If you think accelerated product launches happen by chance– think again.
A successful product launch requires time, planning, and expert guidance to create real results. While marketing plays a role in the product launch, marketing can’t save a launch that didn’t do its due diligence pre-launch.
If no one on your team has product launch experience, consider bringing in a specialized consultant to help you execute your launch.
And, for established brands launching into new markets, working with an expert consultant can help you seamlessly integrate into the new market.
Or, if your team is spread too thin, an expert contractor can be a welcome set of extra hands to help you execute.
And, if you’re someone who’s failed at launching a product, know that you’re not alone. With the help of an experienced consultant, you do not have to repeat history. Approximately 60% of products fail to ever make it to market. By working with a knowledgeable consultant, you can avoid being a part of that 60%.
Below are some of the benefits of hiring a product, brand, or white label launch expert for your next product launch.
Stages of a Product Launch
At its simplest, a product launch is when a company shares a new product with the public. Launches have three phases: pre-release, release, and post-release.
Pre-Release
The pre-release phase is also known as the ideation or concept development phase. It can start as early as your initial idea for a product. During this time, you may be imagining what your product will look like, what function it will serve, and the features it will include.
Next, it’s important you do your customer marketing research. Collect feedback from ideal customers to see if there’s any way you can make your product better. Be sure to use open-ended questions to get the most out of this phase. You can also examine feedback on similar products and perform competitor analysis.
Once you’ve thoroughly vetted your customer research, you can begin creating the product. This is where the product development stage begins. It’s important to ensure that you’re creating a product that people want or need. If your product doesn’t serve a need, it’s likely your launch will fail. And, it’s equally important to create a product that is safe and that meets regulatory requirements. One hurdle that’s hard to overcome is going from a successful launch to a marker withdrawal and recall. A misstep like this impacts your brand trust and reputation.
Then, you’ll be creating a product launch strategy and product launch goals. A product launch strategy is, “a plan designed to deliver a new product to the market.” This strategy will help you prepare your teams for the launch, build hype around the product, and grow your brand awareness.
Once you’ve outlined your goals for the product launch, you’ll begin to execute on your timeline until you reach the product release.
Product Release
The product release is when you finally share your product with the world. Some brands throw big release parties to celebrate the launch of the new product and invite influencers. Others use social media for their launch to allow their customers to feel like they’re a part of the launch.
You’ll fulfil any pre-orders that you’ve already acquired and your pre-work will be put to the test. This means your supply chain, fulfilment and delivery practices all need to be outlined, tested, and implemented by the launch. If it’s not, things like transporting perishable products in a truck that doesn’t have temperature control can ruin your product and your launch.
Post-Release
The post-release phase is where you determine how successful your release was. You can use this information to build on for your next release. Some questions to ask yourself and your team:
- Did you sell what you intended to sell?
- What were the key drivers in your sales?
- Were you able to create the media buzz that you wanted?
- Was your product well positioned?
- Did ideal customers flock to the product?
- Were there any hiccups when it came to manufacturing, or customer support?
- Did customers provide you with negative feedback? Is there an opportunity for product improvement based on their feedback?
These are all good questions to ask yourself to help determine the success of your launch.
Establishing Your Product Launch Goals and Objectives
Before you outline a timeline for your product launch, be sure to get clear on your goal for the product launch.
- Do you want to ensure you’re creating the best possible, high-quality product?
- Do you want to create a product that has a clear appeal to the market, addressing new pain points?
- How fast are you planning to execute your launch?
- Do you want to generate some great sales numbers?
- Are you looking to build a stronger relationship with your customer base?
- Do you want to make a name for yourself as a thought leader in your industry?
Things like target sales, subscription goals, sign-ups, and media buzz require different actions to help you make these goals a reality. Knowing what exactly you’re setting out to do will help you determine how you get there.
This is one of the most important steps, as understanding your goals will define if your product launch is a success.
Common Reasons for Product Launch Failures
No two launches will ever be the same. There’s always a chance that something could go wrong. That’s why it’s important to have an experienced and knowledgeable consultant on your side.
Some common reasons that product launches fail are:
- Poorly Planned Products: This is an area our specialists are well versed in. If your product isn’t safe and compliant, you could have your product withdrawn from the market. Unsafe products and products that are of poor quality will negatively impact your brand and cause your consumers to lose trust, making the next launch even harder.
- Timing: If you move to the market too slow you could be beaten out by a competitor. Or moving to the market too fast, and not being ready for the increase in sales. Or, you could unknowingly launch during a bad time of the year for your market (like the holidays).
- Insufficient Marketing and Advertising: Getting your product in front of your ideal customer requires a strategic marketing and advertising plan. If it’s not built around your customer research, your marketing could fail.
- Disconnect from Customer Needs: Sometimes, customers just don’t want the product you’re selling. This is often because it doesn’t have the same benefits as a similar product, or there’s a cheaper alternative that’s similar in value. If you aren’t solving a specific need in a way that hasn’t been done before, your launch will likely fail.
- Poor Positioning: Knowing what makes your product unique and being able to communicate it is a necessity for good launches.
- Pricing: Gathering information on what your target market is willing to pay without overpricing or underpricing requires you to vet different prices at the customer feedback stage.
Even if your launch does fail for some unforeseen or unexpected reason, an experienced consultant can help you recover. Rather than feeling discouraged, you can create tangible plans for your next launch to ensure you don’t make the same mistakes.
Why Hire a Specialized Consultant for Product Launch Support?
As you can see, product launches are tricky endeavours that require a skilled team to execute successfully. If you don’t have that team, or if you need an expert to guide you, a hands-on product launch consultant can make a big difference. From pre-launch to post-launch, it’s a good idea to have an experienced expert on your team.
During the pre-launch phase, an expert consultant can help you look for issues with your product. They’ll likely help you navigate questions like:
- Does this product actually work?
- Do we need to perform safety and functionality testing?
- Is the product manufacturable?
- Is there further testing that needs to be done?
- What’s the best way to develop customer research?
- How will you transport the product?
- What will the packaging look like?
An industry expert can also help you create a product launch roadmap. This can include:
- Realistic timelines
- Creating SMART product launch goals
- Training your staff on your new product
- Training your staff for an influx of sales or inquiries around the launch
- Creating positioning materials
- Creating internal procedures and policies that are scannable and easy to understand for staff
- Supporting your communications team with marketing
A great product launch expert also comes with market knowledge. They likely have experiences with product launches that were successful, and even some failures that they can draw from.
This expertise can help you avoid potential pitfalls in your product launch.
You Can Reach Your Launch Goals
Less than 3% of new consumer packaged goods are able to exceed $50 million in sales in their first year. Yet, a great product release can help you reach those major monetary milestones.
But launching a product on your own could actually lead to more heartbreak than glory. There are many mistakes you can make when launching your product. Mistakes you could avoid with the right product expert by your side.
And once you’ve launched, your product’s next major hurdle is staying in the market. This is something a contracted expert can also support you with. The launch is just a jumping-off point for your product’s journey. Innovating and refining is always a part of the journey.
At JIT Experts Hive, we provide hands-on leadership to support your product launch from start to finish. We’re not there to tell you what to do when it comes to product launches, we’re there to be a part of your team to ensure your launch is a success.
If you’d like help with your next launch, fill out a form. We’d love to help you create a strategy and achievable goals for your next launch.