What are the biggest problems with a new product launch strategy?
It’s almost always an exciting time when you’re about to bring a new product to the market. Maybe you’ve been working on the product for years and it’s finally ready, or perhaps you’ve come up with the next iteration of a really successful product you already produce. Either way, setting your new product launch strategy likely brings about high hopes and expectations.
So, what happens when those expectations aren’t met? If your product launch is nosediving, we have some insight and product launch tips for you to consider. Here are common reasons yours might be failing, so you can make some changes and correct course toward success.
Your team, not your consumers, shaped the product
How did you decide what this new product would be like? Did you have internal meetings and discuss functionality and aesthetics? Or did you gather feedback from your existing customers and target customers? If it’s the former, it might be why you’re not seeing the sales you thought you would.
It’s very easy for leadership teams to believe in their product wholeheartedly, and think they know what their audience wants. But if you’re not hearing demand straight from the mouths of consumers, there’s a good chance your product is missing the mark altogether. If this is the case, there’s still time to get feedback from the consumers you want to reach. They may give you the insight you need to make a product change and/or corporate strategy change that can make all the difference.
Inadequate customer support
Are you trying to handle omnichannel customer support with a limited team and a lack of understanding of what channels matter most to your customers? This is a common roadblock the may keep you from a successful product launch. Instead of flying blind, work with a BPO partner like Conectys. We provide customer support in a “crawl, walk, run” fashion, which means we start off with limited channels such as email and chat and then add additional channels (like voice and social) as the support grows. We also know how to determine and vet anticipated response numbers to new products, and how that ultimately equates to the number of customers who will call in, so we can make sure your customer service team is properly staffed. This goes a long way in ensuring a successful product launch.
No matter how much demand there is for your product, improper pricing is one thing that wreaks havoc on your product launch. Set the price too high and consumers will balk. Set it too low, and you may find you’re getting a group of customers you didn’t want or being perceived as a low-quality option. But pricing can be a challenging thing to get right.
Start by gathering feedback from your salespeople, and finding out what objections consumers are giving them. If the price is a recurring theme, you may need to make some changes. Another great way to figure out the best pricing is to work with a qualified BPO partner like Conectys, who has helped countless companies bring new products to the market. We can draw on our experience and market knowledge to help you get your pricing right.
Expecting or requiring a change in consumer behavior.
Habits and behaviors are incredibly hard to change, even for people who are willing and eager to make changes for themselves. So if your product requires a complete overhaul in someone’s daily life, it’s not going to penetrate the market.
For example, you may have a cutting-edge software tool that can save companies large sums of money each year. But, their internal teams will need to dramatically uproot their processes in order to use them effectively and see results. Time and again, people will opt to stick with what they know instead of making such sweeping changes to their routines.
If you find yourself in a situation like this where a behavioral change is required in order to use your product, the product (and/or the messaging you’re using with it) may need to be reworked – heavily. Or, you may find you want to make a corporate strategy change and focus on education first, rather than awareness.
Misunderstanding the market you’re trying to penetrate
If you’ve gotten to this point and nothing has resonated yet, your product launch strategy failure may center on this. Even if you think you have a deep understanding of the market you’re trying to reach, there are often nuances that are hard to grasp without firsthand experience.
If you work with us, we can help you with the new language support required to take a product that is already successful in other markets into a new one. We also launch pilot programs for new products, using a group of agents who will provide customer support as well as customer feedback regarding the new project. This can work well and give our clients insight into the new market before they invest heavily in it.
How to launch a new product strategy?
We understand what it takes to bring new products to life, in a vast variety of markets around the globe, and can help you truly understand your target market. Contact us any time to learn how we can support you in defining a product launch strategy that works, and reaching the people you want to reach.
Also, learn about tips for scaling a business from our article.