Releasing a new product is one of the most exciting yet intimidating challenges for entrepreneurs because it can be very lucrative, but it also comes with plenty of risks and doubts. Primarily, most investors and inventors are concerned that their product might not sell well enough to make their company profitable in the long-term and allow them to recoup their initial investment. That’s definitely a valid concern, but it’s one that can be greatly alleviated by understanding the main reasons why new products take a while to become popular.
1. Unfamiliar Branding
When a major brand launches a new product, they’re usually able to attract many sales rapidly without the long waiting period that startups typically experience. That’s because consumers flock towards familiarity and will always prefer brands that they’ve already purchased products from before. Since you can’t exactly pretend to have the reputation of a well-established brand from the very beginning, the best way to cross the familiarity gap is to develop product packaging that will be well-received. Many startups work with packaging experts like the Package Lab to solve this problem from an informed and guided perspective.
2. Industry Rate of Adoption
In every industry, you’ll have to contend with the average rate of adoption, which is the amount of time it takes for a new product to become widely used or known about by consumers who shop or invest in that sector. While you can’t predict exactly how long it will take for your product to become “the next big thing,” it’s possible to get a general idea of how many weeks or months it might take before you start to approach an optimal level of market share. Many investors have started gravitating towards tech startups because the rate of adoption for technology has been increasing exponentially every couple of years and that trend is expected to continue for the foreseeable future.
3. Lack of Aggressive Marketing
Brands that don’t utilize aggressive marketing tactics and rely instead on a more organic approach to generating traffic may see better long-term results, but it will take longer for the initial momentum to build. Aggressive marketing ensures that brands can generate maximum exposure for their new products. Once that initial time frame has passed, marketers are forced to rely on secondary channels for reaching customers and establishing long-term partnerships. Make the most out of that first wave by marketing aggressively to get your products in the hands of as many people as possible.
Overnight Success is Actually Possible
Many gurus and educators have been trained to teach people that “there’s no such thing as an overnight success.” That’s true to the extent that there will at least be a time when preliminary groundwork or research has to be carried out before the actual day of success arrives, it’s certainly not an unbreakable universal law. With the right packaging and branding, an aggressive approach to marketing, and a solid understanding of industry adoption trends, any product can be well-positioned to become popular quickly.