4 Common Mistakes Made When Launching a New Product

The introduction of a new product or product line is an exciting time for any business, but you may fall into your fair share of pitfalls. Given how long it can take to develop a new product line, you can’t always afford to make simple mistakes upon release.

We’re going to go over a few common mistakes made when launching a new product, so you can better understand what could go wrong and how to prevent these problems.

Pricing It Incorrectly

The final price of the product is one of the most important things to get right. Incorrect pricing can take all of your hard work and flush it away in one fell swoop.

Market and price analyses are two things you can’t afford to skip over when launching a new product. Without this crucial data, you can’t make an informed decision about the final price point.

Foregoing Customer Feedback

Once you release the product, you may want to simply let whatever happens happen. Your work isn’t nearly done once the product hits the shelves, though. As soon as consumers can get their hands on the new product, you want their feedback as soon as possible.

Ignoring this valuable information is the wrong move. This feedback can inform your next product launch and allow you to tweak what you offer to better fit customer expectations.

No Marketing Plan

The new product’s packaging, messaging, and branding all need to be in sync with one another; otherwise, you’ll confuse the point of the product. Letting your product stand by its own merits is one thing, but all the merits in the world don’t mean much if no one buys the thing.

You need to invest in getting the word out about your product launch. Development is one step of a launch; marketing is the step that comes right after.

Launching Too Soon

Launching a new product before it’s ready will surely write its obituary. Rushing to launch something new will only result in people making mistakes and taking ill-advised shortcuts.

One of the most common mistakes made when launching a new product is selling it when you can’t deliver on what you promise. Not delivering on promises is how brands end up shutting down because customers don’t trust them anymore.