Product Development

9 Successful Product Launch and Post Review

The launching of a new or revised product involves elements of costs, expected demand, customer feedback, advertising, and marketing. While TV and radio ads, and print brochures all have their place, marketing today is much more sophisticated and involves the use of multiple channels, targeting, and social media.

As much thought needs to be concentrated on reaching your target markets as was done during the development of your new product. The best product on the planet will go nowhere without a market made aware of its existence. Indeed, the corporate landscape is littered with failed products that were released by smart people working at successful companies. Consider the following:

• Sony Betamax (1975) was released as “the” system for people to record their favorite TV shows, movies, etc. However, all of Sony’s competitors were issuing recording systems using VHS tape which was more convenient and had a minimum two-hour run time. Sony had to abandon their system as the industry standard became VHS. Of course, VHS has been supplanted by digital recording on chips. This represented a failure to recognize a market trend.
• It was a good strategy for Harley Davidson (HD) motorcycles to issue clothing and personal accessories as an extension of the brand. This included tee shirts, bandanas, key chains, and other fashion items. However, most fans of the brand drew the line at Harley Davidson Cologne (1990). The failure of this product ...