Every successful product launch needs to have a formula. Sujan shares some important parts to every launch. The product or service you offer can be launched in a variety of ways to a variety of customers.
First impressions are critical but multiple impressions make for more profits. People do not buy on the 1st view in many cases. You need to repeat your ads to make multiple impressions. People need to see your offers more than once.
6 Steps to a Successful Product Launch
They say you only get one chance to make a first impression. Whether it’s the first day at your new job, meeting your significant other’s parents, political campaigning, or introducing yourself to new people in general, you want to come across as personable, likeable, and polished.
The same is true for a new product. Yes, it’s possible to recover from a disastrous launch, but it takes time, money, and effort. It’s much better to start on the right foot and build from the good vibes you generate from day one … because there’s a lot working against you, even when you launch flawlessly.
Scary? Absolutely. And it gets worse:
- Approximately 30,000 new products are launched annually, and roughly 95% of those fail.
- 99% of tech start-ups fail within a year.
- Somewhere between 80-85% of new consumer-packaged goods (CPG) fail each year.
So even at the “low” end, you’re staring down the barrel of an 80% fail rate.
Now, I am not in any way trying to dissuade you from bringing your idea to life and launching your product. But I do want you to know what you’re up against, and to be prepared.
“The biggest problem we’ve encountered is lack of preparation: Companies are so focused on designing and manufacturing new products that they postpone the hard work of getting ready to market them until too late in the game.” ~Joan Schneider, CEO at Schneider Associates