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10 remedies for the 1,000 pitfalls in Start ups & New Product Launches

Written by: Neil Mahoney

Article Overview: Even well-known, well-established firms have major problems launching new products. For start ups the risks are even greater. Thorough market research, planning & positioning are essential. These 10 remedies will help increase success.

10 remedies for the 1,000 pitfalls in Start ups & New Product Launches

New-product launches -- even for well-known, well-established companies -- are fraught with peril. From the Marketing standpoint the most serious mistakes are made when assessments of prospects' wants & needs are made while wearing rose-colored glasses because you're in love with your idea, and think everyone else will be.

Three other highly common major mistakes made by Sales & Marketing are:

* overestimating the size of the market, both units and dollars

* incorrectly identifying the true wants & needs of the prospects

* failure to properly & precisely position the product -- from the standpoint of the major prospects

Here are 10 remedies, which when properly used, will help you avoid the most-common, most-deadly mistakes made by Sales & Marketing when launching new products:

A. Find a real & recognized need and fill it: 1) Make sure it's a real & recognized need. 2) Make sure the market's as big as it seems. 3) Don't rely solely on secondary research -- it's often wrong.

B. Prepare a compelling & airtight business plan: 1) Become a "Black Belt" in Martial Arts Marketing (see previously published article). 2) Use all 8 steps for preparing your plan. 3) Use industry-accepted formats for your plan.

C. Identify and prioritize your top markets & prospects: 1) Find the heavy users who will benefit most from your product. 2) Different markets have different wants & needs. 3) Tailor your message to each of these markets.

D. Formulate a strong Positioning Statement: 1) Hit the major hot buttons of your major prospects. 2) Remember: Prospects buy benefits; features prove benefits. 3) The best positioning statements begin with "The only. . ." 4) They'll have no more than 20 words and trip off the tongue.

E. Use your positioning statement as the core of all your corporate communications: 1) Mission Statement & Elevator Pitch. 2) Advertising & Publicity. 3) Website & Promotional Materials.

F. Build brand awareness & product interest among your key prospects

G. Remember: Branding is not a commodity -- it's a way of life -- for life

H. Optimize your ability to reach & serve your top markets: 1) Manufacturers Reps and Distributors/Dealers can greatly multiply the efectiveness of your sales force. 2) Train & Motivate them regularly to get best results -- they have other lines to sell & you should view them as competition. 3) Train your salespeople to think & act like Stage Managers and not Stars of the Show.

I. Establish and maintain a strong Prospect Development program. 1) Don't stick Sales with the job, they've got enough to do.

J. Make "Prompt Response to Customer/Prospect Needs & Requests" Job #1 for all employees.

These 10 remedies will be discussed in more detail in subsequent articles.

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Article Tags: amp, arts marketing, black belt, business plan, colored glasses, corporate communications, deadly mistakes, elev, failure, fraught with peril, hot buttons, martial arts, mission statement, nbsp, positioning statement, prospects, standpoint, statement 1, tailor, tongue



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