Launching a new product is an exciting moment for every business owner. This is the moment when you start earning some money for your hard work. You can see your dream becoming a reality. The good news is that you are not alone in this process. Millions of people around the world are involved in launching new products, services and ideas every day.
The bad news is that it is not always easy to launch a new product and to make it successful. If you want to know what mistakes people make when launching a new product, read this article and find out why people fail at this important stage of their business development.
So, what is the most common mistake made when launching a new product?
Starting with the wrong customers.
Many people think that the most important thing to do when launching a new product is to start with your friends and family. That is absolutely not true. When you launch a new product, you have to think about your potential customers. Your potential customers are not your friends and family. Your potential customers are the people who are interested in what you are offering.
These people are also called target market or target audience. It is important to understand that there is no one size fits all when it comes to the target market for your product or service. You should try to understand who your potential customers are and what they want from you or what they need from you before launching a new product.
For example, if you have developed a video course for business owners who want to promote their business on social media, it would be better if you had more business owners in your target market than if you had more of your friends and family in this target market.
This is because most of them will never use social media for their business promotion activities, while some of them might be able to do so, but not everyone can do this activity well enough to be successful at it. So, before launching a new product, it is important that you know what kind of people you are trying to reach and what they want from you.
Not doing market research.
Many people make the mistake of launching a new product without doing any market research first. The reason why they do this is that they think that they know what their target market is, and they know what their product should be like. This is a very dangerous assumption because there are a lot of things that you might not know about your potential customers.
For example, you might have a great idea for a new product, but it might not be useful for everyone because it might be too complicated, or it might require too much money to produce. If you have an idea for a new product, but you don’t have any idea how to make it successful, it would be better if you would keep working on your existing products or services until you find out what kind of people your product is intended for and how to reach them before launching your new product.
Using the wrong pricing strategy.
The pricing strategy is one of the most important aspects of launching a new product because it can help you determine how many people will buy your product and how much money they will spend on this purchase if they decide to buy your product or service from you. The pricing strategy has to be simple and easy to understand. People have to be able to understand what your product or service is and how much it costs before they can decide whether they want to buy it or not.
For example, if you are launching a new product or service that will allow people to take videos and make money from them, it would be better if you would use a pricing strategy that allows people to take a video for free and then charge them a small amount of money for every video they take. If you have your own business, and you have a website where you sell your products or services, it would be better if you would use this pricing strategy because it will help you increase the number of people who buy your products or services from your website.
Failing to create the right kind of marketing material.
Many people think that creating marketing equipment is not important when launching a new product because they think that they will have their own website with which they can sell their products or services directly from their website without having to pay any extra money for this purpose. This is not true because most people do not have websites and even if they do, most of them do not want to spend any extra money on creating good-looking marketing material on their websites because they think that their websites are already good enough for this purpose.
In fact, having good-looking marketing material on your website is one of the most important things when launching a new product because it can help you attract more potential customers to your website. You can do this by creating some good-looking and informative marketing material on your website. You can use images, videos, animations and any other kind of marketing material that you want to use on your website.
Not knowing your competitors.
When launching a new product, it is important that you know what your competitors are doing. You should try to understand how they are marketing their products or services and what they are doing to attract more potential customers to their products or services.
If you do not know your competitors, it will be very difficult for you to launch a new product because you will not be able to create something better than what your competitors are already doing. This is because you will not know what they are doing right and what they are doing wrong.
The best way to get to know your competitors is by conducting thorough research on them. You can do this by reading articles written by your competitors or by watching videos about them.
About the Author
I am the Founder of Cudy Technologies (www.cudy.co), a full-stack EdTech startup helping teachers and students learn better. I am also a mentor and angel investor in other Startups of my other interests (Proptech, Fintech, HRtech, Ride-hailing, C2C marketplaces, and SaaS). You can also find me on Cudy for early-stage Startup Founder mentorship and advice.
You can connect with me on Linkedin (https://www.linkedin.com/in/alexanderlhk) and let me know that you are a reader of my Medium posts in your invitation message.