Tell stories that compel your customers to act by answering the key question, Why change?

The fruits of all the product labor are realized at the launch step. How can you ensure you have a successful launch that delivers on business objectives? There are a few steps you can take to ensure all goes smoothly and you hit your revenue growth objectives.

 

Product launches fail to generate revenue when new product launches are not well thought out. You must be able to tell a story that compels your customers to act by answering the key question, “why change?” If you need help determining if your next new product launch is going to succeed, download our workbook, How to Make Your Number in 2018  Workbook. Turn to the Product Strategy section and flip to the Product and Messaging Phase beginning on page 137.  Answer the question in the workbook to assess your chances of success. 

 

Step 1 – Messaging

 

It’s critical to communicate the value of your products, and why prospects should want to buy your product over the competition.

 

You can’t expect buyers to determine the value of the product. Instead, you must spur action with compelling value propositions on how your product solves problems. Otherwise, chances are your buyers won’t budge.

 

Some questions to ask yourself here include:

 

  • How does the product uniquely solve problems in the marketplace?
  • How do you communicate buyer value for your product?
  • How have you made use of personas in the development of the value proposition?

     

Step 2 – Launch Plan 

 

Next, you must ensure the organization is prepared to take the new product to market. No one cares more about your product launch than you do. But that doesn’t mean the rest of the organization is ready. Without this preparation step, the chances for success go down dramatically.

 

Instead, ensure you are prepared company-wide by asking questions such as:

 

  • What are your launch goals?
  • Who are the initial set of target customers?
  • What are our launch strategies: land and expand, replacement, migration, upgrade, etc.?
  • What are the launch risks?
  • What does sales, service, and finance need to do to prepare for launch?
  • How do we measure and respond to successes/failures?

     

Step 3 – Execution 

 

The finals step is ensuring your launch plan is executed and achieves the product’s business objectives. All the planning and development in the world cannot overcome poor execution. Unfortunately new initiatives can die easily, as do new products. You need a sustained effort to overcome organizational and customer inclination to revert to old products.

 

Some questions to ask yourself here include:

 

  • What are the time objectives for our product launch?
  • How do we measure progress against our launch objectives?
  • How do we develop the product content needed to enable the sales and marketing teams?
  • What should our training program include to build the necessary product skills and knowledge?
  • How are we agile in our approach to launch execution?

     

Have expectations gone up and left you wondering if you have the right strategies to support your revenue growth goals? Here is an interactive tool that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate your Sales Strategy against SBI’s emerging best practices to find out if:

 

  • Your revenue goal is realistic
  • You will earn your bonus
  • You will keep your job

     

Sales Revenue Growth

ABOUT THE AUTHOR

Barry Somervell

Leverages public and private executive leadership experience with academic disciplines to develop emerging best practices that help B2B companies make their revenue number.

Barry is an experienced leader with a strong history of success in strategy and execution plans for private equity backed startups and transformations for Fortune 500 Public companies.

 

Prior to SBI, he held executive sales and development positions with HealthSouth, EDG Partners, Kindred Healthcare, and Tenet Healthcare.  Most recently Barry was the Senior Vice President of Strategy and Development for AdCare Health Systems.

 

Engaging people to bring ideas to life is his goal in every project. Gathering the real issues for sales team and developing a solution that meets their needs is what helps Barry achieve great success for his clients.

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