3 Common Marketing Challenges In Launching A New Product

Planning to launch a new product? But the fear of failure is holding you back, making you delay your launch further? Or, well, maybe you are so distracted by the little details that you are unable to focus on the more significant or more important aspects of your new product launch.

No doubt, a new product launch can make you nervous as the big dark cloud of challenges that can hurt your product launch surrounds you. But that doesn’t mean you can’t do anything about it. Procrastinating your product launch will do no good. The challenges you have to face now, you’ll be facing them later too.

Launching a new product is definitely challenging, and only two in ten new products manage to survive in the market for more than a year. Due to these reduced success rates, companies often end up suffering huge losses. Considering all the expenses incurred in introducing a new product in the market, businesses must formulate abilities that will enable them to market their new product successfully.

In this blog, we will be discussing some common marketing challenges that businesses face during a new product launch along with their solutions.

1. Brand Messaging and Product Positioning Challenges

You have made your new product. The first challenge is convincing your customers why they need your product. Most of the companies find it challenging to get their message across in a way that resonates with their target audience. They fail to position their new product effectively and determine the right brand messaging. And eventually, they fail to sell their new product.

How to overcome this challenge?

Although you are aiming at selling your product, you need to make the messaging and positioning about your target audience instead of your product or brand. Need to promote the excellent features of your new product? Tell your audience how these features will benefit them. When you make it about the audience, you won’t have much difficulty in communicating your message effectively.

You can begin by focusing on one main target demographic. However, you might be targeting multiple demographics at once, but you need to pick the one who will require and appreciate your product the most. This will help you in creating a positioning statement that will work wonders.

Figure out the problems that your audience goes through and how your product can solve them. Then you can draft your brand messaging and product positioning around these points you’ve gathered.

2. Audience Targeting Challenges

It’s not a good idea to launch your new product without conducting brief research about your target audience. Making assumptions about demographics who might like your product is a risky bet. Using stereotypes to determine your target audience is effortless but not the best. Without thorough research, you will just end up targeting the wrong audience and hence miss out on a potential audience base.

How to overcome this challenge?

To find the most relevant target audience, you need to conduct a proper audience and market research. Explore the demographics which do the most searches for the category under which your product falls. Next, research that particular demographic to find out which social media platform they use the most and the type of content they prefer.

There are plenty of tools, both free and paid, available in the market to help you perform better market and audience research before you launch your new product. You can use these tools to gain useful insights about consumer trends, preferences of various demographics, and ways how they browse and purchase. You can then use this data to determine your target audience base and market your new product to them.

3. Marketing the Launch Challenges

Regardless of how excellent your new product is, it won’t be successful in the market unless your marketing is right. Otherwise, how will the people buy your product if they don’t know it exists? And most importantly, how will you convince them to purchase your new product?

However, marketing the launch is the best way to solve this problem. But most of the companies face several challenges doing this. Marketing your product launch means utilizing the ideal platform to reach your target audience, disclosing information just enough to stimulate curiosity, and maintaining your audience’s interest and building hype by updating them on your progress.

How to overcome this challenge?

There are a lot of methods to market your product launch in a manner that generates buzz adequate for a successful product launch. The first and foremost thing is to use the right platform for your product launch marketing. The aim is to market it on the platform where your audience is present.

For instance, if your target audience includes professionals, you can go for Linkedin if you are targeting millennials, you can use Instagram, Snapchat, or Youtube, and if you want to market it to the general audience, then you should go with Television and print ads. You can launch a teaser campaign, arrange a contest, or use influencer marketing.

Conclusion

There are no fail-safe solutions that can guarantee a successful product launch, but with this information, you will stand a better chance of making your product launch successful. Research your audience, determine the right message and product positioning and market your launch. These ideas will help you create a comprehensive marketing strategy.

Let us know about the challenges you have faced during your product launch and how you overcome them via the comments below. We hope this information is useful to you.