How to successfully bring new products to market
A product launch will not guarantee the success of a product. A good launch cannot overcome a flawed product. However, if you’ve developed a competitive product that meets a need and is a solution of value and you can create a believable and ownable position in the market, then you’re ready to invest in a product launch strategy and plan.
As you begin to develop your product launch strategy, answers to the below questions will help you better develop your approach:
- Why is this product important to your business, to your customers and to your market?
- What role does this product play in your business? For example, does it fill a gap, make you more competitive or meet a specific customer requirement?
- How is this product better AND different from competitive offerings? Is the magnitude only incremental or is it significant?
- What constitutes success for this product and in what time frame? Think beyond revenue to such measures as category ownership or position, brand preference, customer expansion.
- How will you measure the success of your launch? Of course, the primary goal of the launch is to close deals. A well-executed launch should improve velocity; therefore, consider measures such as the rate of product adoption, and your inquiry and quote rates as measures of launch success. Take five attributes such as product complexity, compatibility, relative advantage, observability and trialability when establishing product adoption rate targets and time frames.
Keep in mind that the launch and product are separate efforts and therefore need their own measures. Also, different products need different types of launches.
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