According to a 2015 study by Nielsen, only 18 out of 8,500 products achieved real success following their launch on the European market. How can such a low success rate be explained? Or rather, what are the secrets of those who succeed? Here are 4 essential elements for quickly achieving a successful product launch across Europe.
The Right Innovation
Your product must be innovative, meaning it must bring something new, and you already know that. But it shouldn’t just be innovative! Many innovative products are among those whose launch failed or were only moderately successful at best.
Why? For the simple reason that the innovation your product brings must also, and above all, meet a need of your customers. Therefore, before designing a new innovative product, take all the time and resources necessary to conduct the most exhaustive market study possible. Your product will need to address a new need that no other product truly meets currently.
Optimized Positioning
Even with an innovative product that meets a real customer need, competition remains fierce and very present, especially in European markets. The future success of your product will also lie in optimized positioning. Your product must be relevant to customer needs and expectations, but it must also be different and, above all, better than other similar products already existing on the market. This begins with precise targeting of the customer profile for whom your product is intended.
Furthermore, even if your product is innovative, relevant, different, and better, customers must notice it at first glance. You need to find a positioning that will directly reach your target audience, making them forget that competing products even exist!
Storytelling
Storytelling is increasingly found in marketing strategies. And for good reason, it offers many advantages. Storytelling involves building and telling a story around your product and its design.
The more detailed your story is, explaining the why and how of your product’s innovation and design, the stronger an image you will build around it. With multichannel sales, the Internet, and social media, customers are now increasingly and better informed. They are also increasingly demanding. To give them confidence in your product from the start and make them understand that it is your product, and no other, that will most perfectly meet their needs, good storytelling is one of the best strategies to adopt.
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Unite Your Internal Teams
Your entire company must be involved in the creation and market launch of your product. According to Nielsen’s study findings, this is a prerequisite for success. Thus, from management to the sales team, including marketing and research, everyone must work in close collaboration. This implies fluid and horizontal communication within the company.
Quickly and successfully launching a product on the European market is an operation requiring surgical precision. However, if you take care to prepare the 4 elements above before the launch, then you will be heading towards extraordinary and almost immediate success.
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