New Product Launch Mistakes and How to Avoid Them

New product launches are a great way to grow your online business, leverage your knowledge and create passive income for your business. They also require no learning curve - all that is required is the knowledge and expertise that you already possess, to be put together in a reliable content delivery format and promoted well so that it reaches the maximum number of people.

Launching a new product can be a highly profitable venture and the beginning of new income streams, but if they are not executed properly they can be a complete failure and a waste of time. So it is important to know what makes up a successful product launch and what mistakes to look out for that could make or break the new product launch.

Launching your new product does not have to be difficult, but you do need a clear road map and an understanding of what some of the pitfalls are that you should avoid!

The top 5 mistakes that people make when launching new products are:

1. Insufficient planning
Your product launch requires a great deal of planning in advance, and if this is not done right, with enough support, it can make for a very dismal launch, or no launch at all of the deadlines just cannot be met.

The best way to avoid this problem is to have each stage of the launch process well planned out, documented, with deadlines, checklists and accountability within your team.

Making sure that everyone on the team knows what their tasks are, the deadline dates and staying on top of all the new developments within the product creation and launch process is crucial.

Planning out a launch timeline with set dates for deadlines, together with checklists and templates to follow should all be part of the pre-planning process.

2. The second mistake during a launch is not asking for help.
when creating and promoting a new product, it is highly beneficial to have a whole team working together on various parts of the process. Don't do this alone. You don't need to do this alone. There's so much help available if you just ask for it. If there are things that you are not particularly good at, make sure you build a team in advance and delegate out the tasks that would be done faster and better by someone else. There is a lot of work that goes on in a product launch, so it is essential to have a whole team working on it and to ask for support wherever needed.

3. The third mistake is not getting joint venture partners early enough.
Try to get your joint venture partners and other people who are going to help you promote this early on because what happens is people have busy schedules. And if you are asking them a week before your launch, "Hey can you help me promote this?" they're probably going to say no because they have a busy schedule, a lot of things to do and you're going to be really disappointed as well as losing out on a lot of great leads for your launch.

So ask them early on so they can plan it in advance. That goes back to the whole planning issue, but you do need joint venture partners. You do need other people's help to promote this especially people in your field, similar, related fields. That's a really great way to promote and get the word out there.

4. Mistake number 4 is not doing enough promotional and marketing work.
Make sure that you set aside at least a few comfortable weeks where the sole focus in on generating buzz, promoting the product and getting the word out as much as possible. You do not want to rush this part because it can take a while to spread the word about your launch and you want as many people to know about it as possible before you go live.

5. Mistake number 5 is expecting a cash influx miracle.
While it is quite possible that you can make a decent amount of money from your launch, quite often most of the profits come after the launch, when you are more established, have more testimonials and social proof. So don't focus on the instant money too much, but shift your focus onto creating a great product, promoting it with high professionalism and setting yourself up as the leader and authority in your market.

Nina Vucetic is an online marketer and product launch strategist. Nina Vucetic specializes in info product creation and has launched numerous products in the health, online business and video marketing niches. Find out more about Launching a Product, new product launches and download your essential product launch checklist together with a 10 part e course about creating and launching your product.

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Product Launch Tips - Have You Considered Handling Refunds?

This is probably a topic that many marketers haven't really considered. Let's face it. Most of us spend our time focusing on making sales right?

The truth of the matter is that once you launch your first information product and begin to make sales there will be a certain percentage of that will ask for a refund.

That is assuming that you're offering a refund for your product in the first place. If you're not, you are at a huge disadvantage in competitive niches. Nearly all products sold online offer a refund of some sort on product purchases.

Plus, you'll make only a fraction of the sales when you don't offer a refund for online purchases. After put yourself in the customer's shoes. You're asking them to buy something when they've only seen a picture or video describing it. On top of that there are still many consumers who are skeptical to buy online. A refund policy reassures them that they are safe when they buy from your website.

Handling Refunds For Physical Products:

With a physical product you'll have a distribution center that handles the product delivery as well as the product refunds and returns. The sad reality is that if a product is returned it is often damaged. So, you're losing money on the deal. And that is on top of the actual money you refunded the customer for his purchase. Also, your distributor will charge you a fee for handling the returns and repackaging the product for resale if possible.

While you will be losing money by refunding physical products, the huge increase in overall sales should more than cover these small losses.

You will pay for the distribution center to handle the refunds and product returns, but on your end it is a fairly simple process. You essentially are outsourcing the job to them.

Handling Digital Product Refunds:

With digital products there is almost always a 100% money back guarantee involved. By the way, this is a huge selling point that increases your sales.

Why?

It's simple. You can just let them keep the digital product if it's an eBook or something they've downloaded. Likewise, if it's a membership site, you can block them from further access after the refund has been issued. You as the business owner did lose the sale, but at least you didn't lose more than that.

Issuing refunds for digitally formatted products is far easier than handling physical product refunds.

Typically, online marketers who sell digital products allow the customer to keep the product and simply refund the purchase price electronically to their credit card.

All of this can be done automatically using credit card processing and shopping cart applications. It can be managed by the individual seller, or he may elect to have the task outsourced to his VA.

For membership sites, marketers sometimes elect to issue a refund for the last subscription payment made. However, many times, there is no actual refund, but a cancellation instead.

For example, if you paid for this month's membership on the 10th of the month, you would have access to the member's area until the 10th of next month. At that time you would automatically be billed the subscription amount to pay for the next month's membership. If you decided to cancel your subscription on the 28th of the month, you would not get a refund, but you would still have access until the 10th of next month. Then you would no longer be billed.

The great thing is that all of this can be automated with membership site software.

By the way, do you want the formula for building a full time income using Online Lead Generation and Email Marketing? If so, get instant access to a FREE Presentation that reveals the formula: FREE Presentation

Also, be sure to visit my blog at http://www.stevedooleyinc.com for more great articles, videos, and internet marketing training.

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