Perhaps one of the most anticipated activities for every marketer is the launch of a new product developed by him. Because with the launch, all the effort of months of work is reflected… The long-awaited day arrives, when the product is finally presented to the sales force, the fusion database retailer and the consumer. Adrenaline rises to the maximum when comments are received on the packaging design or the campaign is shown on television, waiting for the applause of the audience. Keeping the distance, it is similar to the pride one feels when the nurse presents her newborn child to her friends.
Unfortunately, this excitement for most marketers does not last long, because often the expectations one had about the launch do not materialize. The real figures are very harsh, thus, Jean Jacques Lambin, in 2013, indicated that the failure rate of new products is 4 out of 6 launches. In other words, only a third of projects are successful; this is a reality that unfortunately cannot be changed.
However, to avoid discouragement, I believe that the key to success as a marketing professional is to have a positive “current account”, where most of your projects fall into that third –although there will always be initiatives that fail–. You have to accept that and learn from your mistakes so as not to make them again. With this premise in mind, I would like to share the main causes of failed launches that I have seen:
Lack of in-depth analysis of the business model and required capabilities.
Lack of knowledge of the competitive environment and performance expectations.
Rushing to meet committed dates, then poor execution of plans.
Errors in market research, which yield the following data:
Problems in interpreting consumer needs
Problems in estimating demand, and
Problems in product design and/or advertising strategy.
Lack of product availability due to production and/or distribution capacity, and
Market saturation and/or competitor reaction.
To complement this, and to make your “checking account” as positive as possible, I share the lessons that Robert G. Cooper (creator of the Stage/Gate process) writes in his Product Innovation Best Practices series: “ Doing it right: Winning with new products ”, from 2002, where he describes the 9 keys to successful product launches. This, after analyzing 200 launches, half of which were successful:
Having superior and different products . This involves differentiation, functionality, lower costs, and superior benefits. If products have these, they are five times more likely to succeed and have four times more market share.
There is no dedicated prior work . Many projects are carried out directly from the idea to the development, with little prior work done. Doing the homework means analyzing the market well, the required capabilities, the competition, knowing the consumer, testing concepts and technical and operational feasibility studies.
Develop using the voice of the consumer . Successful projects have been subordinate and concerned with taking the consumer into account. Projects that take the consumer into account are twice as likely to succeed. Involve the consumer by prototyping and iterating with them.
Define the product clearly and as early as possible . An unclear definition of the product before development is the biggest cause of errors and failures. It is very common to have unclear specifications regarding the scope of the project. This should include: target group, product concept, positioning strategy, product definition and attributes.
