A product launch is a planned effort to bring a new product to market. The goal is to make sure that everyone inside the company, your partners and target customers know about your new product. If you don’t do the product launch effectively, customers won’t be aware of your solution, or may potentially have a bad impression of your product, and you may not hit your revenue and profitability goals.
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Product Launch
Why is Product Launch Important?
Launching your product is just as important as developing a great product. If you don’t do the product launch effectively, customers won’t be aware of your solution, potentially have a bad impression of your product, and you may not hit your revenue and profitability goals. As such, planning early is critical. Start your product launch plan 4-6 months before launch so that when the product is ready for sale you will be ready to effectively execute a launch that meets your goals. Product launch plans help you sequence the events that lead up to and even past a product launch date. Your goal is to make sure that everyone inside the company, your partners and target customers know about your new product.
Why Prepare a Product Launch Marketing Plan?
A product launch plan consists of strategies and procedures a company may use to develop communication channels for its target audience.
A marketing plan helps you target your potential customers, their channels of information and ways to target them. Your whole business is dependent on a solid digital marketing strategy and requires planning and timely execution at its launch stage. Having a product launch plan helps you in:
Knowing your customers and your competitors.
Identifying the marketing approaches you will use.
Describing your business and its products and services.
Listing resources you will need to put in place your plan.
Evaluating the effectiveness of your product launch marketing strategy.
What size product launch are you working on?
Not all products launch and even those that do, don’t all have the same type of product launches. Products that are continually updated such as web-based software or smartphone apps use marketing techniques to remind customers that their product is available.
Product launches come in different sizes and types:
Soft Launch: When your product sneaks into the market without much fanfare. Often products sold from one business to another launch this way. You don’t get a lot of attention, but maybe your product isn’t quite ready for prime time so it makes more sense for a few customers at a time to have a look. Minimal Launch: For smaller products or small incremental product changes, the minimal launch gets the word out without a huge amount of marketing spend. Scale Launch: To let the whole world (OK, your target markets) know about your product, aim for a full-scale launch. You’ll spend a lot of time and energy making this happen. It also has the best chance for success.Decide which type of product launch is best for your product before you start your product launch plan.
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This is always a critical question. The schedule for each particular product launch will depend on several factors, including:
► Your current presence in a market or technology
► How much of a departure your new product is from other product lines?
► Delivery timelines once you begin taking orders
► Talk applications 18 months out. Engage in pilot tests with key players in new markets, conduct focus groups, interviews or surveys. Tour user environments and watch their work, understand their pain points. Engage in social media, PR, and marketing, discussing the challenges you find and technologies that have potential to address them. Position yourself as a thought leader in the technology.
► Talk products 6-9 months out. Determine product features, pricing, channel strategy, naming and branding, product families. Issue product announcements with an anticipated availability date in line with your sales cycles.
► How much of a departure your new product is from other product lines?
► Delivery timelines once you begin taking orders
As a guideline, we suggest that your team:
► Talk ideas 2-3 years out. Share concepts and innovations with current customers to test for promise.► Talk applications 18 months out. Engage in pilot tests with key players in new markets, conduct focus groups, interviews or surveys. Tour user environments and watch their work, understand their pain points. Engage in social media, PR, and marketing, discussing the challenges you find and technologies that have potential to address them. Position yourself as a thought leader in the technology.
► Talk products 6-9 months out. Determine product features, pricing, channel strategy, naming and branding, product families. Issue product announcements with an anticipated availability date in line with your sales cycles.
There are several opportunities to build collaboration and cohesion between your engineering and marketing teams.
1.Your company’s patent strategy should consider market trends, competitive landscape, and design functionality. Working together to set the strategy will improve not only alignment but also competitive advantage and company value.
2.Product or market positioning is the intersection of your technology’s capabilities and customers’ needs. Agreement on this “sweet spot” will improve decision quality in product development tradeoffs over time.
3.Content or inbound marketing. Content brainstorm and abstract writing are two specific activities that can help create common ground between engineering and marketing. Inbound marketing offers both teams a clear and measurable role in sales.
4.Innovation forums, product previews, R&D showcases. Informal events that engage your customers in the direction of new product development and emerging applications are excellent opportunities to collaborate. Try Google Hangouts or Facebook Live video for the kind of casual, informal experience you’re looking to create.
1.Your company’s patent strategy should consider market trends, competitive landscape, and design functionality. Working together to set the strategy will improve not only alignment but also competitive advantage and company value.
2.Product or market positioning is the intersection of your technology’s capabilities and customers’ needs. Agreement on this “sweet spot” will improve decision quality in product development tradeoffs over time.
3.Content or inbound marketing. Content brainstorm and abstract writing are two specific activities that can help create common ground between engineering and marketing. Inbound marketing offers both teams a clear and measurable role in sales.
4.Innovation forums, product previews, R&D showcases. Informal events that engage your customers in the direction of new product development and emerging applications are excellent opportunities to collaborate. Try Google Hangouts or Facebook Live video for the kind of casual, informal experience you’re looking to create.
The best product launch planning begins 10-12 months before the actual launch. Many companies today start much later than this, but if you have even 2-3 months to prepare, Webingo® will make a big difference.
A common mistake is to give this job to one marketing person. It’s much better to take a multi-functional team approach: Most launch teams should include five functions: marketing, marcomm, technical, operations and sales.
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