24 Jan 13

SMART BUSINESS SERIES : 3 Mistakes to avoid when launching a product line

Growing your product line is an exciting step in your business. It will help you extend your brand’s reach and provide new and exciting offerings to your existing customers. But in taking this new step many business owners make three crucial mistakes that hamper their efforts.

Read on to learn what the mistakes are and how you can avoid them to have a less stressful, more successful launch.

Mistake 1: Trying to do it all alone

Every entrepreneur starts a business because they have the skills to excel at certain aspects of their business. But no one is good at everything, especially when it comes to the complex world of launching and growing your product line.

Key to avoiding this misstep is learning to delegate. Be honest with yourself about your strengths and the areas of business in which you need help. You may need to hire a virtual assistant or perhaps you have connections through your business network that would be willing to table some free advice.

 Mistake 2: Not devoting enough (or any) time and resources to your marketing plan

It doesn’t matter how amazing, innovative or novel your new product is if consumers aren’t aware of it. Failing to plan to market your products and brand is the single biggest reason new products fail.

Start planning your launch when you start planning your new product. Look at your launch schedule and plan to begin marketing at least four weeks in advance of the launch. That’s actually executing your marketing plan, not creating it. This means any samples you send to media or bloggers, customer you want to reach out to for testimonials, ads you wish to buy and any other marketing you intend to do should be ready to go at the 4 week countdown to launch day.

Mistake 3: Inconsistency

Like most entrepreneurs, you probably wear many hats, acting as your company’s spokesperson, marketer, accounting and sales departments. You only get one launch per product and to make it successful you’ll need to dedicate all (or at least most) of your efforts toward that goal.

To be effective your launch must look like one, seamless event. All of your marketing materials, packaging and publicity information must send one consistent message and share a consistent look. When you try to do everything at once, something will fall through the cracks.

Learn more about marketing strategies:

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Andreea Ayers works with creative entrepreneurs to help them get media attention for their products and to increase sales by getting their products in stores. For advice, insight and lots of free resources, check out her site LaunchGrowJoy.com

 

Picture Credit: Vandalog


Posted by: Andreea Ayers

Posted in: marketing

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1 Comment

1 Sandy Dell commented on 02/07/2013

Greetings Andreea,

I did not realize you were on here! Great to see/hear from you. Looking forward to working with you again!

Sandy

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