Four Critical Pieces of a Flawless Product Launch

Taking a new product to market is both an exhilarating and nerve-wracking experience. If the launch generates a buzz, the future is limitless. If it falls flat, months or even years of hard work go down the drain.

To be sure, the stakes for a launch are high, which is why businesses need a detailed strategy to execute during a product’s infancy. Here are five essential components of a flawless product launch that can help you take the market by storm:

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Need Help With Your Next Product Launch? Introducing Product Boost, Our Newest Program

shutterstock_130537106Launching a new product or service is certainly the type of behemoth task likely to keep you up at night. Chances are you toss and turn, agonizing over the answers to questions such as: Do I know what it takes to launch a product effectively? Am I using the right vehicles? What if our latest offering fails? Unfortunately, your fears are warranted.

Did you know that 66 percent of new products fail within two years and that 96 percent of all innovations fail to return their cost of capital? Regrettably, if you dig deeper, you will most likely uncover more harrowing figures.

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Forrester Dishes out Tips for Ushering Your New Product through the Launch Phase

Customers have made it more than clear that today, businesses exist in their domain. Today’s empowered customers have thrown a wrench into traditional selling schemes and, as a result, have made the new product market that much more difficult to break into. For instance, manufacturing strength, distribution power and information mastery are no longer considered competitive advantages, according to Forrester Research’s latest “Competitive Strategy In the Age of the Customer” report.

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Three Reasons Your Product Launch is Failing

shutterstock_171227993You don’t even need to consult the market research to know that launching a new product is cumbersome, complex and costly. Often a look around at the faces sitting at your boardroom table, or a quick scan of internal team emails reveal the frustration, anxiety and sheer chaos surrounding a new unveil.

But let’s just say you did want to consult the stats. Just how harrowing are they? Well let’s take a look:

  • 66 percent of new products fail within two years
  • 96 percent of all innovations fail to return their cost of capital

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Do’s and Don’ts for This Year’s Product Launch

shutterstock_161159720There’s no disputing the fact that you have a product launch on this year’s strategic roadmap. After all, the product market was predicted to reach nearly $221.3 billion by the end of 2013 and industry pundits expect it to surge to $284.6 billion by the end of 2018, according to the 2013 “Antiaging Products and Services: The Global Market” report. But just because your team meetings and budgets are centered upon expansion and great unveils does not mean your launch will be a walk in the park.

Just consider that fact that as many as 95 percent of new products that are introduced each year fail, according to Cincinnati research agency AcuPoll. So how do you break away from the majority and enjoy success this year? By keeping the following do’s and don’ts top of mind:

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