Does it seem like more and more companies are launching products more than ever before? According to a recent poll by the SAVO Group, you may be right. But do more product launches mean more sales? Not exactly.
More Launches, Less Money
SAVO recently polled 135 individuals in sales, marketing and development roles from a variety of industries. They learned that more than half of those organizations (56%) increased the amount of product or service announcements in the past six months. While that seems like a promising indication that the wheels of innovation are turning at full speed -- 63 percent admitted that they only achieved 50 percent or less of the anticipated revenue associated with their launches.
So what does this mean exactly?
Your Product Road Map Should Have Customers On It
What is could indicate is that the products launching are not meeting the needs of their customers. It seems obvious that any new product developed should be aligned with customer goals, but sometimes companies can lose sight of the big picture. Additionally, these finding show that companies need to focus more of educating both sales teams and customers about why their products are necessary.
Being that SAVO conducted the survey, it’s only appropriate that they provide a solution that can help companies better align product releases with sales executions and customer expectations.
Considering that respondents indicated that the main reasons product launches didn’t bring in as much revenue included poor channel education (40%) and weak messaging (24%), perhaps companies can also benefit from a renewed focus on content marketing.
As we learned yesterday in our content marketing Tweet Jam, the customer defines the company journey and as such being able to release products that not only serve to enhance the company’s reputation but meet customers needs is essential.