There is often a pivotal moment for a new organization or business venture where you have to take a leap forward. It may be moving from a side hustle to a full-time job, or moving from a small project to an actual product or service launch. When you think about this step, what do you think about?

It might be excitement, or it might be fear. What if you fail?
A big reason why product launches are so scary is that we’ve all heard the horror stories. We don’t want something like this to happen to us. Running a business is risky, and during the launch of your product or service, those risks are elevated. We’re going to look at the potential issues you might run into, how to avoid them, and how to ensure you have the most successful launch possible.

Problem #1: Fixing a non-existent problem

Every successful startup has one thing in common - they have a product or service that gives value to a lot of people. One of the biggest reasons a launch fails is that you are trying to fix a non-existent problem. Launches rarely fail due to a lack of trying, but if your product or service doesn’t solve a problem, the likelihood of someone buying it is slim.
The key is to ensure you’re fixing a real problem by understanding what your customers’ problems are, what they need, what they desire, and how you can fix that problem. The best way to do this is to simply go out and talk to your target customer. You wouldn’t take a trip without a map, so don’t sell a product without understanding where you are going.
  
Problem #2: Targeting the Wrong Market

After talking to your customer and figuring out how you can solve their problem your product or service launch still fails. So what happened?
The second biggest mistake is choosing the incorrect audience to sell your product or service to. Are you targeting your launch through promotions, or through content marketing? If so, you should’ve taken the time to create your Buyer Persona.
Narrowing down your target audience isn’t incredibly difficult, especially if you’ve been talking to potential customers. What are the most common similarities between them? What patterns do you see? If you have a social media following, who is following you?

Problem #3: Incorrect Pricing

Pricing your product or service is hard. Some people price too low, while others price too high. Pricing should be an essential part of your marketing strategy. After all, your pricing is what gives your product or service monetary value.
Many early entrepreneurs or startups believe because they are new, they should keep their prices low to encourage new customers or to get early attention. This strategy often backfires. If what you are selling is perceived as cheap, your customer may believe it also lacks quality.

Problem #4: Poor Launch Timing

Launching your product too soon or too late can make or break your launch. With so many new products and services out there, it’s challenging to time your launch around competitors or knowing if your product or service is truly ready to go out into the world.
If you believe you are first to market, you may need to work hard to be sure you’re ready to launch before the competition. But if you go too quickly, you may enter the market prematurely, leaving your customer unsure of what to do with your product or service.
Being aware of other events is important as well. For example, if you know that your target market frequently takes time off during the holiday season, it probably isn’t the best time to schedule a launch.
Remember, an error is only a mistake when you do it more than once. Learn from the mistakes others have made, giving your launch a better chance of finding success.