And then there are the dire statistics about product flops. Some fear mongers will tell you that new products are doomed to the tune of 75-80%. That’s simply not true. According to the Product Development & Management Association, rates vary by industry and failure rates are really between 30-49%. Launching a new product isn’t a sure bet, but it’s not a suicide mission, either.
Now that you have your new product, what are you going to do to ensure the launch will be successful? You’ve done the math…it can’t bomb, right? According to the Harvard Business Review, most product launches fail because while there is a lot of thought about the design and manufacturing of product itself, too often, marketing and research are an afterthought. Some key questions to ask yourself:
• Does your product live up to its claims (just ask the team behind Windows Vista)?• Are you prepared for success? If you can’t keep up quality as you grow, your product will die a slow, painful death.• Do you have a true differentiator, and can you communicate it clearly?• If your product is revolutionary, does your consumer need to be educated? If so, you’d better have the funds, marketing material, and patience to teach them.• Is there a market for your revolutionary product? Remember how Dean Kamen predicted that the Segway would revolutionize transportation and sell 10,000/week? It seems the public didn’t want to pay $5K for a cool scooter, and he sold just 24,000 in its first five years.
We have a saying at Spoke, “You haven’t told your story until someone else can tell it.” This is especially true for a new product.
If you’re interested in learning how to market your new product, I encourage you to attend the upcoming Launch Camp hosted by the St. Louis Business Marketing Association on July 20th. For more details or to RSVP, click here.