A basic marketing tenant says make sure you have all the “rights” covered in your New Product launch, New Service Launch. I discussed solving the right problem in my last post and that leaves the following “rights”; Right Time, Right Customer(s), and Right Offer(s).
Failure to nail all the rights puts your new product and or service launch results in jeopardy of missing ROI targets. Let’s take a quick look at these “rights”.
One of the difficulties the Obama administration faced when launching the 2009 Health Care reform initiative was bad timing.
Like companies who have launched products in their markets before they were ready, or failed to meet the expectation set by marketing and sales, the Obama administration could not have launched at a worst time. They followed a failed stimulus from the Bush administration, a failed stimulus from the Obama administration, and they tried to begin their launch in the worst economic conditions the United States has seen arguably since the Great Depression.
When you launch products that are not complete solutions, or are not solving a specific problem, your market at first becomes suspicious, and if you repeat the insanity (doing the same thing over and over again expecting different results) you eventually break the trust in your Brand. When trust is broken you turn loyal customers into shoppers again.
Market leaders understand the importance the right timing plays in hitting their new product launch goals and the ROI’s promised the board and or shareholders.
Market Losers are so in love with their new product they fail to listen, they fail to send out market soundings and often their launches crash into the rocks of bad timing
In the Book Tuned In the authors discuss how to determine if the problem you are trying to solve should even be considered for development. They discuss the need to determine if the problem is urgent, pervasive (a bunch of folks have it) and most important, is your market willing to pay to solve it?
As we look at the “market “of US consumers we have distinguishable groups that can be segmented: Gen Y’s, Gen X’s, Baby Boomers, and Retired Consumers, consumers without health insurance,…just to name a few.
When you launch a new solution the burden is on you and your organization to clearly understand the problems of each market segment and solve them.
Once you solve problems the burden is also on you to clearly articulate the problem(s) you solved in the voice of the market.
Market Leaders understand the importance of segmenting their markets and speaking to each segment in a voice that they understand.
Market Losers launch with one size fits all solutions that require a salesperson to interpret, and fail to be understood and therefore Miss ROI targets.
When you thoroughly solve problem(s) for specific segmented groups in your market, you create offers that are made to stick. The offer is clear and does not require a rocket scientist or an attorney to understand. These perfect solutions instantly connect and become viral in all your targeted market communities. Social media picks up your solution and cannot wait to share how you solved the problem.
Market Leaders understand and value the impact social media can play in a successful Product launch.
Market Losers use Ready-Fire- Aim new product launches that, not surprisingly end in disaster.
Market Losers do not understand the power of Social Media and how it can be a valuable ally or an incredible foe that literally can cause you to go out of business.
How about your business….
Do you have all the “rights” covered in your next new product and or serve launch?
Are you living a launch disaster now?…tell us about it…
Have you successfully launched a product without having all the “rights” covered? If so, tell us about it.
Do you have clearly defined solutions or are you practicing “Agile Product Launches” …how’s that working for your shareholder value?
Are there other “rights” we need to consider?…Right Channel?….