New product launches are a great way to grow your online business, leverage your knowledge and create passive income for your business. They also require no learning curve – all that is required is the knowledge and expertise that you already possess, to be put together in a reliable content delivery format and promoted well so that it reaches the maximum number of people.
Launching a new product can be a highly profitable venture and the beginning of new income streams, but if they are not executed properly they can be a complete failure and a waste of time. So it is important to know what makes up a successful product launch and what mistakes to look out for that could make or break the new product launch.
Launching your new product does not have to be difficult, but you do need a clear road map and an understanding of what some of the pitfalls are that you should avoid!
The top 5 mistakes that people make when launching new products are:
1. Insufficient planning
Your product launch requires a great deal of planning in advance, and if this is not done right, with enough support, it can make for a very dismal launch, or no launch at all of the deadlines just cannot be met.
The best way to avoid this problem is to have each stage of the launch process well planned out, documented, with deadlines, checklists and accountability within your team.
Making sure that everyone on the team knows what their tasks are, the deadline dates and staying on top of all the new developments within the product creation and launch process is crucial.
Planning out a launch timeline with set dates for deadlines, together with checklists and templates to follow should all be part of the pre-planning process.
2. The second mistake during a launch is not asking for help.
when creating and promoting a new product, it is highly beneficial to have a whole team working together on various parts of the process. Don’t do this alone. You don’t need to do this alone. There’s so much help available if you just ask for it. If there are things that you are not particularly good at, make sure you build a team in advance and delegate out the tasks that would be done faster and better by someone else. There is a lot of work that goes on in a product launch, so it is essential to have a whole team working on it and to ask for support wherever needed.
3. The third mistake is not getting joint venture partners early enough.
Try to get your joint venture partners and other people who are going to help you promote this early on because what happens is people have busy schedules. And if you are asking them a week before your launch, “Hey can you help me promote this?” they’re probably going to say no because they have a busy schedule, a lot of things to do and you’re going to be really disappointed as well as losing out on a lot of great leads for your launch.
So ask them early on so they can plan it in advance. That goes back to the whole planning issue, but you do need joint venture partners. You do need other people’s help to promote this especially people in your field, similar, related fields. That’s a really great way to promote and get the word out there.
4. Mistake number 4 is not doing enough promotional and marketing work.
Make sure that you set aside at least a few comfortable weeks where the sole focus in on generating buzz, promoting the product and getting the word out as much as possible. You do not want to rush this part because it can take a while to spread the word about your launch and you want as many people to know about it as possible before you go live.
5. Mistake number 5 is expecting a cash influx miracle.
While it is quite possible that you can make a decent amount of money from your launch, quite often most of the profits come after the launch, when you are more established, have more testimonials and social proof. So don’t focus on the instant money too much, but shift your focus onto creating a great product, promoting it with high professionalism and setting yourself up as the leader and authority in your market.