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We’ve all seen it. A new product that claims to be better than sliced bread. Something that can wash your dishes and take the dog for a walk while negotiating peace in the Middle East. But, shortly after its launch, this miracle product seems to have gone the way of the eight track. What went wrong? And, more importantly, how can you avoid making the same mistakes at your next launch?
Here are nine obstacles to avoid when gearing up for your next launch.
1. Lack of Planning
If you’ve decided on a whim that now’s the time to launch your latest product or service and haven’t spent much time planning your launch, you may be in for an unpleasant surprise. You only have one chance to make a first impression on potential customers. Failure to capture the “product voice” often results from a lack of planning. And, without the right voice, your product won’t speak to the right market.
2. Poor Resource Allocation
If you’ve spent your entire project budget on development and saved nothing for market research, consumer education, and promotion, you may find yourself with a fantastic new product or service that no one either knows or cares about. Make sure to reserve adequate funding for the pre-launch activities that will help sell your product.
3. Emotional Attachment
Your “gut” might be screaming at you to go one way, but if that direction conflicts with facts like market research and expert insight, your product may be extremely appealing...to only you. Emotions shouldn’t be completely overlooked when decision-making, but they also shouldn’t be the deciding factor in business planning, especially at the exclusion of due diligence.
4. Inadequate Consumer Education
Your product may have the potential to change the world as we know it, but if no one understands how it works or why it’s valuable, chances are good that it will flop. Your product launch should educate consumers so that people understand why they need your product, not just that they need it.
5. Meager Marketing Budget
Just like consumer education, marketing is a large part of your launch’s success or failure. In fact, these two are often intertwined. If no one is aware that your product or service exists, there will be no market for it.
6. Insufficient Market Research
Your market research should give you insights into what need your product fills, who is likely to purchase it, what price point you should target, etc. Successful market research includes acquiring feedback from beta-users, polling existing customers, and obtaining competitive intelligence regarding your competitors. If you don’t have quality market research, expect your launch to backfire.
It’s important to note that not all market research is necessarily quantitative and statistically significant. In our work with companies selling to pharmaceutical companies, the number of targets is not large enough for a statistical result, but the quality of our market research enables our customers to meet or exceed their selling goals.
7. Bad Timing
Sometimes timing can be chalked up to bad luck, but timing can also be a symptom of poor planning. If you launch your product the same week half of your prospective clients are at a national conference, for example, you run the risk of being overshadowed. Your market research, as well as trusted advisers, should shed insights on the best time to launch.
8. Pricing Faux Pas
Pricing problems are a double-edged sword. If you price your product too high, you may exclude a large number of customers who aren’t able or willing to fork out the dough for what you’re offering. If you price too low, you may not be able to cover your expenses or you may foster the notion that your product is low-quality. Use caution when pricing to avoid both extremes. Frequently a trade-off analysis will give needed feedback.
9. Failure to Seek Outside Input
Seeking outside input allows you to get expert, unbiased feedback on the best way to launch your product or service while avoiding common pitfalls. An experienced adviser can help you perform quality market research, get a handle on launch timing, and help educate your prospective clients. Hiring expert help can help you avoid costly mistakes while boosting your revenues.
If you think you’re ready to launch your latest product or service to the pharmaceutical industry, but need some outside help, contact Brian Bamberger, Managing Partner of Pharma Acumen. We have the experience and contacts needed to evaluate your launch, obtain market research and potential client feedback, and assist you with education customers and pricing.