How to ensure a successful product launch
There are several key product launch strategy steps you can take to position your product to launch successfully:
Make sure your product meets the needs of your market
Your product manager needs to talk to potential buyers. You may believe that your product is filling a need or solving a problem, but your buyers may perceive their own needs differently. Talking to buyers may lead you to rethink or revamp your product in ways that boost your odds of success.
Position your product clearly
The benefits of your new product should be so clear to your buyers that it’s immediately apparent to them why they should purchase it. Your positioning is the foundation of your communication about the product.
Set clear goals for your product launch
What do you hope to accomplish with your product launch? You may want to increase revenue by a certain amount within a quarter or a year, expand your customer base by a specific percentage or sell a defined number of products. Make sure your goals are clear and that they are the same goals your executive team wants to achieve. And ensure you have the product launch metrics-tracking tools in place to measure your progress toward your goals.
Expand your reach
Even if you’re in a small company with a correspondingly small budget, you can leverage stakeholders and expand the impact of your launch. Get buy-in from employees, customers, partners, investors, analysts and associations, and nurture their support for your new product.
Build anticipation, excitement and demand
Before your product is available, give some customers and partners information about what’s coming so they can look forward to it. Make sure your customer support and sales teams have the insight they need to talk about and promote the new product when they interact with potential and existing customers.
Pay attention to your timing
Will your product make the most impact if it hits the market during a big trade show? At the beginning of the holiday season? To coincide with a major media or sporting event? Take advantage of your industry’s natural ebbs and flows to maximize your impact.
Ensure you have a process
Launches are chaotic, and you may not know where to start or how to tackle tasks in the best sequence. You need more than a product launch checklist. Pragmatic Institute’s 30 Day Launch Plan can help you get organized and streamlined.
To dig deeper into these tips, check out the 6 Secrets of a winning product launch.