Launching a new product can be challenging. We’ve successfully launched new products to market for well over a decade. Our Lifestyle Marketing Team shares their sin list of new product launch marketing mistakes to avoid and how to sky rocket your launch in this Business Blog.
Planning In Too Late
Planning a new product launch takes time and planning. You have to consider seasonal disadvantages alongside how far in advance the media work. Some media titles work 3 – 4 months ahead, so planning well in advance is essential.
Launching Too Early
Have you thoroughly tested the product? Has it undergone rigorous testing? Often, brands can be too eager to launch a product due to financial or time restrictions resulting in a sub-standard product. There is no point in launching a product if it is not ready. You will end up wasting your money and ruining your reputation. Your luxury marketing strategy needs to be organised.
Over Estimating Your ROI
Just because you have launched a fantastic product, it doesn’t mean everyone will want to buy it there and then. Studies have shown that consumers need between 6 – 10 ‘touches’ with the product before most consider a purchase.
Often, we will see brands launch a product with a big fan fair, and then because of poor planning and an overestimation of sales, the product fade away out of sight. When launching a new product, you need to be realistic and develop a long term sales strategy.
Not Having Enough Product Available
If you think you may have supply issues, hold fire on your product launch. One big marketing mistake is to launch then expect people to wait until you have delivery of stock. The likelihood is that they will simply search your competitors’ availability of stock and spend their money there. You invested the money installing the idea that they needed your product, only to gift the sale to your competitor!
The Biggest Product Launch Marketing Mistakes
Perhaps some of the biggest marketing mistakes we see as an agency are brands who choose to manage this area themselves. Onboarding a professional marketing and PR agency results in an experienced and successful product launch.
Looking For More Valuable Expert Advice, Read 5 Expert Marketing Tips For Beginners, You May Be Surprised At How Many You’re Still Making!