Why do new product launches fail? Will your product launch be Segway launch or an iPad launch?
It has been seen that people often spend all of their time in the development and manufacturing the product. The launch is soon upon them and by that time, they have hardly any time, or money left to execute the launch properly.
The “Inno-Myopia” syndrome. An innovative concept is often very close to the inventor’s heart. We are confident of it’s success in the market because it is a potential game changer. Sure, you get it, it’s your vision but the big question is: Is your market ready for it? We often overlook the need for educating the customers about it, which results in dismal post-launch sales figures.
A strong branding could be a great insurance policy for such cases.
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Timing. Are there substitutes that can pose a threat? Or are there complementary products in the market that you can capitalize upon? Well, market research is a no-brainer. But “anticipation” is just as crucial. Beware of consumer trends or technology disruptions that can nip your product in the bud. It is certainly no easy task, but here’s how you can insulate yourself:
– Beta launch. Launch early, gather feedback, analyze trends. There is a cost associated, but it helps in gaining mindshare. Keep it buzzing.
– Product relaunch. There are several cases where re-launches have been extremely successful. It’s all about timing, adaptation and good marketing.
GO Corporation was one of the most well-funded startups of its time, with a mobile operating system and mobile, pen-based computers that were promising. It was a forerunner to the runaway success of the Palm, iPhone or the iPad. It was just too early.
Dodgeball was a location based social network that didn’t pick up because at the time there was no iPhone and no Facebook. No iPhone meant everything happened via text message, which isn’t very userfriendly. No Facebook meant people didn’t really understand why they’d want continuous updates on what their friends are up to.
Dodgeball 2.0 is called Foursquare, and it’s a runaway success. Timing. Relaunch.
All the Best!