When you're launching a new product, what should you do? You surely want to get high traffic, you want to be successful, and you want to generate sales. But you know what? There are a few business mistakes all entrepreneurs make that you must avoid if you want to truly get that.
So, in this article, we are going to show you 3 of the biggest mistakes that are going to be detrimental to your success when launching a product and how to avoid making them.
Hi there, and welcome back to Serendipity Marketing. We're a digital marketing agency with a mission to help small businesses grow by applying psychology to their marketing strategies.
So, let’s get straight to the point.
Business mistake number 1
The first mistake that all entrepreneurs make is launching a product. You don't need to launch your product if you want to make revenue.
What we mean by this is that if you have an idea, don't invest a ton of time, energy, and money into the product, instead, create a landing page.
You can use tools like Leadpages or Unbounce to promote the product that you're trying to create or think about creating.
And you can even start taking payments. For this, you can even use tools like ClickFunnels, so that once you take payments and you have the success, then go and create the product.
It’s basically about finalising the product when you have created the demand for that product. This way, it will be much easier to sell it and you can actually finalise the product to make it in the way that your ideal clients need it and expect it to be.
If you know you have traction, it's not hard at all to create the product. If it takes you too long, refund the people, there's nothing wrong with that.
At least you know the product you're going to create is what people want and they're going to pay for it.
The last thing you want to do is spend tens and thousands of pounds on a product, generate no sales, and feel frustrated.
This is why people are leveraging things like Kickstarter.
If you have an idea, it's a cool one, go create a landing page, put it on Kickstarter, and promote it.
If people like it, they'll buy it, and then you can finalize the product. That's why Kickstarter is so successful.
Don't focus all the energies and budget on creating the product, but promote it first and then finalize it after you’re getting results by creating a demand for that product.
Business mistake number 2
The second tip we have for you to stop making these business mistakes is to MVP your product. Even after you're building it and people are paying for it, it's not about creating this fully bloated product that you think everyone wants or all the features that they need. You don't need the bells and whistles. Instead, read a book called The Lean Startup by Eric Ries and take those concepts and build a Minimum Viable Product.
A Minimum Viable Product or MVP is a development technique that consists in introducing a new product in the market just with basic features, but enough to get the attention of the consumers.
The final product is then released in the market only after getting sufficient feedback from the product's initial users and consequent product optimization.
By doing that, you're not going to be building things that make your product look cool and fancy, but instead, you're going to be building the stuff that people really need, that they're really craving for and dying for.
So, make sure you're MVPing things instead of building this fully bloated product and then finding out that 80% of the features you built are useless.
Well, you just spent a lot of money on the development, whether it's a physical product or software and surely you don't want to waste money.
So, make sure you MVP and keep iterating.
If you're not sure how to MVP your product leave a comment below describing your product and I'll help you out and I'll teach you how to do it.
It isn’t that hard, you can do it. We'll be there to help and guide you.
Alright, now before we move on with the next business mistakes, have you ever thought about how much you should invest in marketing to generate constant business growth? Click the button below to calculate the ideal marketing budget you should allocate for higher visibility, engagement, and profit.
How much should you invest in Digital Marketing?
Business mistake number 3
The third one of the business mistakes that most entrepreneurs do is that they don't build up the hype.
Do you know what helps make Apple so successful? They build up a ton of hype every time they're doing launches.
They throw events, they're telling people about it, they're creating press.
You don't just have to release a product or a landing page, especially if your company is already around, you could end up building a ton of hype.
And even if you're a brand new company you could still generate press, give people a sneak preview but not share with them too much, and start creating some buzz and excitement.
And then on your website, you can create a landing page and have a list that people can sign up for to be notified when your release comes out.
By building up all this hype as Apple does, that's to have all these lines out the door in their stores.
You can build up a queue, you can get people signing up on your waiting list, even if you don't have a physical store.
And then when your product comes out, you can sell out really fast.
And once you sell out, close it off. Don't just keep selling and selling, instead, let people know that you've sold out.
Keep building more and more hype. This way, when your next product launch comes, you'll even have a bigger line waiting there and people will come to you and then they'll all start buying.
These are the 3 biggest business mistakes that most entrepreneurs make and that you can easily avoid if you follow these tips.
Don’t just invest time and money creating a product that people don’t know about yet, to then crave for quick sales. That’s the best way to leave money on the table and waste a lot of time.
Instead, start promoting it when it’s not ready and create demand.
Launch a minimum viable product with basic features but enough to grab users’ attention and drive sales to then optimize the product after getting the first users’ feedback.
Create hype and keep people excited and get them to come knocking at your door impatient to purchase the new version of your product.
If you need help with optimizing your sales funnels to grow your business in terms of visibility, engagement, and profit, contact us today and speak with one of our digital marketing experts to see how we can build the bridge between the point you’re standing at right now and your goals.