Debunking 3 Myths About Launching a New Product
Introducing a new product to the market can be a hit or miss. You have to do your best to grab the attention of your target market, while making a good and lasting impression. A successful product launch will increase your sales and boost your brand; the opposite, of course, will lead to losses. To make this happen, you need to take note of the following myths and avoid them as much as you can.
Myth #1: When you make a unique product, people will come to your launch.
The uniqueness of your new product may be appealing, but it might not be enough to make consumers visit your launch. You need to create enough buzz about it, or chances are your potential market will eventually forget about it. Advertise and make an effective marketing strategy, using traditional or new media, to make consumers interested about the launch. Getting their interest means increasing the chances that they will come to your launch.
Myth #2: All you need is a one-time, big time promotion for your new product.
Some businesses believe that one big promotion is enough, but this isn’t always the case. Using a single promotion for life may be effective only if your product doesn’t have a lot of competition or if your target market doesn’t change preferences. It’s advisable to take note of your audience because you might need to keep up with the trends.
Myth #3: It’s impossible to re-launch a failed product.
Failed product launches mean that you weren’t able to package the product properly and grab the right market. Don’t lose hope, though. If you think that your product is good and worthy of attention, it will probably sell. All you need is to think of another angle for your strategy and you might get it right the next time.