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How To Avoid Product Launch Failure

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One of the most challenging parts of running a business is when you have to launch a new product. It takes time to work on new, groundbreaking product. It may take months before you get to finally launch it. And there’s still a chance for it to be a failure. In fact, it’s more likely that your product launch will be failed than success. Around 300,000 new products are being launched each year and over 90 percent of them fail. Introducing new product is not that simple because it takes time and money. 

Product launch

Mistakes to avoid for successful product launch

For big companies, product launch failure might not be a big deal. However, small businesses can’t afford it. It’s possible for you to have a successful product lunch and avoid becoming one of those 90 percent of product launch failure.  Here are most common mistakes to avoid for successful new product launch:

Skip the process of validating product idea

Before you actually experience failure with your product launch, there are warning signs you can actually notice. If you haven’t validated your product idea, it’s the first sign of failure. You need to evaluate whether the product fill a need in the market. Hence, validate your idea through Google Trends, competitors reviews, consumer feedback, etc. 

Forget production and fulfillment logistics

Another sign of product launch failure is you haven’t thought about production and fulfillment. Even if you have already had an excellent prototype, your new product will be a failure if you haven’t figured out about the production and fulfillment logistics. What will happen if your product launch successful? Will you be able to fulfill orders? What if you get overwhelmed and disappoint customers because of poor production and fulfillment plan?

Don’t have marketing plan

If you plan on launching new product without knowing how to market it then it is bound to failure. When you create new product to launch, make sure that you also make plan on how to generate demand. Hence, you know how to allocate sufficient costs to promote it. 

Don’t believe in your own product and its value

If you don’t believe your product launch will be successful then you are more likely to fail. You have to believe in your product and its value. You also have to get others on board. Make sure that everyone included customers, employees, company, and yourself also concentrate on the benefits of the products. The process is challenging since you may also encounter skeptical customers. Hence, keep your energy positive and stay passionate. 

Successful product launch

To ensure that your new product launch will be successful, you need to define your target market so you know who will buy your new products. It’s also important to create compelling value proposition. The first one you have to ask is yourself, on why customers would buy your new product. Also, make sure to price your product correctly and make thorough consideration. It’s also vital to measure your own success so you know the progress or how to improve. 

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