Introducing a new product into the fiercely competitive market can be likened to setting sail in uncharted waters. The route is uncertain, the storms unpredictable, and the potential for failure often higher than one might initially anticipate. Having been in these turbulent waters more than once, I've compiled a list of eight common errors that I've observed (and, indeed, committed) during various product launches.

1. The 'Perfectionist' Trap:

In the rush to create the perfect first version of your product, you may lose valuable time that could've been spent receiving customer feedback and making necessary adjustments. Unless you're certain that your first iteration is flawless (which is seldom the case), focus on speed and agility instead.

2. Neglecting Demand Validation:

Verifying demand for a single, standalone "must-have" feature is not enough. If you want customers to transition from their existing solutions to yours, you need to ensure your product fulfills all their essential requirements throughout the entire value chain.

3. Putting Price Tag Last:

According to Simon-Kucher & Partners, a staggering 72% of innovations don't succeed in turning a profit. Why? They design, build, and then decide to consider market dynamics and pricing. Change your approach: Start with defining the price, understand the value, and then tailor the product accordingly.

4. Launching Before Planning Distribution:

Surprisingly, finding a way to deliver your product to the consumers is often more challenging than creating the product itself. It's crucial to work backward – start with understanding your customer segment, define the value, set a price, and then figure out the best channels for reaching this demographic.

5. Ignoring Cross-Functional Harmony:

Here's a common scenario – your product team releases an MVP, but the sales department is hesitant to promote it due to their targets. How can you avoid this predicament? The solution lies in forming a 'tiger team', a multidisciplinary team focused on ensuring the new product's success.

6. Too Many Cooks:

If you have multiple "owners" on the tiger team, the direction of your product might become fragmented, resulting in slowdowns and possible failure. Assign one directly responsible individual (DRI) to lead the team and drive the efforts.

7. Absence of Leadership Support:

New product initiatives often start with an enthusiasm burst, which can gradually deflate as time passes without apparent results. If you still have faith in the product's potential, securing leadership support can provide the tiger team with the necessary extra time to succeed.

8. Delaying Product Termination:

Sometimes, new products never quite find their footing, lingering on and consuming organizational resources. This situation often stems from inadequate customer discovery at the outset. Recognize when it's time to pull the plug, learn from the experience, and start fresh.

To conclude, understanding and avoiding these common pitfalls can significantly increase your chances of a successful product launch. Remember, it's not just about creating a fantastic product; it's about knowing your customers, pricing strategically, planning for distribution, ensuring cross-functional alignment, and maintaining unwavering leadership support. And, most importantly, having the courage to know when to call it quits and start anew. The world of product development is indeed a challenging one, but with the right approach and a keen eye on these common mistakes, you might just find your way to success.