Product Launch Question 3: How Do We Move Forward?
Michael Eckhardt from the Chasm Institute leads workshops on leadership and performance training for the world's leading tech companies. Once the roadmap for your next product launch has been created, the last step is to bring it all together. Michael outlines the nine indicators that you'll need to cover to ensure that your launch brings your product to market with the highest impact.
Crossing The Chasm Leader on Product Launch Planning (Part 3)
Once you’ve completed your product launch pre-work, it’s time to review how you’re going to make it happen. Simply put, this is when the fun really starts. That said, there are plenty of missteps that can occur in properly forming your overall strategy to bring your product to market. As a result, we have put together a summary of nine indicators that cover the essential components for a successful product launch.
- Before launch, this is the first step in building your product strategy. For example, your audience should be specific and in need of the solution that you’re solving with your product. Ultimately, you want to build product equity with an audience that “needs it” and “gets it.”
Compelling Reason To Buy.
- Every great product stands out for one or many obvious reasons. In other words, the core technology / pricepoint / value proposition makes your product stand out. Furthermore, this relates back to finding the right target customer – as they should jump at the opportunity to use your product.
- Earlier, we talked about understanding the state of your product prior to launch. For example, you should know where your 1.0 product is strongest and where there’s room for improvement. Ultimately, there’s no such thing as a perfect product. The key is to frame your product launch around the product’s present capabilities and set it up for early adoption.
Partners & Allies.
- We all need friends – and in the case of your next product launch, they can help to ensure that your product gets off the ground. From third-party endorsements to key customers who help get the word out, every product team needs to take advantage of building traction with a little help from others.
- Alignment with the sales team on a clear and direct plan for gaining distribution is critical for product launch success. For example, your strategy should identify target customers in segments that have the highest demand for your product’s solution. In addition, your sales team should be fully competent in explaining your product’s features/benefits to new customers.
- Product teams need to work with sales and finance to determine an attractive pricepoint for new products. Ultimately, your product launch will struggle to gain traction if the product is over-priced based on its perceived value. Furthermore, your product should also be priced high enough to drive profitability and emphasize the value of the service that it is providing.
- Even if your product is a “unicorn,” you need to understand who’s currently in the market and represents another viable option in your category. In addition, you need to be mindful of what could be coming next to disrupt your early success.
Position / Messaging.
- Getting back to understanding your market, it’s critical to understand where your product delivers value most effectively in its category. Furthermore, your marketing materials and brand identity should align with your product’s strengths.
- Even after a successful product launch, your mindset needs to be “on to the next one.” From introducing a new product for your original target customer to expanding into new segments, your team should always be looking forward to seizing the next opportunity.