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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.

 

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?

     

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 2017.  Since 2006, executive leadership teams have counted on SBI’s flagship publication to help them create the annual operating plan for the sales and marketing team, including new product launches.