Furthermore, 95% of all new products/services launched in the market each year fail.
Let those facts sink in for a minute!
Companies, both big and small-scale, launch new products frequently. They invest a great deal of time and money to introduce their product to the market.
Very few can say that their product became a success.
The reason?
Turns out, the sales strategies by which they went about launching their product was riddled with minor flaws. Flaws that they could have done without.
Expecting instant success when launching a product is a fairy-tale that few seldom experience.
Salespeople sometimes believe that by launching a new product, customers will appear in droves.
But, ask any well-trained salesman or sales experts, and they will tell you that it is this very same naïve attitude that can cause the downfall of your company.
Preparation is key!
If you expect to generate higher returns from your new product launch, your sales strategies must be in place. A great way to start your process of is, to identify if and where a potential problem may lie.
Let’s get a better understanding of where your business stands. Kindly complete the survey below:
Click ‘Yes’ if you agree with the statement and ‘No’ if you don’t agree.
Are you done?
Count the number of ‘yes’ responses to see how you have fared.
If you have 1 to 3 ‘Yes’ responses, you are missing out on a lot of things required to ensure a sales success. Your new product launch most likely will bear disappointing results. (Fret-not, we’ve got you covered and will walk you through it all)
If you have 4 to 7 ‘Yes’ responses, you are stuck somewhere in the middle. You are doing certain things right, but there is room for improvement. (You need to brush up on those strategies as well!)
If you have 8 to 11 ‘Yes’ responses, CONGRATULATIONS! Looks like all is well in your camp. Pat yourself on the back. You deserve it! (It’s time for you to learn how to achieve sales targets with existing resources!)
Now that you are aware of roughly how your product launch is going to fare, let’s look at five sales strategies that will ensure you experience a successful product launch:
Before you launch a product, you must develop it. Without knowing what kind of product you want and need to create, you cannot expect to be successful.
Develop the right product as a part of your sales strategies for a seamless product launch.
When developing a new product, remember to leave your assumptions at the door. Ask questions; don’t make assumptions. – Angela Ahrendts (Senior VP, Retail, Apple).
You should conduct tests, carry out research, and investigate methods that will help you fine-tune your new product launch strategies.
Now, we are not suggesting that you ignore all assumptions because sometimes these can end up being eureka moments. It is best to back your work with stats and figures, doing so, will ensure a successful product launch.
To launch a product without testing it first is the same as jumping out of an airplane without a parachute. Not a wise sales strategy.
A simple example would be that of Target in Canada. They launched a product without first testing it and ended up losing billions in return. A mass recall had to be initiated immediately.
Point to remember – testing is crucial before any product launch.
As a salesperson, your aim should be to create more opportunity and build sales strategies for your company before a new product launch. Work alongside your marketing team to conjure stellar sales strategies. Build excitement and anticipation by creating landing pages. You should also leverage various digital marketing services.
Creating the right buzz will help you find your ideal customer profile. You will be able to determine which individuals are the most eager for your product.
These prospects form the core of your potential audience. You should collect information and keep them engaged.
Why not educate them about your product and get them ready for the launch.
Individuals may deny it, but we all like being teased from time to time. And positive anticipation as a part of your sales strategies can be a powerful tool.
When Sir James Dyson set out to invent the vacuum cleaner, he first tested his concept by understanding what his customers were looking for. He later developed 5126 prototypes, and yes, that worked.
If you are looking to develop a product that isn’t based on the feedback of your prospects, chances are it won’t fare well.
Why?
Those prospects will be the ones using your product, so it only makes sense for you to take their views into consideration.
You can’t validate your product otherwise.
Everyone involved in the creation of your company’s product may have a biased view about the development of your product. But, without the opinions of your consumers, your product launch will be missing a crucial component.
How do you know what they want?
Well, you can ask them for feedback and conduct surveys.
Consider factors such as their thought process; what do they want, what do they NOT want, and what do they know about the market!
This is an essential element to keep in mind when developing your sales strategies for a successful product launch.
Expectations are part and parcel of any product launch. They affect every aspect of a launch. From the presentation of the product, to how your company carries it forward, to how it is received, etc. Yet, if you have unrealistic expectations, that could be your downfall.
According to James Packett from The Harvard Business Review, expecting too much is a “common trap” that companies fall into.
When you consider the worst possible outcomes as a part of your sales strategies,
you can set measures to counter them, which always enables your business to stay ahead of the curve.
“Si Vis Pacem, Para Bellum – If you want peace, prepare for war.”
You might have the best sales strategies laid out for your company’s product launch; but, you should know when and how to pivot.
Being flexible is what will ensure your product launch remains a success.
It doesn’t stop there.
Even after the launch, you should be open to feedback, whether positive or negative and make the necessary adjustments.
If we keep doing what we’re doing, we’re going to keep getting what we’re getting. – Stephen Covey, American educator, author, and businessman
Because change is the only constant. And you must be receptive to change if you want to grow.
Regardless of the outcome of the launch, you should embrace every opportunity to be better.
Apply these simple sales strategies and witness unprecedented success.
What in your opinion, should a winning sales strategy be when launching a product? Share your thoughts in the comment section below.
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