Wednesday, May 04, 2022 12:04:11 PM
Source: Harvard Business Authors:
Joan Schneider and Julie Hall, CEO and exev.VP of Schneider Associates, an integrated marketing and public relations agency.
Numerous factors can cause new products to fail.
The biggest problem we’ve encountered is lack of preparation. Companies are so focused on designing and manufacturing new products that they postpone the hard work of getting ready to market them efficiently until too late in the game.
Flaw 4 out of 5: The product defines a new category or specificity and requires substantial consumer education—but doesn’t get it.
If consumers can’t quickly grasp how your product is different, it’s toast.
“40 Ways to Crash a Product Launch.” If your company is guilty of ANY OF THESE, think about how to turn them around.
Way #2 out of the 40 ways: Most of the budget was used to create the product; little is left for launching, marketing, and selling it.
#11. The marketing campaign is developed in-house by the manufacturer and lacks objectivity.
#23. The launch budget is insufficient to “pull” the product off the shelf.
#24. The product has no trained spokesperson to educate the media.
#27. The ad campaign is untested and ineffective.
#28. The launch campaign depends solely on PR to sell the product.
#30. Company executives underestimate the value of Twitter and Facebook.
Patiently,
Roger
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM