MISTAKE #1: You think one exceptional component will compensate for failures in other areas
I decided to lead off with this mistake because it is the single biggest and most common misconception I deal with. It is the one truth I want the audience to hear and believe. I could publish a book on all the examples I’ve seen of companies ignoring a fatal flaw in their launch because they thought other elements could compensate for it. Examples include:
The line of natural cleaning products had a great performance but smelled absolutely horrible (because they didn’t use perfumes).
The collection of high-quality, well-designed bathroom products is produced with a known 30% cost disadvantage (because the Chinese broker the client worked through had that upcharge).
The coffee company that emphasized their charitable cause over convincing people their beans make a damn good cup of coffee (people won’t buy a sub-par coffee just to support a good cause).
The protein company targeting the wrong audience with the wrong value proposition (because single guys will pay for the full sports bar experience over making the same food at home).
The cooking ingredient company thought it could launch a healthier brand in a commodity category with essentially no advertising (and thus no message to convince people to try a new, higher-priced product).
The pet product that shoppers couldn’t buy because stores were hiding it behind the counter due to theft issues (so shoppers bought a competitive product because they assumed it wasn’t available or was sold).
Each of these companies had done many things right as they brought their product to market. Most had fundamentally sound value propositions delivering tangible benefits. Most of these were not new companies launching their first product for the first time.
But each knowingly ignored one or more red flags. Each assumed they would be forgiven for making a few mistakes. And each was proven wrong.
SELECTIVE ATTENTION IS NOT A STRATEGY
They had selective attention, choosing to focus on areas that were easier to address or easier to control. They either thought there was more time to address the problem areas or these areas would resolve themselves.
But ships only float if they have a water-tight hull. One hole can sink the biggest vessel.
And football games are won by having every player play their position well. One player with one miscue is all the weakness an opponent needs to win.
Launching a new product is not like baseball, where you can strike out twice and then hit a home run on your third at-bat to win the game and still be the hero.
Most companies approach a new product launch with an excessively positive bias, assuming that success is more probable than failure. They are overly optimistic, thinking everyone that walks down the aisle is aware of their product. They wonder ‘how high of a price can I charge for this?’ They spend all their time thinking about how great their new product is.
Successful companies think different. They’ve focused on all the ways their product could fail. They’re doing everything they can to drive early awareness and interest. They’re considering all the ways they can maximize the value proposition. They spend all their time thinking about how to make their new product greater.
ARE YOU SCARED YET?
Successful product launches require a certain amount of paranoia. They require laying awake at night thinking about the one thing that was missed or overlooked. Thinking about how the weakest aspect of the launch can be strengthened. Thinking about how the competition could attack.
So which company are you? When your mind wanders, is it inclined to daydream about the great success that is waiting in your future or continue reviewing and refining your go-to-retail strategy to make sure everything is being addressed?