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As sales and marketing company we see that around 80% of new products fail in the market.
This statistic is very worrying for anyone who is in the process of designing or developing one.
However, there are many factors that can impact product’s success or failure: the financial security of the company backing the product, how well it’s marketed, and whether it’s something consumers actually want. Getting the product launch right is essential.
Here are fundamental practices to follow for a successful new product introduction.
⁃ Determine Your USP. Successful products that are launched in the market have one thing in common: they have an attractive unique selling proposition, something that makes them stand out from competition. White pondering about unique selling proposition always keep in mind that it has to be a useful selling proposition too.
⁃ Define Your target audience. Before launching a product or a service, you need to know who will want to buy it. Make a point of describing in detail your target customer, make sure that it is in as much detail as possible. Sometimes it is good thing to discover what you can about who’s buying your competitors products.
⁃ Get your whole team’s buy-in. Every person behind a product can play a crucial part in its launch. It is essential that everyone is involved in the product, believes in it, and that you create a product driven company culture. Be enthusiastic and excited about the product, that will also transfer to other people. Motivate your team and train them about all the smallest things about the product.
⁃ Time Your launch right, timing can make a huge difference between success and failure. Understand your product or service seasonality and promotional budgets. Definitely plan the demand and what will you do if it will not match. Play out more than one scenario.
⁃ Diversify Your marketing strategy, once the product is launched into the market, you need to be sure that you get in front of your target audience as much as you can. You can do that using Social media and digital tools, think also about industry events that you can sponsor. Making sure that you understand the costs will help you build a good budget before the launch.
These are some of the strategies that are used in global markets. We also use them for our clients when advising the new product launch.
Many company managers are fighting with internal communication as a huge elephant while trying to move it. My purpose is to show that with little steps company managers can not only move it but also guide in a definite direction. It can help to make a healthy microclimate in a team, put a stable basis for organizational culture as well as manage important projects and overcome change and crisis.
"It took me quite a long time to develop a voice and now that I have it, I am not going to be silent"
Estee Lauder
TO MAKE CHANGE MANAGEMENT STRUCTURED
Since change has become an integral part of our lives, have you ever thought why it’s so hard to implement it? Why it’s so difficult for your employees, for example, to accept and follow a new procedure and change their attitude and former habits? If you say “yes”, the tool “Talk about change” will encourage you and help to make any kind of change successful by following some essential rules.
TO SHAPE RELEVANT MESSAGES DURING CHANGE
In many organizations one-way change communication is still a common practice. However, if you want to address employees’ hearts and minds, first of all, you need to find out how people feel, what do they think and talk about coming change. Often it’s not easy for managers to find the best way to start this conversation and find the most appropriate questions to ask to make a constructive discussion.
NOW YOU HAVE A SOLUTION – THE TOOL “TALK ABOUT CHANGE"
I developed a tool aimed to help managers to open a dialogue with employees and reveal their thoughts and emotions about a change situation. “Talk about Change” lets you engage the team by making your people feel to be heard. For you as manager it is an opportunity to get honest and detailed feedback and understand issues that are bothering your employees. This, in turn, helps to shape the most relevant messages and develop your change communication strategy.
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