Got a new product launch coming up? Miscalculations, lack of awareness, and impatience can be lethal. Don’t fall victim to the following mistakes.
1. Target market is too small
How many early adopters will you be able to convert? The equestrian market is already a niche, and then it’s divided into disciplines and geographical locations. A product designed for a specific audience, for example, competitive event riders, and it’s not scalable, might not generate enough sales to make it viable.
2. Too much competition
Like jumping into a pool filled with piranhas, it’s hard to survive if too many brands are competing in the same space.
3. Not enough brand awareness
New product from a new business? Double whammy. Purchasing something new from a company they’ve never heard of takes a leap of faith that many consumers aren’t willing to make. Brand building is often perceived as wasteful, because it’s not linked directly to the sales of a product, but it’s an essential element.
4. The product doesn’t respond to consumer needs
Is this product needed? How much and by whom? The more useful, the greater the chance of success.
5. The price is wrong
If the price is too high, it’s a barrier to purchase. Price it too low and it might be perceived as cheap. Plus, you might get stuck with a poor margin. It’s very difficult to raise prices.
6. Marketing budget is insufficient
Many have tried but it’s nearly impossible to market a new product without an appropriate marketing budget.
7. Unrealistic timeline
Business owners often underestimate the process and aren’t ready for it. By introducing a new product, you’re asking people to stop what they’re currently doing, pay attention, switch from what they are used to and adopt a new behaviour. How long do you think that takes? No, not three months.
8. Lack of empathy
Other people don’t think like you do and their purchasing decisions aren’t ruled by your own logic. To be a good marketer, you have to understand human psychology and put yourself in the customer’s shoes. The language, the message, the medium, and obviously the product itself needs to appeal to their needs, wants, and aspirations.