Product launch process

This morning I read that about 45% of all new product launches fail. I think the actual number is probably a lot higher. I'd guess it's probably somewhere between 70% to 90%, depending on the type of company doing the launching. Do a search on "product launch process" and you'll get a million results and lots of different ideas. In a nutshell though, here are some of the basics:

1. Identify the need that you are trying to meet with your product or service. Someone might think that his idea of creating a line of swimsuits for guinea pigs is great, but is there really a need for that?
2. Identify the key features of your product or service that meet the need and learn how to describe how it meets that need. Here's a tip: Keep it brief. Remember that people have short attention spans and if you drone on and on you'll lose them.
3. Identify what sets your product or service apart from the competition. Why should someone choose yours over something else? Again, make sure you can get your point across quickly without wasting time.
4. Identify your customers. Do you have a niche product or service that is going to appeal so a particular segment of the population? Or, do you have something with broad appeal? If it's a product that you've got, think about this in terms of who is going to be the end user (consumer) and who will be selling your product to the consumer. If you have a niche item designed to target a specialized segment of the population, don't waste your time chasing mass marketers.
5. Develop your message. Make sure that your message is brief and to the point, tying your product's benefits to results.
6. If you are launching an actual product that someone can touch and see make sure that you pay close attention to packaging and display. You've only got a split second (if that) to capture the consumer's eye so do it well.
7. Create some buzz before you launch. Send out press releases, media pitches and talk to your local television and radio stations.
8. Develop a marketing strategy (before you launch). How are you going to make people aware of your great product or idea? Unless it's going to jump off the shelf, you'd better have a plan. This is especially true if you want to sell your product to the mass market. If a buyer is interested in what you've got, one of the first questions that he or she asks will be, "What's your marketing strategy and where are you spending your marketing dollars?" If you don't have an answer I can guarantee that your meeting will be very, very short.
9. Before you actually launch your product or service, think about potential obstacles and pitfalls. I'm an optimist but you don't want to be blindsided and left dumbstruck.

There are lots more things to learn but this gives you a basic overview of some of the things that you'll want to consider.