Launching a new product is an exciting venture. If you are planning to bring to market a new tech product, here are three product launch mistakes to avoid.
| 1. Building a solution without thinking about the problem. We recently met an entrepreneur who's built a tech product, currently in beta stage, but is not yet clear about who the right audience for this product is. This entrepreneur was looking for marketing strategies to promote his product. But how do you effectively promote a product when you are not sure who your potential customers are and whether there is demand for your product? This is where thinking about marketing early in the product development cycle can help. |  Need help with product marketing?Click here to find out how we can help market and promote your new tech product. |
When developing a new product, it is best to create it with the customer and market needs in mind. You have to think about the problem your product is solving, research the market, identify the audience who has this problem, and define how big of a need your solution is for your target customers. Doing so will help your company develop a product that addresses your potential customers' pain areas.
2. Not having a sense of potential market size.
A while back a tech company brought a new product to market and had ambitious goals to reach a high number of users within the first year of the product launch. A year later the company had only acquired a small percentage of users compared to its original goal. It was not because the product they had brought to market was not good but the market had not yet matured to drive the volume of users and eventually the revenue the company had hoped for. The product was early in a market that was just starting to get traction and would further grow in the next few years. Getting your product early in a growing market is a good thing. It is also good to have a sense about the current state of the market and how the market size is estimated to change over time.
3. Overpromise and underdeliver.
Did you ever buy a tech product that you were excited about only to find out that once you got your hands on it, it did not meet what it promised to deliver? Frustrating, right? Whether it is a hardware or a software product, when you sell a product to a customer you're forming a perception and a relationship with that customer. If the product does what it promised to do, then the relationship is based on credibility, trust and value. Marketing initiatives can create a perception in the marketplace that a product is good but the product itself also needs to back this up by living up to its promise.
Launching a new tech product in 2016? Click here to find out how we can help you market and promote your product.
A while back a tech company brought a new product to market and had ambitious goals to reach a high number of users within the first year of the product launch. A year later the company had only acquired a small percentage of users compared to its original goal. It was not because the product they had brought to market was not good but the market had not yet matured to drive the volume of users and eventually the revenue the company had hoped for. The product was early in a market that was just starting to get traction and would further grow in the next few years. Getting your product early in a growing market is a good thing. It is also good to have a sense about the current state of the market and how the market size is estimated to change over time.
3. Overpromise and underdeliver.
Did you ever buy a tech product that you were excited about only to find out that once you got your hands on it, it did not meet what it promised to deliver? Frustrating, right? Whether it is a hardware or a software product, when you sell a product to a customer you're forming a perception and a relationship with that customer. If the product does what it promised to do, then the relationship is based on credibility, trust and value. Marketing initiatives can create a perception in the marketplace that a product is good but the product itself also needs to back this up by living up to its promise.
Launching a new tech product in 2016? Click here to find out how we can help you market and promote your product.
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