A product launch is a critical time for an early stage company. The success of the next product launch could determine your company’s survival.
What are the keys to a successful launch? How can they be applied to your business?
A winning product launch delivers sales momentum for your company. It’s one of the few opportunities to go from incremental to exponential sales. So why do so few companies get it right? It’s not because they’re lucky. It’s because they understand the 6 secrets of a winning product launch:
A winning product launch starts with matching the capabilities of your product (or service) to the needs of your target market. This is often domain of a product manager. However, even if you don’t have a product manager position in the organization someone needs to fill the role of a product manager. If you are delivering a new product or service into the market you would be well served by getting out and talking to the potential buyers that your product addresses. Chances are you learn something new and possibly so enlightening that it could be the turning point in your business.
Positioning is the set of things you do to place your product clearly in the minds of your buyers. If your positioning is not clear, your buyers will be confused and your potential partners will be confused.
Effective positioning is a communication process that makes the benefits and capabilities of your product so crystal clear to your buyers (and partners) that they get it without tremendous effort on your part. They see, they understand, they buy. It’s developed from a clear understanding of market needs and how your product’s capabilities match those needs, rather than features. It also forms the foundation for all communication to your target market.
You won’t have a chance at a winning product launch if you don’t establish clear goals. The goals frame the purpose of your product launch and help guide you in evaluating launch tactics. Once you’ve established the goals of your launch you need to consider how they will be measured.
Knowing the power of leverage will maximize your launch results. Leverage is defined as “the use of a small investment to gain a very high return”. Using this definition helps guide launch planners in evaluating the launch tactics that can most effectively achieve the launch goals and objectives. Even a small company with a limited budget can get great results through the power of leverage.
One of the biggest secrets to a winning launch is priming the pump. Priming the pump collectively defines the activities that are conducted to build excitement and create demand for your product before it is generally available to buyers. You can prime the pump no matter how large or small your company or the size of your budget.
The timing of your launch event may be predetermined by a key industry trade show or other major event. Whatever the case, as you go through your launch planning process, identify the times and locations that afford maximum leverage.
Actually, there’s also the 7th secret of a winning product launch —— find a professional PR company to support you. Scan the QR code below to find one: