Featuring Blake Bartlett of OpenView At SaaStr Annual 2017, Blake Bartlett, a partner at OpenView Venture Partners, dove into what truly…
While the term “product-led growth” is becoming a more widely-known business term outside of textbooks (thanks to pioneers like Slack…
Product Market Fit
A successful product launch requires first and foremost a great product people are going to be willing to buy. Product launch steps require a knowledge of product launch tactics in order to incorporate a proper marketing strategy toward the ultimate goal of not just successfully selling the product, but assuring it meets the needs of the clients.
The process starts with product launch ideas. Assuming you know you have a great product which serves peoples’ needs, the ideas have more to do with letting people understand how beneficial the product can be for them rather than trying to “hard sell” a product which might only fill short term goals without long term benefits. Quite frankly, sometimes new businesses need to fill short term goals in order to get started, but those goals need to be compatible with long term business plans in order to assure continued success.
Product launch might start with a press release. Whether the initial release is conducted by an employee or outside contractor, it needs to match the intended marketing campaign for the product. Often a consultant can be more effective toward the product launch by approaching the concept according to what potential clients are going to expect instead of what the developers understood to be amazing about the services their new product will provide.
Ultimately, the product has to be useful. Unfortunately, the product’s usefulness is not an “end-all, be-all” aspect because the end consumer has to be convinced the product is a good purchase which serves their needs. The best products often fail to find success because they didn’t start with a product launch based on a longer term marketing campaign.
Product Release Checklist Template
Fortunately, launching a product isn’t a matter of “flying blind” as there are plenty of successful product launch examples and a product release checklist template designed to incorporate a product launch plan outline. There might be a few nuances according to industry when designing a new product launch checklist. A software product release checklist for example might vary a little from a b2b product launch checklist, which in turn might not incorporate all the same concerns as an Amazon product launch checklist, but they will each incorporate the same basic concepts, perhaps with more importance assigned to different aspects of the list.
As a general product launch plan checklist, it’s going to start with developing a proposition and identifying the target audience, along with determining team roles in the process. It’s going to require a media plan with a press release and continued monitoring of how media is affecting sales and staying in touch with company friendly journalists as a contact for further press releases as needed. Final steps are going to allow for in depth product testing to assure everything works properly and to develop an appropriate timeline to release the product and any variations which are made available.
Most product launch campaign examples also include plans for continued support, both to the clients and to suppliers so the initial inventory doesn’t run out unexpectedly after a great first round of sales. There are further means of remaining social about the product so the word can spread about how helpful and beneficial it is and why people want to purchase it. One further aspect of the product launch plan is to make sure everyone involved in the process understands the overall plan and their role in it, no matter how big or how small, so there are no excuses or failures during the process as the plan is being executed.
New Product Launch Marketing Plan Example
A new product launch market plan example can vary according to the specific product, but again, there are certain commonalities to the process. It always starts with well-defined goals and a specific strategy toward obtaining those goals. Describing how the product is to be used and how it helps the end users is an obvious place to start, and determining the target market helps strategize how to present such information. As a specific example, suppose an app was designed to help students keep track of homework assignments from different classes in one place. That has an obvious age group for marketing, but it’s also worth consideration if the same app can be used to manage work assignments, or if a future variant might be planned for such usage.
Such an example further demonstrates how a successful product launch marketing strategy also incorporates product launch ideas marketing for future growth. In today’s world, it’s also important to keep a digital marketing strategy for product launch, as it allows for versatility when changes come up. To continue the example, it might turn out there is little interest in the app among professionals, but students are also using it to track household chores and extracurricular activities. In such a case, the product launch for a newer version of the app would market how it can be used for such tasks and the professional version can wait a few years when the current students who are used to using the app are entering the workforce. A sample marketing plan for new product launch pdf can be a great way to start as it provides the key elements to be filled out and might serve as the actual template or provide an easy format for reference if the plan needs to be conducted with a different medium.
Product Launch Timeline
The product launch timeline is an important aspect of the product launch strategy, as it makes results and progression a tangible factor of the product launch. Product launch milestones can be easily recorded, tracked, and shared with other teams working on the project as well as investors who expect a reasonable progression of events toward the final goal. Although the marketing timeline for product launch needs to be adhered to as closely as possible, sometimes problems arise. When that happens, having an actual formal timeline which needs to be adjusted can be changed according to need, along with an understanding of the explanation as to why.
Regardless of what the timeline actually is or how strictly it must be adhered to, it’s an absolute must for any marketing campaign and especially so with a new product launch. It might be more flexible if, according to the above example, the app designers are their own investors, but that’s more indicative of a side project than a formal business operation. The fact is, when someone is developing the product as part of their job, management expects the timeline goals to be met or receive an adequate explanation as to why the intended time frame included unreasonable expectation. Likewise, investors expect to know their money is being put to good work and the project is moving along efficiently.
Product Launch Strategy
The product launch strategy in fact includes all the aspects of the product release marketing, the timeline, following a successful new product launch strategy template, and the actual product launch. Conducting the proper process is especially important with a new product launch strategy as opposed to launching an upgraded version of an existing product. Following a product launch strategy framework is essential for ultimate success, simply because without it there are no set goals and each individual or team working on the project doesn’t have set goals and expectations to meet.
Although the above example refers to an app as a fairly common type of new product launch strategy examples, the concept applies across the board for any successful business endeavor. A new food product launch strategy, whether through manufacturing or a restaurant, is equally important as are launch strategies for clothing and fashion ideas, any type of new invention, or services provided. It’s simply an aspect of opening a business or introducing a product or service and having a concrete plan about how to introduce it so customers and clients can immediately begin using whatever it is the company intends to provide.
Product Launching Event Proposal
One final aspect of a new product launch which is often overlooked is that of a product launching event proposal. A product launch event can be a great way to include the potential audience and users of the product to the introduction of the product to the market. Product launch event names can introduce the name of the product to the target audience, and something as simple as a product launch competition can be used to reward the teams who helped develop it or encourage potential customers to become familiar with the product.
Regardless of what is planned with product launch ideas, the product launch event presentation has to be professional and clearly identify what the new product is and what it can do. If there is going to be a competition involved, the product launch competition rules need to be clearly defined well ahead of time. Just like the rest of the product launch strategy, the product launching event proposal has to be well planned rather than treated as an afterthought, it has to be conducted professionally, and it has to impress the new potential users of the product with what it can achieve for them and how it can improve their life.