The history of the tech industry is full of examples of groundbreaking products that failed due to flawed marketing strategies.
Remember Google Glass? The search engine giant's augmented reality headset flopped in 2013 due to perceptions about cost, poor design, impracticality and privacy. Just a decade later, Apple released its $3,500 Vision Pro AR headset, and investors are salivating.
Or how about the Microsoft Zune? The Zune was a better product than Apple's iPod in a number of respects, but it never succeeded in taking market share from the iPod, due to poor timing and half-hearted marketing investment.
All that to say that even the best of products can be sabotaged by poorly executed marketing. Here are some of the most common mistakes marketing teams make when launching a new product.
A product launch marketing plan is a comprehensive strategy that outlines how to introduce a new product to the market. It encompasses various elements:
This plan ensures a cohesive and targeted approach to introducing a product, aiming to maximize market impact and achieve business objectives.
The first and possibly most critical mistake is failing to fully define your target customer. A vague or overly broad target market can lead to a poor launch. Developing a solid go-to-market strategy involves utilizing market research techniques such as:
These can gather invaluable information on the demographics, behaviors and perceptions that shape consumer behavior.
But, mere data collection isn’t enough. It’s necessary to polish this data into actionable insights. Effective market segmentation involves grouping consumers based on:
This helps to identify distinct market opportunities. Understanding these segments is key to tailoring marketing efforts that resonate with them.
To use a broad example here, the team at Google failed to anticipate the psychographic factor that tech savvy consumers are particularly sensitive about their privacy and could raise objections about glasses with cameras in them.
Another common pitfall is insufficient communication with stakeholders. Effective communication is the lifeblood of any successful product launch. It fosters a culture of collaboration, facilitates the exchange of information and ensures everyone is on the same page.
Miscommunication and lack of communication, on the other hand, can lead to disjointed efforts, unclear responsibilities and ultimately, a suboptimal launch.
In 2020, the video game studio CD Projekt Red released Cyberpunk 2077, one of the most anticipated video game releases in several years. They had done well to build external buzz around the product, but it was later revealed that internal communications were poor and that business leaders had disregarded engineering feedback about technical issues with the game. Ultimately, it led to releasing a game that was so riddled with bugs as to be nearly unplayable.
Good communication doesn't mean scheduling a lot of meetings and talking a lot. It means listening and having empathy and humility.
Seek help from stakeholders early and often. This includes sales, marketing, product, engineering and especially your customers. Collecting customer feedback by implementing a soft-launch or beta testing phase guarantees that your product aligns with market demand and is prepared for a large-scale launch.
A successful product launch doesn’t end when the product hits the market. Post-launch support is an integral part of the product launch process, and overlooking this can negatively impact customer retention and overall product success.
A product launch marketing plan should feature a comprehensive timeline covering pre-launch, launch, and post-launch phases, enabling a structured approach to roll out, buzz generation and follow-up.
During the post-launch phase, it’s pivotal to:
Content reigns supreme in the world of marketing. Shortchanging your content efforts can lead to a lack of engagement and visibility for your product.
A compelling product launch should include:
Remember, content marketing is a sustainable way to create new traffic to your website and draw new eyes to your new product, which is especially beneficial for businesses where potential customers need education before purchase.
Could the Zune have succeeded if Microsoft's marketing team invested more heavily in marketing it? It's possible.
No product launch operates in isolation. It’s a cooperative venture that engages numerous stakeholders, partners included.
Influencer marketing, for instance, can significantly amplify a product’s market introduction by employing influencers who specialize in creating original and relatable content.
Strategic partnerships can also play a significant role in your product launch. This can include marketing, distribution and product collaborations, each offering unique strategic benefits such as co-branding and affiliate marketing. Affiliate partnerships provide a performance-based marketing channel where partners promote the product and receive compensation for conversions, expanding the product’s reach through trusted marketing channels.
Co-hosting webinars, podcasts or events with a partner can leverage their audience and reputation, providing a platform for product awareness and credibility.
Remember, the strength of a product launch can lie as much in the partnerships it leverages as in the product itself.
Failing to use good KPIs is a little like going for a walk in the dark. You might be going somewhere, but you don't actually know where you're going.
Depending on your monetization model, KPIs can include:
First of all, this allows you to determine whether or not your product launch actually succeeded. More importantly, this allows you to make data-driven decisions and optimize future marketing campaigns for better results.
Every mistake is a learning opportunity. Instead of viewing mistakes as setbacks, see them as stepping stones towards a more effective and successful product launch in the future.
Review your data to find out what resonates and what doesn’t, and use these insights to refine your strategies and actions. Hold "retro" meetings with your internal stakeholders to identify areas where you can improve processes in future product launches.
In the end, the goal is not to be perfect from the get-go but to continually improve with every launch.
By learning from your mistakes, you can avoid repeating them in the future and pave the way for more successful product launches.
In conclusion, avoiding these common mistakes that we outlined above can increase your odds of a successful product launch.
We're excited about helping you achieve amazing results.
