New product launches are scary; It can feel like being shot out of a cannon landing either too low or too high from the target market. There are many reasons why product launches fail and even successful companies like Google and P&G have on occasion missed their mark. I am not going to pretend that I know it all; however, I have learned from past experiences on what to prepare to gain the odds of a successful product launch.
1. What is your WHY?
Being able to explain the WHY of a new product is fundamental to having a strong start out of the gate. Explaining the purpose of a new product, the context on what problems and improvements it addresses is a messaging balance between simplicity and specificity. One of the best product launches is the Apple iPod where Steve Jobs lays the purpose of the product, connects people with the familiar, and explains how the product brings a superior offering to the market. Not all of us are marketing geniuses, however, all of us can try the following
- Explain the why behind the product
- Create a desire with current pain points
- Connect the new product with the old and familiar
- Demonstrate how the product is superior
- Activate a need
2. Strategic Framework
When it comes to strategic planning, Brian Balfour’s four-fits framework is highly practical in laying out the key areas. It examines the relationship between product and market by clarifying what the market needs, and enables the product team to articulate how the product will address those needs. The framework takes the additional step of examining the relationship between channel and product, and how the channel dictates the distribution of your product to customers. Finally, it looks at the model or price and its relationship with the market and channel in which every product needs to account for to segment and grow successfully.
With a robust analysis of each of the four areas and their relationship, a team can create an in-depth business plan that addresses the major areas of a strategy.
3. GTM Execution Plan
There is rarely a single go-to-market execution plan that works for every product launch. There is however a set of areas to consider when building your GTM execution plan
- Strategy and business plan
- Product development and manufacturing plan
- Internal enablement plan
- Marketing and Sales plan
- Customer Communication plan
- Finance and Billing plan
- Legal and Policy plan
- Rollout and Support plan
I find it helpful when each of the plans is documented, discussed, debated, and decided before putting it into action. It represents an opportunity for leaders to deputize individuals to develop these plans as part of personal development and growth. It is extremely important to have a program manager be the quarterback responsible for the progress of the various teams and identifying roadblocks early. Lastly, having a small working team that is empowered, keeps the team nimble in making strong progress.
4. Stage Gates
Apply the fail-fast mentality by adopting stage gates to better understand if your product launch is moving towards its objectives. Having stage gates during your product launch inserts a deliberate checkpoint to assess and where necessary adjust your plans accordingly. Stage gates are useful since your GTM launch plans were based on early assumptions and having data provides real-world validation of those plans. Stage gates begin with a go/no-go checklist similar to NASA’s mission control launch that ensures all teams are prepared and resources are ready. Stages are incremented as the product adoption increases with an assessment of delivery and adoption metrics
- Quality and timeliness of product delivery
- Number of operational and support issues
- Adoption metrics such as frequency and quality of use
- Level of satisfaction
While this represents a fair amount of work, putting in the preparation early will help your team avoid the meandering and bumps encountered to a successful product launch.
About the author
Shawn Lim. 20+ years experience working with large high-tech companies like Google, Facebook, eBay, as well as early venture startups. He has led several transformations in customer programs, improving customer onboarding and revenue expansions. He lives in the Bay Area outside of San Francisco with his wife and 2 daughters.