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Get a Competitive Edge with Comprehensive AI & GEO Insights If you are beginning to notice an erosion in organic traffic and leads, it may be time to...
2 min read
Michele Nichols Fri, Mar 24, 2017
New product launch is risky, even for established companies with a defined product development and product launch process. In our work with high tech B2B companies, we’ve noticed a few places where companies often stumble.
Here are three traps to look out for, and ways to avoid them:
Over the years, we’ve worked with many services companies looking to launch a product, as well as manufacturers who are moving from custom OEM work into their own product lines. Working on other peoples’ products is these businesses’ bread and butter; their own product development and product launch come last, slowing time to market and reducing their competitive edge. This approach can also be a bit of a slush fund over time, causing significant budget overruns.
How to avoid the trap:
Even in times of “business as usual,” lack of sales and marketing alignment can leave 10% of revenue on the table. In new product launch, mixed messages and lack of a cohesive product launch plan can cause outright product launch failure. Symptoms include: lack of clarity in whom to sell to, disagreements on the definition of a qualified lead, lower-than-expected conversion rates, and finger-pointing (Marketing: “Why aren’t you closing leads?” Sales: “We need better leads.”)
How to avoid the trap:
A deliberate soft launch can be a smart strategy. One nanotech company did a pilot test in several markets. With a concerted and measurable sales and marketing plan, they soft launched, testing to see where they held the strongest competitive advantage, before completing a formal launch in viable markets.
On the other hand, a soft launch by default, due to lack of budget, resources and planning, is not a decision—it’s a common trap. Many companies that approach us for product launch support tell us, “Well, we sort of launched this product. Sales are lagging behind expectation, and now we need to make a concerted effort.”
Whether you’re still in the planning stages or have already fallen in the “soft launch” trap, there are actions you can take to help.
How to avoid the trap:
Looking for more on how to coordinate a successful internal communications plan for product launch? Download our Product Launch Guide.
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