Five Steps for A More Successful Product Launch
So often, new product and feature launches fall short of success, typically due to limited customer and market analysis, lack of key objectives, or poor overall planning. Here are some ways to set yourself – and your company – up for a successful product launch:
Focus on what your target customers are trying to achieve. If you know what your customers are challenged with and the outcomes they’re trying to achieve, you'll do a better job of building the right solution without scope creep or descoping of important features. You’ll also establish the right pricing strategy, key message points, and sales and marketing enablement tools.
Define how you’ll measure success. Whether it’s upselling existing customers, boosting product usage, or gaining market share in a new segment, set well-defined, measurable objectives that align with your company’s goals. And be sure that your success metrics also reflect how you will improve or contribute to your customers’ success.
Create an action plan and timeline. Product launches have many moving parts and multiple stakeholders. An action plan and timeline will help you manage the activities of each team member and hold them accountable for deliverables. No guessing, no scrambling, and fewer things falling through the cracks (yes, there will always be a few).
Plan for the internal launch, not just the external launch. New product training should not be reserved for sales and customer success, with some messaging tossed over to marketing. Successful products impact everyone in the organization, so provide them with information from the WHY behind the solution (problems you are solving, benefits you are delivering) to the success metrics you’ll be tracking. Be sure that everyone in your organization is aligned on product messaging. You’ll build internal champions and gain support.
Don’t launch and leave. Your product launch is not the goal, it’s the beginning. Gather customer and prospect feedback, refine your sales and marketing assets, and faithfully track the success metrics you established.
New product launches are often complex, impact many internal and external stakeholders, and can make or break product success.
If your company needs support in developing a structured product launch planning process, Insight Out Marketing is here to help. Just book a 30 minute meeting to learn more.