Do you know what’s the biggest fear for product managers?
The answer sounds simple but it’s horrible,
“A FAILED PRODUCT LAUNCH”
.
Just imagine the hard work of the Product managers who,along with their team, have worked day and night, but on the very last moment something goes wrong with the product and all goes in vein.
It’s indeed a terrible situation.
Remember Samsung Galaxy Note 7? It was the biggest product failure of the history of Samsung. Right after the phone was launched in August 2016, reports were received about explosions and overheating batteries . According to Times magazine, the situation became so bad that the brand issued a voluntary replacement of devices, and ended up losing $14.3billion in investments.
And do you know what was the root cause of all these loses Samsung incurred?
Improper product development.
So whatever the case may be, either you are about to launch a new product or you are still in the process of developing one, you definitely want to do everything you can to ensure your product launch is successful.
It means you have to plan each and every thing carefully, starting from the product development to the product launch ceremony. You have to be very cautious about everything and have to plan and prepare everything tactically.
So this blog will discuss all those factors that contribute in the successful product launch.
Don’t launch your product without considering the following 11 factors.
1) PROPER PLANNING AND SCHEDULING:
“A goal without plan, Is just a wish”
You cannot exceed anywhere in life without actually defining what you have to do. Planning is one of the most important project management and time management techniques.
Starting from development of the product to its launch , a proper planning is required at every step.
Before you get started with anything, carefully map out the entire process which includes the data gathering and analysis phase, market strategy and program phase and launch planning and implementation phase.
It’s better to map out everything in black and white. Provide your team with a complete chart of product launch plan so that they can be thoroughly prepared.
And yes one more thing, don’t forget to keep on updating your plan according to the situation .
2) PROPER MARKET RESEARCH:
Before starting to think for a product launch, conduct an extensive and thorough market research. It should be the crucial part of your product launch. It will let you know about your target audience, their preferences, and their buying behavior, what your competitor is offering, what’s its market size. In short, collect every information related to your product and its market.
Want to know the best part?
By identifying your USP you can find ways to appeal your target audience.
3) DO Not ANNOUNCE THE LAUNCH DATE TOO EARLY:
We know that your excitement level about the launch of your product is high .
But be cautious!
This excitement may cause you to make hastily decisions .
And what if you face any issues before the launch date? That will be disappointing for your customers. As you will be unable to launch the product on the announced date.
This is not the only reason to avoid announcing launch date too early, you will fail to maintain the hype that you have built, since there is a large gap between the announce date and actual product launch date. So it’s better to set a realistic deadline and announce the expected launch date only when you’re certain that you’ll be able to meet that deadline.
4) INVOLVE EVERYONE AS EARLY AS POSSIBLE:
Don’t envelope your plans in secrecy! Try involving as many technical professionals as you possibly can. The greater the number of experienced people working on your product launch the better.
5) PROPERLY ADDRESS THE PROBLEM:
Newly-launched products are designed as solutions for something. What problem does your product solve? Without understanding the exact problem your newly-launched product can address, you might face some issues in developing an effective promotion strategy. Who is your target audience? What kind of issues do they face? How exactly will your product help people with those issues? You need to have a thorough understanding of all of these elements.
6) DEVELOP A PROPER GROWTH PLAN:
Let’s say the product you have launched, becomes successful.
You are lucky enough!
There is a growing demand for the product but you don’t have enough resources to meet those demands.
You need to be prepared for this fast growth, in order to ensure long-term success of the product.
7) CLEAR AND PERSUASIVE PRODUCT MESSAGING:
A clear and persuasive product message is especially crucial for newly-launched products that are a bit more technical and/or complex. You can create an efficient product message through your product launch plan. This point is connected with the 5th point that is properly addressing the problem. Your marketing, sales, and support team should have a thorough understanding of the product and how it works. This will help them explain the product in a way that your audience will understand
8) SETUP A FIX BUDGET FOR PRODUCT LAUNCH:
It will be my suggestion; do not spend too much on product launch. Make a proper budget for it and keep a strict eye on it. Though you want to make your product launch a splash, but that really does not mean that you spend your entire budget over it.
Remember, newly launched product requires ongoing support to ensure that they succeed in the long run.
9) PRE LAUNCH TESTING AND FEEDBACK:
Don’t be over confident about your product. . It can ditch you.
Just as Windows 98, which crashed at the moment when it’s launched.
So it’s better to use beta tester and pre launch users. They give you better insight into, what you product is lacking, forming a valuable part of your product launch plan.
You can also introduce a prototype of your product to some of your target audience. This will help you to check how it work.
10) CREATE A SUPPORT AND FEEDBACK PLATFORM:
Launching product without support and feedback process is just like throwing product at the face of customer harshly.
This sounds really unethical.
Do not just launch product, get reviews and feedback from your customer. For this purpose create and feedback process.
And what if they face any difficulty or issue in handling the newly launched product. They need your assistance to resolve this issue.
So for this purpose creating a support and feedback process should be part of your product launch plan. This will create a good perception about you in the mind of consumer..
11) AVOID EXAGGERATING ABOUT YOUR PRODUCT:
When you are launching your new product it’s best to stay away from exaggeration. If the product doesn’t meet the high hopes of your customers it might affect its sales. To me this is a very important factor, it should be the part of your marketing product launch plan. Your marketing and sales teams should help you find the right balance between building hype and setting realistic expectations for the product.
WRAPPING UP!
Apart from these 11 factors there are other factors too that are of immense importance
Just by following all the above mention factors. I can guarantee you a fail proof product launch.
Good luck !