5 ways to flop a product launch
December 24, 2021
Launching a new product or service isn’t easy by any means but here are 5 things to avoid if you don’t want your product launch to be a flop.
To get started, have you ever created a solution without first knowing the problem you’re trying to solve?
I hope not, but this is a common theme especially among new entrepreneurs.
They hire a development firm that can care less about what they’re told to build. The product gets built, then the “entrepreneur” tries to find a customer or raise funding for a completely useless product.
I know, it makes no sense.
What’s even worse?
Building a product that is already on the market?
Do you remember the rise of Uber and Lyft? Well, there were dozens of knock off companies that you never heard of fighting for a very small market share but selling the same service. When building a new product you must differentiate your product from the competition or else what’s the point of the consumer purchasing your product over the existing company with a track record.
When making a purchase on Amazon or online for that matter, we tend to gravitate towards the products with more reviews.
Before building your product, spend time analyzing the marketplace and completing user tests with prototypes if possible. You can acquire invaluable data from creating prototypes in Adobe Xd or Invision before development.
Even easier, have a conversation with a potential customer to hear their reaction to your proposed solution.
A simple 15 to 30 minute conversation can save you months of throw away work. Consumers such as yourself do tons of homework before making a purchase. You would be surprised at what you can learn about the marketplace.
Continuing on, how you ever ever “Build it and they’ll come”.
Well don’t believe it. It’s a complete myth.
There is one thing I can guarantee you, no one will come if you build your product without first building some kind of audience such as a pre-launch newsletter or some kind of content that resonates with your target audience.
There is too much noise for anyone to pay attention to a new product launch. In fact, new products are launched every day.
Have you seen any new products today? Probably not.
Another common theme I see among new entrepreneurs is trying to sell to cold leads.
Not all your website visitors are ready to make a purchase. On average, a company will need at least 5 to 7 touch points or interactions with a lead before they become customers. You will need to educate your leads and offer them something of value before they’ll make a purchase.
When shopping, do you purchase the first item you see? Probably not. You look at past reviews and company reputation before making an educated purchase.
If you can avoid these 5 mistakes, you’re well on your way to a successful launch. Good luck, and feel free to email us with any questions.
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