Launching a product is like a well-choreographed ballet. There is a star – your product –which is well supported behind the scenes. For this product to succeed, you need to invest the time and effort to plan well, so when you “hit the stage”, everyone sits up and takes notice. Conversely, a lack of attention to detail and failing to plan puts you at risk of having the “curtains” rise with your “costume” around your ankles.
Sadly, products that don’t get the launch they deserve struggle to sell, grow or even survive. Companies who invest heavily in product development, and then pay scant attention to launching those products, place barriers along their path to success.
Depending on which industry statistics you choose to believe, the percentage of new products that fail is shockingly high: between 25 and 50 percent! For companies whose products are their path to revenue and growth, the failure of a single product is often crippling.
There are so many reasons products can fail in the market, but a poor product launch is perhaps the most preventable of them all.
Sometimes it’s a failure to plan a launch that inhibits a product’s success. Other times, it’s failure to begin planning early enough that’s the cause of failure.
Even when a formal product launch isn’t necessary, it’s probably still a good idea to make an announcement. A word to the wise: Product announcements and launches are related but not the same: Announcements are generally tactical, one-time events, appropriate for minor product changes; they are managed by the marketing or PR team and don’t require long lead-times to plan. By contrast, the Product launch is more strategic in nature. In fact, if your company relies on products for revenue, then a product launch is one of the most strategic activities that you will undertake.
Preparing for a product launch can be both exhilarating and horrifying. The list of things to be done seems endless – and the product hasn’t even been released yet! Download our guide and make sure you give your product the launch it deserves!