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Make Your New Product Launch Successful

Written by: Walt Ruckes
(View Author Bio)

Three key marketing strategies you can’t live without.

 

Overview

At BI WORLDWIDE Canada, we use the principles of behavioural economics to create the best engagement strategies on the planet. We work with expert academics who advise us on the latest research on human behaviour, engagement and decision-making. We use non-cash rewards and recognition to engage and motivate employees and sales teams.

The reasons products fail are far and wide, such as poor or inadequate design, inferior
quality, manufacturing issues, a market need that never existed, a market need that
couldn’t be created, unacceptable pricing, bad packaging, inadequate distribution and
even a product consumers don’t understand.

The blame game
Sometimes - actually too many times - excellent, innovative and even compelling
products fail because their own marketing campaign or lack thereof, failed them.
A recent Harvard Business Review article listed these marketing glitches as some of
the most common reasons for product failure:

Too much of the budget was used to develop the product, leaving too little
for launch marketing and sales support.

The target audience wasn’t adequately defined resulting in an unfocused
marketing campaign.

The marketing campaign was developed by internal company resources
and lacked the objectivity an agency could have provided.

The product had insufficient exposure and limited advertising, marketing,
public relations and promotional support.

The launch budget was too small and depended solely on one marketing strategy.

Not enough marketing tactics were used to reach an increasingly diverse,
social and technology based consumer.

Too much of the marketing budget was used for the launch and too little
was left for ongoing promotion.

Partners in the sales channel weren’t adequately informed, trained and
motivated to sell the product.

Products come to market faster than ever. The average development cycle has dropped
from an average of 12 to 18 months to a scant six months. That’s not much time to do
everything that needs to be done to get a product launched, much less think about what’s

Sometimes - actually too many times - excellent, innovative and even compelling products fail because their own marketing campaign or lack thereof, failed them. Download Now

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Walter Ruckes BI WORLDWIDE

Walt Ruckes

Vice President, BI WORLDWIDE
Life Sciences & Healthcare

As Vice President of BI WORLDWIDE’s Life Sciences & Healthcare Group, Walter Ruckes' primary focus is to develop engagement strategies and solutions that change the behaviours of employees, salespeople, channel partners, and customers. With over 25 years of experience, Walter has developed strategies and programs for teams of all kinds.

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