Launching a new product is an exciting time.
But the truth is, it can also be a dangerous one for your company.
And in trying to one-up yourself, so to speak, you increase your chances of making mistakes.
Now, some mistakes will be small, but some can be truly damaging.
So it pays to be overly cautious and aware of potential pitfalls heading into the launch process.
This, of course, allows you to more purposefully avoid them.
Here are the four mistakes you should pay close attention to.
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Whatever the case, these things happen.
Thats why its important, when planning, to bake in more time than you think youll need.
Give yourself more breathing room than you anticipate needing.
That breathing room doubles as buffer space to manage the unknowable hiccups that are certain to come up.
Part of this has to do with our egos.
We think just because weve launched a product before, we understand the process.
But thats not so.
I realized this when we launched the first version of our product years ago.
We didnt think about what else we could have done.
This ultimately held us back.
In my experience, about 15-20 percent of your resources should go to this.
Simply put, you cant rely on what you know.
Instead, look hard for additional information, insight, and expertise.
Assume you never know everything.
3) Relying on previous data to forecast future growth.
Similarly, dont rely on old data to plan for the future.
Youre essentially guaranteeing that youll copy old processes and utilize the same channels as you have in the past.
Youre also limiting what you could achieve if you set your sights higher.
So, instead, flip the question around and ask what you oughta accomplish your goals forthisyear.
Say your goals are $5 million in sales.
That way, you’re able to deliver.
Thats the same issue as assuming you know more about business development than you actually do.
But, again, you cant acquire the requisite knowledge from your siloed office.
You have to go where your customers are and work to truly understand them.
Dont expect them to come to you.
They wont, nor should they be expected to.
Youll make mistakes, and certain critics, competitors, and even customers may criticize you for it.
But you cant let them get you down.
Instead, focus myopically on giving yourself the best possible chance to succeed.
Which is to say, focus on planning intelligently, researching heavily, and then executing your launch effectively.
Alex learns from everyday life and gets inspiration from people he meets while traveling the globe.
And theyre having the time of their lives!
