What is a Product Launch?
A product launch is a planned effort to launch a product into the market. The main aim of a Product Launch is to bring the product to the customers and, possibly, grab some sales momentum.
It also helps an organization gather anticipation for the product among the audience and create some recognition for it. An ineffective launch could lead to confusion among the users and create a bad impression for the product, which would ultimately hamper your chances of achieving your goals.
Launching a product correctly is just as important as developing a good product. The product launch is not just an event, it is a process starting from the stages of preparation to the final execution and even goes on post-launch.
Things to consider during a Product Launch
The first thing to keep in mind is to always allow sufficient time for a Product Launch. A product may be complex and could involve multiple departments hence would require at least 3-4 months for preparation of the launch. The teams need to establish a strategic approach and highlight the feasible goals for the launch.
The departments should check that the team strictly follows the path defined in the project roadmap and does not deviate from it.
After this, the marketing team needs to update the USP of the product highlighting the features of the product according to the user’s needs. Parallelly, they must also start planning for the launch event as well.
Next, the sales team will work on the marketing team strategy and identify the sources which could generate the prime leads. Simultaneously, the customer support team will put vital information regarding the product out in the market and prepare to answer any user inquiries.
The teams should also perform a risk analysis before the product launch. Addressing the biggest pitfalls that the product could find itself in and determining the solution for it is essential for the product’s success.
Once all the teams are on the same page, they can work together to figure out the approach post-launch and gather user feedback on the product.
What does a successful product launch look like?
A successful launch requires the product to be perfectly aligned with the user’s requirements and expectations. The customer must also be able to easily get the product after launch.
The best indicator of any product’s success is its sales. However, the team should establish various metrics to evaluate success during the preparation phase of the launch. These metrics should be strictly adhered to while analyzing the impact of the product on the market.
The team should review all the goals they set for the product and then analyze whether they achieved all of them. They must also ponder upon any improvements that they feel could be made in the process.
Whenever a product does well in the market, it highlights the strong company mindset, the collaborative nature of the departments, and increases the overall brand value of the organization.
Ideally, the product should be launched as soon as it is ready and given a go-ahead by all the teams. The later you schedule the launch, the more chances are of the excitement around it dying down.
Product Launch strategy defines the several stages of the launch including development, testing, goal setting, exciting building, and finally the launch event. It outlines a coordinated effort among all the departments to enable a successful launch.