Did your beta testing yield undesirable results that ultimately delayed your product launch? Was there enough market research done on consumer pain points and motivation for switching from their status quo? Did your messaging strategy best position your product’s attributes, benefits and claims?
There are countless factors that can contribute to ineffective B2B product launches. Depending on the goals of your launch plan, “ineffective” can range from falling short of your sales goals to not equipping your team to properly educate the market on the product. Let’s take a look at the true cost of a failed product launch.
Risked brand credibility
You’ve worked hard to build your brand and establish trust in your industry. You’ve forged strong relationships with consultants and reps in your network. The cost of an ineffective product launch can be detrimental to your brand as whole. When the product performance doesn’t match the marketing hype or unidentified issues begin for your early adopters, your brand credibility is at risk.
Avoid this by preparing a strategic plan (pre-launch) and identify any potential obstacles that might occur closer to the launch date. Create a contingency plan for addressing unforeseen issues post-launch.
The price of ineffective B2B product launches can translate to missed sales when you’ve lost steam with your audience. Hyping your product too early can cause your audience to lose interest and seek solutions elsewhere. Alternately, too short of a time frame does not provide enough runway for your marketing messages to resonate with your audience. Untimely launches lack the coordination and effectiveness that are necessary to build momentum for your new product’s success.
Instead, create a tactical launch plan for effectively delivering your new product promotions to your target audience. Educate your internal sales team on the product and disperse collateral once you’re positive that the product launch will be executed as planned.
Benjamin Franklin is credited with saying, “If you fail to plan, you plan to fail.” Planning is the golden rule for any successful product launch, and the bottom line is you cannot afford to have ineffective product launch plan. Avoid these product launch blunders with thorough planning developed with a dedicated, trusted team who is invested in the success of the product launch. Your brand credibility and potential sales are on the line, and the stakes are high.
Get your product launch planning started with these FAQ’s for successful B2B launches.