Monday, June 17News That Matters

How to launch a new service successfully and avoid a costly mistake

marketing new, product launch

Have you launched a new product or a new service, only to be disappointed by the interest you attracted?

If you have, then today’s post is just for you. It will explain why this often happens, along with some ideas on how to make your next launch a success.

Danny from New York emailed me yesterday with a great question. His accountancy firm launched a new profit improvement service at the beginning of January. They contacted existing clients and also advertised it to the local marketplace. That was around a month ago and very few people have expressed an interest. He wondered why.

A common and costly mistake

I took a look at the marketing his firm used and was quickly able to identify a common mistake. A marketing mistake that many small business owners make.

It’s all about how ineffective (and potentially damaging) the word “new” is, when marketing something.

Sure, when you’ve just created or launched something new, you’re excited. You may even have a lot riding on the success of the new product or service. However, that newness is only exciting to you.

As far as the marketplace is concerned, something that’s new isn’t necessarily that interesting. In fact, newness can carry huge drawbacks, which will turn people away.

For example.

  1. To a lesser or greater degree, a new service is going to feel like a risky bet. And your prospective clients hate risk. They want peace of mind. This is the opposite. At best, it’s a bigger gamble than the more established alternatives.
  2. A new service is never the best. That’s because, by default, it lacks all those improvements that only come with time. It lacks the robustness of a more mature, proven service.

There’s nothing wrong with introducing something new. Far from it. Just don’t assume that because something is new, your marketplace will be interested in it or attracted to it.

Instead, you need to combine the fact it’s new, with additional benefits.

Benefits that your marketplace will find attractive. Benefits that reassure them. Benefits that are compelling. Benefits that are motivating. Benefits that will inspire them to want to know more, to hire you or buy from you.

Here are some proven examples you can use.

Our new (whatever) service provides you with:

  • a faster way to.
  • a safer way to.
  • a greener way to.
  • an easy way to.
  • a friendlier way to.
  • an enjoyable way to.
  • a guaranteed way to.
  • a more stylish way to.
  • a relaxing way to.
  • an ethical way to.
  • a proven way to.
  • an exciting way to.
  • a cost effective way to.

In summary

Newness by itself has limited marketing power. You need to combine it with compelling, client-focused benefits. This will make it massively more attractive.

And always be mindful when launching a new service, that it will be perceived as somewhat risky. So, give people the reassurance they need. Provide guarantees. And if a risk-reversal is possible, use it. If you’re not sure what risk-reversal is, I use it here. It’s extremely powerful, because it makes hiring you a zero risk.

Keep these ideas and suggestions in mind, for your next (or current) launch. Because “new”, by itself, isn’t that attractive.

Let’s grow your business! I can help you build a more successful business, increase your sales and boost your profits. To find out how, read this.