27 Aug How to SUCCESSFULLY launch a product – and some pitfalls to avoid…
Globally, there are over 30,000 new products introduced every year, and 95 percent fail.
So why is this? A lot of ideas are simply not stress tested enough for them to be a success – especially when the idea is something completely new. Before we had instant access to a multitude of data sets, ‘hunch’ and ‘gut feel’ used to play a major role in new product launches, simply because customer insight wasn’t available on the scale and depth we see today. So really there are now no excuses for not doing your homework.
Insights can be gained from a huge number of sources from AI data-driven insights into how people and your competitors behave online to psychology and behavioural science to truly understand why people behave the way they do, and of course good old fashioned market research where you put your customers at the heart of what you’re doing as ask them straight out.
Your insights should ideally cover 3 key areas, in order to form a rounded and comprehensive view.
- Competitors – who are they and what are they doing in this space that you think your product or service can do better? Customer reviews can sometimes point to deficiencies with existing products and services and this insight is as honest as it comes!
- Consumer analysis – the next level of behavioural data is usually mined directly from focus groups or bespoke surveys. The information gathered is a good starting point in putting together customer personas, so you can really start to understand the buying needs of your target market.
- Market analysis – to round off the customer insight view, a more macro market level analysis must take place. This can usually be bought in as the data needs to look at behavioural data over a number of years.
With these three pillars covered, the findings from each area then need to be brought together to form a market entry strategy and only then should the creative element start to take shape. Many new product and service launches start the wrong way around and are driven by the creative approach, which is not built on a solid strategy, which in turn was never developed by an insight led approach.
So how can you avoid the pitfalls of a failed product or service launch? Here are a few useful pointers:-
- Create a strong vision and mission statement that is built on the findings from your insights work. That way it is built on fact and is much easier to sell in both internally to your people and externally to potential investors.
- Build rich personas based on the customer insight gleaned. How do different types of people think, feel and act? How can you derive an emotive response? This will make it much easier to identify the right channels and routes to market, which in turn will improve your ROI.
- Develop a clear and focussed brand story or narrative that encompasses why people need or want this product. Make sure the personality of your brand resonates with the insights that have come from your research. What imagery and visuals will trigger the right response?
You never stop learning once your product has launched. Many things can change – your audiences, the economy, routes to market. Plus, every time you carry out an activity, you will also learn and adapt.
Which brings us back to customer insights. Use your launch as a chance to get the feedback you need to continue building your business, because knowing your customers will ultimately decide the success of your product.
About Well & Truly
Insight. Strategy. Creativity. In that order. Our strategy-first approach is about understanding what will generate real response. That’s why we never start with creative until we have the strategy nailed. And, in our experience solid thinking, based on proper insights, makes for brands and campaigns that have the greatest chance of connecting with your audience.
If you would like to find out more contact us on [email protected] or 0116 478 3580.