Setting (and Managing) Customer Expectations When Launching a New Product or Service
Posted June 6, 2022 in Articles
Launching a new product or service can have a significant impact on a company’s profitability. If the product or service meets a demand, if it is marketed well, and if it is well-received in the marketplace, not only can it generate new sales, but it can create anticipation and set the stage for future new releases as well.
On the other hand, a new product or service launch can have the opposite effects if the product or service does not meet customers’ expectations. This is true even if customers’ expectations are unreasonable. With this in mind, setting realistic expectations is vital, and companies must be prepared to manage their customers’ expectations on an ongoing basis. Here are some tips companies can follow:
5 Tips for Setting (and Managing) Customer Expectations
1. Talk to Customers about What They Want
One of the best ways companies can gain an understanding of their customer's expectations is to ask their customers what they want. What do they like best about the company’s current products or services? What wants or needs are they yearning to have fulfilled? What features will they appreciate most, and what shortcomings will be most disappointing? Gathering this type of information in a measurable way can help companies develop products and services that are poised for success.
2. Set an Achievable Release Date
Building anticipation around a release date only to have research and development (R&D) or supplier issues lead to delays can stifle market interest in a new product or service. With this in mind, when promoting a release date, companies should ensure that they will be ready when the day arrives. While it may not be possible to forecast future events with absolute certainty, companies can avoid setting unrealistic goals—and thus setting unrealistic expectations.
3. Be Careful Not to Overstate the Product’s Features or Capabilities
One of the easiest ways to disappoint customers is to sell a product or service that isn’t as good as advertised. When crafting marketing and promotion campaigns for new products and services, companies must be careful to avoid overstating what their new products and services offer.
4. Be Careful Not to Oversell the Company’s Inventory or Capabilities
Likewise, companies should assess market sentiment so that they can avoid overselling their inventory or service delivery capabilities. Telling customers that your company has a new product or service and then promptly turning around and stating that your company won’t be able to deliver any time soon will cause customers to look elsewhere.
5. Solicit and Address Customer Feedback
After launching a new product or service, soliciting customer feedback can help ensure that your company is able to address any concerns as proactively as possible. Rather than waiting to see what customers post online, companies should engage with their customers directly and provide support as necessary.
Speak with an Experienced Business Consultant at Mithras Investments
If you have questions about what your company needs to do to make its new product or service launch a success, we encourage you to get in touch. Call 305-517-7911 or contact us online to schedule an appointment with an experienced consultant at Mithras Investments.