$treet $mart$: Why Most Products Fail to Launch

$treet $mart$: Why Most Products Fail to Launch

$treet $mart$ (vol. 25)

Product Focus

Eventually, if you have been in the game long enough, you are going to have a few products flop.

It is estimated that 40% of all product launches fail. That said here are the 4 biggest mistakes that I have made over the years, and the lessons I learn from them:

💀 Mistake #1: Smoke & Mirror. The product falls short of claims.

The Lesson: Delay your launch until the product is really ready. You can't scale smoke and mirror solutions.

💀 Mistake #2: Pioneers Get Slaughter, But Settlers Prosper. There is a big difference between innovating and pioneering.

The Lesson:   Pioneers forge new territory and dive head first into uncharted waters. But innovators make the territory around them better. Don't be a pioneer, Be an innovator.

💀 Mistake #3: Product Market Fit. Square peg in a round hole.

The Lesson: Don’t gloss over the basic questions “Who will buy this and at what price?” Never Assume anecdotally that the market needs what you have to offer, or force your product on the market

💀 Mistake #4: Fail To Scale.  Assume it will be successful.

The Lesson: Have a plan to ramp up quickly if the product takes off. Having a successful launch but a poor delivery is the quickest way to blow yourself up.

With all that said, some of the most successful companies have failed to launch products over the years, and they are still here to die another day. Half the battle is taking calculated and recoverable risks.  Don't bet the farm, until you know that you get momentum. Otherwise, you might not get another chance at bat.

Instead, focus on small bets, that can be scaled into big ones.
When product launches go awry: 50 worst product flops of all time
24/7 Wall Street reviewed some of the greatest product launch blunders throughout history. Today, these product flops exist as case studies companies use to avoid future failure.

📚 More Reading On Product Launch Failures

11 Reasons Why Products Fail
It’s hard to know how the market will react to a product and marketing messaging. Hence why it’s crucial to test these things beforehand. Ask potential users for feedback and test their response to the marketing message.
Why most product launches fail | Cadesign form
Discover reasons why most product launches fail, what to do to avoid the failure and how to recover from unsuccessful product launch.



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