You’ve been working hard on a new product, and you’re planning a big launch sometime soon. After working so hard pulling everything together, you wish you had a crystal ball that will tell you whether your product launch will be successful and bring you a big payday.
Unfortunately, as you’re reading this blog online, I can’t predict if you’ve got a winner on your hands or not… but what I can reveal is the 3 circumstances that will cause your launch to fail;
#1: You need money… FAST!
It is NEVER a good idea to launch a new product when you are desperate for cash. Similarly, being desperate for cash is not a good reason to do a big launch of something new.
When you badly need something to work, you invest too much emotional energy into the desired result, and there’s a huge pressure on you to deliver.
When you’re in a hurry, you’ll likely cut corners… meaning that the user experience is going to be less than satisfactory – putting your reputation at risk too.
If you do need to raise cash quickly, find a way to sell more of what you are selling already… host a webinar, get a speaking gig booked in, and promote something you already know works as it should do.
#2: You misread the buying signals
How many times have you seen or heard people raving about a new product or service, and thought to yourself “Yep, I could sell that and make a lot of money!”
Even if you’ve never gone ahead and actually invested in it, I’m pretty certain you’ve pondered the idea at least once?
Am I right?
Just because a handful of people think something is good… or profitable… that isn’t conclusive proof that it will be a successful income stream for you.
Before you jump into anything new, do your own due diligence… is there enough evidence to prove that it would be a good move? Does it fit comfortably with what you do now? Will you have to put in a lot of effort that would be more profitable elsewhere?
Will you still be in flow?
You may well have the next great big idea in front of you, but don’t rush into any decisions. Lots of people have lost out big time financially by jumping in blindly… don’t become one of them.
#3: You’re too emotionally attached
Along the lines of #2, have you done the due diligence on your new product, or are you seeing the project through because you’ve invested so much emotional energy into getting it to market?
I get that it’s your idea… your baby that you’ve birthed. As parents, we all think our baby is the best ever, but is this the truth or is your judgement flawed?
Are you in your own target market? Do you truly understand the audience that you will be selling to, and know for sure that your product is what they will want to buy?
Get a handful of people to review your product and provide their honest feedback. Listen to their suggestions, and implement their constructive criticism.
You might have to make a tough decision… but it’s better to learn the truth before you get too far down the line, eh?
What failure warning signs have you encountered? Do you have any stories to share around a product launch that flopped big time? Please leave your comments below and tell me what happened?
Ladies: Joanna will be in London on the 24th of September to deliver her very special, and hugely popular “Feminine Way To Wealth” workshop. Attending will give you the chance to meet Joanna, and hear firsthand how she built her own successful business based on sound business knowledge and strong personal values.
If you’re a woman in business, or you want to be a woman in business, and you want to learn feminine strategies for marketing, sales and other core business skills, check out the details for the Feminine Way To Wealth and book your place now