In today’s competitive landscape, brands are continually on a quest for innovation. A lot of research goes into understanding the consumer mind, their wants, and demands. Using such knowledge, companies invest thousands of dollars every day to develop new products.
A Nielsen report shows that almost 3000 new products are launched every year in the Consumer Packaged Goods (CPG) space. Out of these, only 15% are truly successful.
Even if you have created a great product, a lot of its success is dependent on the launch. A product launch is vital because it creates the first impression in your audience’s minds. Here are some of the best tips shared by experts to help you avoid a product launch failure.
Shane Barker asked 32 experts to share their best tips on how to avoid product launch failure…
Here’s my tip:
You don’t want to launch without a strong value proposition. I see this happen far too often when people submit products to me for review (to post on Product Hunt – because that’s how they’re going to launch), I go to their website, and their value proposition does not convey their product’s value. It’s generic, or vague, or not there at all. There’s nothing that tells potential customers, at a glance, why they should be interested in the product or how it helps them solve their pain points. I recommend that anyone looking to launch a product first get the Value Proposition Design book (strategyzer.com/vpd) and work through it. Although there are many ways to work on your value prop, this is my favorite.
Two really good value propositions are on Lyft right now. They have a two-way marketplace, one for drivers, one for riders, and both value propositions are on point. The driver’s value prop is “turn miles into money” and the riders value prop is “meet your 5-star ride.” The first is stronger than the second, in my opinion, but that “meet your 5-star ride” basically tells riders that they will, absolutely, have a great experience.