There are many articles, books, writings, etc. that speak to what you are supposed to do when marketing a product – whether a new product or an existing one. I decided to compile a list of my own for what not to do when launching new products because, frankly, there are too many dos out there and not enough don’ts.
So here it is, my list of do nots:
- Do not have inconsistent messaging across your brand
- Do not have a bad price/value relationship – evaluate what your competition is offering and at what price point they are selling as a benchmark
- Do not launch a product with negative profit, unless it will serve as a loss leader
- Do not arbitrarily set your price – evaluate your competition and price gaps to make a good pricing decision
- Do not advertise your new product for the sake of advertising. Make sure that you are communicating your selling points only. Too many messages makes the advertisement in effective
- Do not launch a product that doesn’t fit within your small business marketing strategy
- Do not forget about tracking the sales performance of your new item
- Do not forget about going after low hanging fruit opportunities. The low hanging fruit opportunities in aggregate will equal a big win
- Do not position your product for any consumer that is willing to purchase your item, like most small businesses do. Have a targeted marketing strategy to increase the effectiveness of your marketing. In marketing, a small net will catch more fish.
- Do not forget to tell consumers that your product exists. All new product launches must be supported with small business marketing support
- Do not discontinue your item if sales are slow initially. It takes time to generate sufficient awareness, trial, and repeat purchases
- Do not discount your consumers. If you learn their decision tree for purchasing, you have a high likelihood of selling more if you market to the points on the decision tree
- Do not forget to track your sales during promotional offerings. Tracking will allow you to determine what promotional pricing provides the highest ROI for you
- Do not place your item on shelves that do not make sense (such as a child’s product being sold at a height that is above children); do not sell your item in stores where your targeted consumer does not shop
- Do not develop packaging without evaluating what you will be shelved with. You want to differentiate yourself as much as possible on shelf so that consumers will easily spot you or be visually be gravitated toward you
- Do not forget to bundle your new item with other complementary items that you might have to sell as a package deal
- Do not have an idle social networking account. Use your social media to run polls and interact with your consumers. At the very least, when you run a poll you will find out something about your consumer!