56% of the respondents to our most recent study on the marketing activities of IT companies in B2B in Quebec (coming in November 2014) indicate that they launch a new product or service once a year. The risk of failure hangs over all of them and often, it is not because of their offer, but because of the execution of the launch.
In The Law of Market Failure, we can read: “The majority of new products and services fail to succeed, despite a competent execution.” Do not despair though, as they also write: “some products and services will be successful in the market. “
The lessons of a F.L.O.P
Despite the professionalism and investment involved in giving birth to products and world class services, it is in the execution of a product launch that you can plunge during battle.
You might fall into a FLOP : “Failure in Launch, Operations or Premise”.
The preparation and execution of the launch were not up to par. Despite the fact that the product meets the needs of the market with the right features, no attention was paid to the product. No buzz? Not interest? Bad timing? Misplacement? Nobody paid attention? In short, bad launch cut short. Review your plans.
- Good product/service
- Well thought out product or service
- Bad launch
Your initial launch went well. You have the attention and obvious signs of success. But various operational problems associated with the reliability, utilization and performance begins to surface. Innovators that have adopted your solution are aware of it and the negative spirals starts and bad press reaches the public. It’s come to an end, even before you have had time to correct the situation. Review your process.
- Good product/service
- Good launch
- Product / service poorly designed and / or poorly supported
Your launch went well and the product or service works well. But for some reason, users stop consuming your product or service. Those who considered buying your solution changed their minds and considered something else, despite the fact that your product fully meets with the demands of the market, depending on your data. You have designed the latest ‘flavor of the month’.
- Bad product/service from the start
What about a re-launch?
For the two first ones, it is possible to revive a product or service on the market despite a failure of launch or of operation.
As for the usage failure, launching a “bad” product / service on the market is suicide… Better start over completely and test the product / service to a specific target user, long enough to avoid this pitfall.
Be sure to elaborate the right thing before it is built
How do you know if you are developing the right product or service? Start with the 5 conditions for a successful product launch: marketing research, positioning strategy of a product / service, full launch strategy, well planned and well orchestrated marketing and finally, measuring results and continuous optimization.
So why run the risk of failure when you can make it a success the first time around? Consult experts to support you in these important moments in the life of your business.