How NOT to market a new product / services

Developing the next product is a tough job.  Even more difficult is convincing the consumer that they want or need to buy this product.  There is a vast array of mistakes that could be made in any product launch; and each mistake is unique to the specific product.  These mistakes generally fall into one of four general areas:

DENIAL

For some unknown reason, many companies (especially smaller firms) assume that once their product reaches full development, people will just line up to buy it, without the company having to lift a finger.  The delusion described seems ludicrous when stated that way, yet many companies become so focused on the product in development that the need for a solid marketing plan becomes (at best) an afterthought.  The old adage, “Fail to plan, plan to fail” may be a cliché, but it is accurate, especially in this context.

Failure to plan often occurs when a company is rushing to beat the competition into a market.  A great example of this can be found in Redux Corporation’s brand of energy drink.  Red Bull was dominating the drink market, and Redux so desperately wanted a piece of that action that they created a drink with three times the caffeine, and named it Cocaine!  To make a bad situation worse, the product was yanked off the shelves by the Food and Drug Administration due to illegal marketing maneuvers.   It seems that well devised marketing plan was nowhere in sight during the development of this product for sale in the US.

Inadequate planning can take many forms, leaving unforeseen pitfalls.  One of the most serious is in the area of finances.  The successful marketing of a new product takes money and time (which simply equates to more money.)  If a budget is swallowed up by development and/or production costs or worse if no funding is planned, it is potentially the kiss of death for a product.

As dangerous as a lack of planning is, the opposite is just as true.  An overly-structured, dogmatic plan, that lacks the needed flexibility in application, can then tie the hands of those tasked to implement the product launch.  You should prepare to increase the methods that gain results and abandon the methods that are unsuccessful.  Most important, do not panic when some methods or outlets do not pan out.   

As Alex Nghiem said, “Launching a product successfully is an art, rather than a science." 

 The worst scenario is to plan and budget sufficiently, but in the wrong manner.  The entire point of any product marketing endeavor is to create a need in the minds of consumers, fulfilled by this specific product only.  This is achieved only when the products are clearly understood by your target audience.  They need to be convinced that this product is unique enough to warrant purchase.  Product “buzz” that is not perceived to have real benefits in the minds of the consumer will ultimately fail.  Too often, “buzz” is the only thing that a product can create.  Take for example, Crystal Pepsi or New Coke; even within these brand giants, neither beverage was able create actual benefits in the minds of consumers, and ended as embarrassments.  Cola executives, entrenched in the Cola Wars were so determined to create new products that market research was either ignored, or poorly conducted in the development phase.  This created products no one wanted ~an impossible situation, even for the greatest of marketing geniuses. 

The lesson to be found in other company's marketing DENIAL?  Develop a product that fall into line with your overarching strategies, are properly planned and funded.  Next we will tackle the new product / service mistake of SELECTIVE HEARING.