Launching a product is an exciting time for a business. But there is a danger of getting so caught up in the excitement that you forget to fully prepare your product and business for the launch. Unfortunately, there are a few common mistakes that entrepreneurs make when they launch a product. What challenges have you faced during a product launch?
The first mistake businesses make deals with the price of the product. Both undercharging and overcharging a product creates problems. Undercharging is the better option of the two because there is still a possibility you could draw customers in. The biggest disadvantage of undercharging is that you will fall short of your desired profit.
Overcharging is bad choice all the way around. With overcharging, chances are that customers will choose a competitor’s product over your own, which therefore greatly reduces the chances of a return purchase. It may take extra time, but a business is better off taking that time to select an appropriate price.
The second mistake many businesses make is not having other products or services. A business needs to meet the needs of the customer, and if the customer is satisfied with one product, they will return for other products. Experienced entrepreneurs recommend having a line of products or services ready and available prior to the launch of the main product.
The third common mistake businesses make is failing to prepare the entire business for the launch. All members of a small business should be well educated on the product. Very large, mega companies such as Google are exceptions to this rule since it would be impossible for every single employee to know about each product launch.
The sales team in particular needs to possess a strong knowledge of the product in order to properly close on a sell. Also make sure that you are prepared to meet all your terms of advertising or promotions. For example, if you say, “Call now and place your order,” someone needs to be able to answer the phone any time that ad is aired.
In addition, it’s a good idea to have information readily available for customers to educate themselves on the product. To do this a business could create pamphlets or fliers. Also, always update your website with current information regarding any product or service.
As you plan to launch your product, don’t get ahead of the game. Take as much time as you need to fully prepare in order to reap the best benefits.
About the Author:
Abby Johnson is a Video Reporter/Anchor for SmallBusinessNewz.