The Reason 80% of New Product Launches Fail & How to Avoid It
Uncover the surprising reasons why 80% of product launches fail. In this post, you'll find the keys to navigate these common pitfalls, from timing marketing efforts correctly to harnessing the right talent, and ultimately, achieving a successful launch. Dive in to learn more.
The Reason 80% of New Product Launches Fail & How to Avoid It
In the cutthroat world of business, an alarming 80% of new product launches end up falling flat. What's more surprising is that these products don't fail because they are of inferior quality or lack innovative features. In reality, it's often due to a gap in effective marketing planning.
A report from Harvard Business reveals a major factor contributing to this failure rate. It points out, "Companies are so engrossed in designing and manufacturing new products that they put off the essential task of preparing to market them until it’s too late in the game." This narrative runs all too common in various industries and it’s time we analyze why this happens and more importantly, how you can prevent it.
Bringing new products to life is a long process, often spanning years. This lengthy duration should ideally be used to strategize, plan, and allocate budget for marketing the products. However, unfortunately, many times, these crucial discussions remain trapped within the product design teams. In some cases, internal marketing teams aren't looped in until the last minute, and external partners are brought onboard even later.
This procrastination spells disaster for your product launch and manifests in three major ways:
- Increased costs: The haste to catch up on lost time often incurs additional expenses. Rush fees aren't a myth; they're a hefty reality. These last-minute charges are often steep because at this stage, you're cornered with no other viable alternatives.
- Availability of good talent: Skilled professionals, be it agencies, creative directors, actors, or make-up artists, are usually booked in advance. The more proficient they are, the more likely they'll be scheduled ahead of time. This is because they are in high demand, and their clients usually plan well in advance.
- Compromised quality: The creatives you manage to hire in a rush might not deliver their best work due to the constraints. Exceptional creativity demands time. While many thrive under pressure, the result often doesn't surpass what could have been achieved with ample time for thought, refinement, and execution.
The bottom line is, effective marketing efforts require time. They demand an intimate understanding of not just your brand, but the market as a whole. Last-minute efforts, while occasionally fruitful, generally don't yield the best results.
You may cook pork in a microwave if you're in a rush, but if you're aiming to host a feast that attracts a crowd, you'll find a crock pot does the job far better. The same principle applies to marketing your product. Invest the necessary time and resources from the get-go, and you'll find yourself in the successful 20% of product launches, instead of the unfortunate majority that falls by the wayside.
The next time you're strategizing your marketing campaign for a product launch, consider partnering with Aumen Film Co. With their seasoned expertise and collaborative approach, they can ensure your commercial resonates with your target audience. Don't leave your marketing plan till the 11th hour. Instead, co-create a compelling narrative for your product, all the while avoiding unnecessary rush fees, securing the best talent in the industry, and crafting a commercial that reflects quality and thoughtfulness. Start your journey to success by getting in touch with Aumen Film Co today.
