Launching a product is not a lottery. Nor is it an exact science. Every day, new products are introduced to the market. The risks are there, for the company that innovates, but also for the marketing team. So you. Overview.
Launching a product means taking several risks for your company and yourself, marketing expert :
- Considerable budgets are at stake, which are in thousands or even millions of euros, francs or dollars. There is no shortage of examples of poorly designed products that have permanently affected the credibility of their creators (Bic tights, Sony Betamax format, etc.). Of course, these large groups have recovered because they had the financial capacity to do so. What were the costs to the company? There are probably millions of them. How can a medium-sized company recover?
- A failure damages your company's image. Think of the long-term damage caused by the repeated electronic problems of the Renault Vel Satis, a top-of-the-range model of the diamond brand. For a decade, Renault has dragged these failures in terms of reliability like a bullet. Even some customers still make fun of the French brand. Carlos Ghosn, upon his arrival at the head of the group, was aware of this commercial and marketing issue. Immediately, he put enormous pressure on his research and development teams to reverse the trend. And now Renault is on the podium of the best-selling car brands in the world.
- Your credibility with your hierarchy is also in question. How will your supervisor, who has validated your budget, react when he notices that the expected results are not there? He will have to designate a person in charge. And this person in charge, very often, will be you, the manager of marketing.
- Let's also talk about your credibility with your team. As a good manager, you will take responsibility in case of failure. You are the one who defended this marketing strategy. How will you proceed to re-mobilize your employees, make them believe in your project again? All followed your recommendations, the results of the market research that you conducted when you launched a product. When disillusionment arises, what words will you say to them?
Despite your precautions, launching a product remains difficult
The marketing is a difficult subject, which requires scientific, psychological and cultural concepts. You cannot control all the imponderables in your market research, despite all the precautions you have taken:
- you have analyzed the products of the competition ;
- you have "dissected" all your competitors' websites;
- your SWOT was great ;
- you have identified your target customers who were most likely to buy your product;
- you have focused on this target customer, defining an ultra precise portrait of his tastes, motivations, consumption habits ;
- your questionnaires have been completed by your customer panel and/or your prospect database ;
- your packaging has been taken care of, respecting the color codes of your brand, the use of your target customer.
You have relied on your experience and the experience of your team for the advertising campaign. In short, you could only succeed because the interest revealed by the investigations was well and truly proven.
But here we are, at the moment of launching your product after all these months of research and studies, the market decided otherwise:
- price too high?
- market not mature?
- advertising campaign who misses their target?
- produces too much ahead of its market?
- an added value finally not so obvious?
- an unsuccessful product?
There are many causes, as you well know. You couldn't anticipate everything when you launched a product. Henry Ford, pioneer of the automotive industry, brilliant innovator with the Ford T, the car that put America on wheels as they say across the Atlantic, understood it well: "If I had asked people what they wanted, they would have told me faster horses. "»
Launch a product: modern tools help you
You know that the devil hides in the details when it comes to launching a product. It is still impossible to penetrate the consumer's brain. But there is good news: modern tools make it possible to be more efficient in product packaging packaging, price / product / product / target positioning , in the benefits to be highlighted for the customer.
That is why at Emazing Retailing, thanks to the tools we have developed, we immerse our test customers in real purchase environments. So that they act as if they were actually choosing their razor, their laundry, their diapers for their children.
With our realistic methodology, we have noticed that the differences in results can be dramatic. All you have to do is to offer different background images, to present or not the accessories, to position the product on the left or on the right.
Such conclusions cannot be obtained with such precision in a classical marketing study. Why? Why? Quite simply because you, I, myself, all of us, do not behave in the same way depending on whether we are placed in a real buying environment (web page of a website) with the urgency of choice. In this case, irrational, unconscious factors come into play. And they are the ones who make the difference. That's why launching a product is so risky and difficult.
These irrational factors can determine the immediate or mixed success of a new product. They can increase your margins or melt them. We do not claim that our methodology is infallible. But our statistics help to significantly reduce the margin of error and develop the profitability of a product.