A friend of mine will be launching a new product next month in Cape Town, South Africa. I managed to stumble on this blog post by Harvard Business Review – “Why Most Product Launches Fail” by Joan Schneider and Julie Hall
Basically there are Flaws:
Flaw 1: The company can’t support fast growth.
The Lesson: Have a plan to ramp up quickly if the product takes off.
Flaw 2: The product falls short of claims and gets bashed.
The Lesson: Delay your launch until the product is really ready.
Flaw 3: The new item exists in “product limbo.”
The Lesson: Test the product to make sure its differences will sway buyers.
Flaw 4: The product defines a new category and requires substantial consumer education—but doesn’t get it.
The Lesson: If consumers can’t quickly grasp how to use your product, it’s toast.
Flaw 5: The product is revolutionary, but there’s no market for it.
The Lesson: Don’t gloss over the basic questions “Who will buy this and at what price?”