Resources are exhausted on product development, so no time or money left for the launch:
1. Lack of resources: Allocating budget and time to the development process can leave nothing for a launch strategy. Product launches fail when there is no time or money left to create a marketing campaign or hire a PR firm. The primary goal for most startups should be finding product-market fit, not generating revenue through other means. Focus on building your product first.
2. Self-defeating beliefs: Shifting focus away from the company’s core competencies may result in an improperly targeted launch plan – one that does little to help achieve company goals while also draining valuable financial resources and/or employee talent. An effective launch is focused on the customer and has measurable goals sourced from data collected during previous phases of the business model hypothesis.
3 Worrying about everything: The fear of being embarrassed is enough to hold a founder back from trying anything new. If you worry that a launch will not work, you’ll either avoid launching anything or try out the smallest possible change on your website or app – causing you to fail by doing nothing at all
4. Focusing too much on competitors: It’s always good to know who your competition is and what they’re doing well, but getting too wrapped up in keeping up with them can be counterproductive if it means neglecting to focus on your own customers’ needs and positioning yourself as a solution. Other companies have decided against focusing on competitors, like Steve Jobs who famously said “I’m going to make a dent in the universe. And guess what? They’re never going to see it coming.”
5. No one is involved: It’s possible for product-market fit to exist, but no one knows about it or has any way of finding out about it! It’s important that someone who can tell the story of your company from a customer standpoint (i.e. PR, social media manager) be involved in the launch process and that they have support – either financial or emotional – from upper management. This person should be identified before beginning development if at all possible so their goals align with those of your team and they can begin building relationships with key journalists/bloggers beforehand to boost coverage as soon as you go live on Product Hunt, etc.
6. The product and messaging are not ready: It’s possible that you’ve built your product to solve a problem – but the name/details/etc don’t convey what the value is or who should use it. The solution sounds too good to be true, like a band-aid for a highly involved process or complicated problem. If you’re worried about how your launch strategy will look years from now when bloggers can predict every feature of the new Apple Watch before it even launches then maybe you’ve got some tweaking left to do in other parts of your business model hypothesis.
7. Insufficient planning: Launches fail if there isn’t sufficient time set aside to make sure everything goes as planned and people (including you!) are prepared for the stress that will come in the days after your product is live.
The inventor falls in love with the product and resists any changes Inventor fails to develop a clear marketing strategy:
Just launching a product and hoping it will sell (or blog posts/social media) is not enough. There should be a solid marketing plan in place, including specific goals for how many people are expected to use the product on launch day, former users who can help spread the word about your new product or services that will be launched in the future.
An inventor fails to do any pre-launch preparation: Launches fail when there’s no way of knowing if anyone will actually see them, whether they’re checking news sites, joining social networks or checking Reddit on launch day. Pre-launch preparation includes setting up hashtags and mentions of your company and product in advance as well as securing press coverage before launch to drive traffic once you go live.
Doubts that the product is ready for launch: The inventor’s an insecure perfectionist or a control freak who constantly second-guesses whether the product can meet their own expectations, which is preventing them from getting it live and out to customers. You should feel confident that the product will sell itself once people see what you’ve built – but if you’re not creating something that actually meets a need then don’t launch!
Lack of marketing preparation: There are no pre-launch blog posts or social media accounts set up (Facebook, Twitter, Pinterest), nor any press coverage secured before launch day. Without this basic foundation in place, there’s really no way to expect your product to gain traction when it goes live on Product Hunt, etc.
Failure to test pre-launch: There are no beta users for your product, and therefore it’s impossible to identify what problems need fixing or tweaks need making before launch day. Launching something that you haven’t tested is like standing in the middle of a room with a bullhorn and expecting people to come to listen – when they’re busy doing other things! Getting customers involved during development, even if it’s just two friends who know nothing about your product but can give you honest feedback about what works and what doesn’t, can save you from launching an imperfect version of your product that nobody will want to use.
Doubts that the marketing plan is sufficient: Just hiring someone for social media won’t guarantee success unless there’s a clear strategy and plan for what exactly the social media expert will do to drive traffic, where they can offer value and create opportunities. Hiring a PR team without knowing their target market or goals is money wasted; you should spend time developing a marketing plan with specific goals before any of the people involved in your product launch are hired.
Lack of market research results in a product without a viable target market:
The inventor doesn’t care about who their customers are and therefore builds a product that’s too complicated, expensive or niche for anyone to use.
Complicated revenue model: The revenue model for your product is not clear from the outset, which makes it impossible to identify potential customers. Building something complicated will only confuse potential users so you should focus on making your product really simple and easily understandable before launch day.
Another reason why launching a bad product can be disastrous is that you’ll also have to deal with angry investors who expect results – remember, successful startups need their products to succeed in order to raise new capital! 6.Failure of early adopters: Launches fail when there’s no interest in the product after launch because nobody wants anything to do with it. The way early adopters use and interact with your product (whether they leave comments, share it on social media or retweet it) will indicate whether you’ve built something really useful for them. If there’s no feedback at all then users aren’t even bothering to try using the product!
Failure to adapt: Launches fail when there’s a lack of constant evolution and iteration, which means that your product is forever stuck in its initial incarnation because the inventor doesn’t want to make changes based upon user feedback. You should imagine yourself as a work-in-progress rather than an ever-finished product; this applies to the appearance and functionality of your launch version as well as how people perceive your brand or company. Even if you’re not open to changing every little detail, you should be willing to put your user experience under the microscope and make improvements.
Failure to listen: Launches fail when there’s a lack of communication between the client and the team that is building their product. Setting deadlines based on what was promised rather than actual progress is bound to backfire since no one will feel accountable for missing their goals.
Treating it like business as usual: Launches fail when people assume that this is just another project – which it isn’t! The media attention and feedback from users can be both good and bad so you need to have eyes & ears open at all times in order to save yourself from any potential damage (PR crises, angry investors). You’ll only make matters worse by hiding behind your corporate email or office walls.
Marketing is often introduced to an idea long after the development begins, though markets may have had useful insight on everything from design to utility:
Marketing has its place in the development cycle, but it is not as important as everyone would like to think. The whole process of bringing out a new product can be summed up in four words: define, design, develop, distribute.” This quote by Stefan Swanepoel says that most start-ups make the mistake of developing their product first and then trying to sell it through marketing. This does not work because great products are usually developed only after comprehensive market research has been conducted.
New start-up entrepreneurs are often unaware of what they do or don’t know about creating a successful company – so they gather information from various sources regarding making money in business and specifically of their idea before launching. They want proof that their idea will be successful, and whether it’s an app or a physical product they will conduct market research with professionals to evaluate the idea.
For example, in order to ensure that the new start-up is launched successfully as a viable business model, entrepreneurs may seek information on intellectual property law (IPL), financial management systems, business creation processes such as structuring a company, seeking investment finance from angel investors, venture capitalists and banks for their launch ideas before they create anything at all. Many of them need additional training and education about these topics because they are not experts but are full of great ideas for creating new businesses which many people would like to see succeed.
Many times though after being yelled at by their teachers who believe that if you are going to write a paper you must be an expert on the subject at hand they do not succeed. Many times when this happens these ideas never see the light of day because there is no one to help them and many new start-ups fail. Sometimes it’s related to money, such as if they believe they need to invest in their business idea before launching instead of spending a few thousand dollars first to make sure that the market will respond well to it or giving away free samples in order to gain interest from new markets and clients.
People need to have more patience with start-up entrepreneurs who dream of creating companies that can create products and services that are useful for others but sometimes this does not happen because everyone criticizes them for trying without being experts.
It’s important to understand that marketing is an integral part of the product development process. A lot of times, entrepreneurs will have a great idea for a service or product but they don’t yet know how it could be marketed effectively – which can lead them down the wrong path and cause their business model to fail. They need help from experts who are trained in these matters before they start spending money on something new without knowing if it’ll work out well in the end. If you’re considering starting your own company, let us partner with you so we can create a roadmap for success by understanding what makes people buy products as well as what doesn’t make sense when developing those same products for sale online or at physical retail stores.