The fact is: launching a product can be ripe with pitfalls. Mckinsey says the chance of success for a new product is 14%.
That’s why preemptively addressing the most common slipups for new products can be an invaluable step for any prospective entrepreneur.
Ten Areas to Focus On
Here are 10 areas that experts say must be addressed to increase the odds of a successful product launch:
1. Market Analysis
According to CB Insights, 19% of startup failures were as a result of ignoring competition. Instead, the market potential must be properly analyzed and assessed to give a realistic perspective on a product launch.
2. Unclear Requirement and Strategy
If expectations for team members are unclear, then it will have a ripple effect. Product development will be delayed, and it could impact timing and profit potential.
3. Product Roadmap
This high-level plan keeps team members on the same page as product development and the launch are executed.
4. Poor Design
An easy thing to overlook – product design should be tested with extensive user research. Otherwise, users may not be aware of key features.
5. Engineering Best Practices
Following best practices for engineering helps to guarantee the product will be ready and glitch-free come launch time.
6. Poor Project Management
Unrealistic timelines, a lack of communication, and inadequate resource allocation can have a big impact on project success.
7. Funding and Capital
Getting the right amount of capital is key. Allocating it wisely to ensure project success is just as important.
8. Launch Timing
Poor timing can also lead to failure. As a result, project scheduling should be carefully planned and thought out, taking into account possible roadblocks or other adverse circumstances that could derail the plan.
9. Performance and Usability
For software or web-based products in particular: no one wants to deal with long loading times, slow responsiveness, or other usability issues. It’s best to clear these up before the product hits market.
10. Availability and Maintenance
If the product is connected to the web, the team needs to ensure that servers and security measures are taken to ensure uptime and availability.
A Final Note
Even the most powerful corporations are aware of the many potential pitfalls when launching a new product.
It’s why every CEO is so adamant that their organization maintains the focus on their core vision, competitive advantage, and current brand value proposition. If any new product does not fit all this criteria, it’s not worth the risk of the company being distracted. This is true for even the most resourceful and innovative corporations.
Luckily, and consequently, this conservatism that permeates big companies is exactly what opens up the tiny window for you to succeed with your next product launch!