Why 95% of Launches Fail and 5 things you can do to ensure yours doesn’t.
5 things to avoid when launching something new
As entrepreneurs, launching something new can be a daunting, even downright overwhelming, process. Some of the most experienced professionals sometimes struggle to get their product or service off the ground. With something like 95% of launches failing, there are some common mistakes to avoid. To help you succeed, here are five things to avoid when launching your next offer!
1. Failing to create a proper launch strategy: Launching without a plan is about as likely to succeed as taking a shot in the dark. The online space is more competitive than ever, and you’ll need consistent messaging, a deep understanding of your target market, and a cohesive launch plan to get you from planning to selling. Your launch strategy should include market research, setting objectives, developing a timeline, and creating an execution plan. You might be tempted to rush past this step if you get your offer out there. Make sure you allocate enough time and resources to build a comprehensive strategy before starting the launch process.
2. Pitching to a cold audience:
Building relationships with your customers before your launch can make a big difference in how it’s received. Warming up your audience is a long-game starting from awareness and eventually leading to trust. You can create excitement for your new product or service by simply reaching out to potential customers on social media, creating a buzz around your upcoming launch by holding online events, and providing exclusive deals and discounts to incentivize early adopters of your product or service.
3. Skipping the VALUE component: Offering something of value, such as a free webinar, toolkit, or lead magnet, is vital to the success of your launch. Aim to create content that educates and informs potential customers while also demonstrating the value of your product or service. When it comes to creating a free offer, think “try-before-you-buy.” What’s a low-risk way for your audience to engage with you before investing?
4. Not setting clear goals: Having measurable goals will give you a benchmark for monitoring progress throughout the launch process. For example, you may want 500 followers on your business page before launching, or you may want to have 6 people test your offer and give feedback. Setting short-term and long-term measurable goals for your launch will help you stay motivated and keep you on track.
5. Not tracking metrics: Tracking and assessing key performance indicators (KPIs) is necessary for understanding what works in your launch and what doesn't. Monitor opening rates for emails, engagement on social media posts, website traffic, conversions from leads to customers, and more to get an accurate picture of each launch stage’s success.
Launching something new is easily one of the most challenging aspects of running a business, but you’ll be much more likely to succeed with the right strategies and tools. Avoiding these five common mistakes during your next launch and you’ll be on your way to success!
Not sure where to start with your next launch? Book a free discovery call with me, and we’ll strategize on the best approach to your next launch!
