10 Red Flags That Can Sabotage Your Product Launch
Hey there, folks! Today, we’re diving into the wild world of product launches and uncovering why so many of them go down in flames. Brace yourselves, because the stats don’t lie. According to the brilliant brainiac Clayton Christensen from Harvard Business School, a whopping 95% of new products are destined to meet their doom. That’s right, a colossal failure rate!
But wait, there’s more! Even the big-shot research agencies out there confirm that over 90% of product launches end up crashing and burning. It’s like trying to navigate a minefield blindfolded, folks. You have to know why you’re failing to rise above the rest. So, let’s get right to it and uncover the top 10 reasons why these launches faceplant.
1) Wee Segments, Weak Results
First up, we’ve got this little thing called segment analysis. Picture this: your segment is so puny that it can’t generate enough volume to cover the sky-high overhead costs. Micro-segments? Pfft, no time for that! Aim for bigger fish if you don’t want your launch to belly flop.
2) Planning Makes or Breaks You
Hey, listen up! Planning is king, the ruler of the launch kingdom. If you haven’t done your research on the competition, you might as well butter yourself up ’cause you’re toast! Without a sustainable competitive advantage, you’re just a lost soul in the vast sea of products.
3) Market Research Madness
Here’s a fun fact: a bunch of Indian companies skip out on serious research. Yeah, you heard that right. They’re like, “No, we don’t need no stinkin’ competitive edge!” Their info is weak or downright inaccurate, and guess what? It’s a one-way ticket to disaster town.
4) Swallow Your Ego, Seek Help
Ah, ego, the enemy of progress. Too often, new launches happen under the leadership of owners or fancy CEOs and COOs. They think they’re invincible, afraid to ask for help and show a little vulnerability. Well, guess what? That ego trip can steer your launch right into the dumpster.
5) Portfolio Blunders Galore
Management, oh management. They sometimes pick products based on whims and fancies, no logical reasoning in sight. These poor decisions result in wasted resources and put serious pressure on that precious bottom line. Time to shape up, folks!
6) Marketing Misadventures
So, startups can’t always afford the cream of the crop when it comes to marketing talent. They settle for mediocre candidates who wouldn’t know a successful launch if it smacked them in the face. Inexperience + product launch = recipe for disaster. Oops!
7) Lost in the Marketing Maze
Ever seen a launch happen with no clear purpose, mission, or vision? It’s like watching a ship sail aimlessly in the middle of nowhere. Without engagement from employees and customers, that brand has a shelf life shorter than a goldfish’s memory.
8) Plan Your Way to Glory
Newsflash: flying by the seat of your pants is so yesterday. Without a well-structured marketing plan, you’re bound to hit roadblocks that never crossed your mind. Trust me, folks, a detailed plan has a 400% higher chance of success than relying on gut feelings or instincts. Prepare, people!
9) Slow Down, Speed Racer
Oh, the perils of ambition! Some startups get carried away and think they can launch a gazillion products all at once. But here’s the kicker: spreading your attention and resources too thin means your key products won’t get the marketing love and management attention they deserve. Disaster is on the horizon, my friends. Remember, in the world of product launches, slow and steady wins the race.
10) Cash Catastrophes
Now, here’s a real brain teaser for you. It’s no secret, folks! Running out of cash is like playing with fire, yet so many startups fall victim to lousy financial management. Hello, is anyone home? Keep those finances in check, or your dreams of a successful launch will go up in smoke.
There you have it, ladies and gents! The top 10 epic reasons why product launches crash and burn like a bad rom-com. Take heed, learn from these pitfalls, and let’s make sure your next launch is the stuff of legends. Stay awesome!
#ProductLaunchFail #ProductLaunchSuccess #Branding #BrandStrategy #MarketingConsultancy #MarketingTips
Hemant Mishrra
About the author: Hemant is the Founder & CEO of branding and marketing firm ”Neeti Brand Accelerator” in Mumbai. He is a brand strategist and has worked with more than 150 brands during last two decades. He is also mentor and coach to SMEs and startups. You can visit the website www.www.neeti.biz. You can contact him at hemant@neeti.biz
