Joining us for today’s show is Christopher Bray, the Senior Vice President, and GM for Cylance. Christopher has successfully launched products across multiple organizations and is the top revenue leader to speak on the topic of Go-to-Market new product launch.
Mike answers questions out of SBI’s How to Make Your Number in 2018 PDF Workbook to provide an in-depth view into how the top revenue leaders guide Go-to-Market new product launches. To follow along flip to the Corporate Strategy section and flip to the Go-to-Market area found on pages 80 – 93.
Today we are going to demonstrate how to Go-to-Market with a new product. We will cover the topics of sufficiently covering your markets, selecting and optimizing your sales channels, and finally, pricing and packaging your products correctly. If you prefer to watch the interview in HD video on SBI TV, click here.
Why are these such important topics? Traditional routes to market are being replaced with innovative ways to reach customers. So, evaluating whether you have the right channels in place for a new product launch is vital for driving revenue growth. Revenue growth driven by products that create new markets, attract new customers, and convince customers to buy more is the most valuable type of revenue growth. Download the full interview transcript in a MS Word document here.
The first segment will seek to answer the question: How do you evaluate whether you have the right channels in place for a new product launch? Christopher provides examples of when he launched a new product and added new channels, and when he used an innovative route to market that gave him an advantage and resulted in a substantial revenue lift.
Christopher outlines, in the second segment, how to package your new products to differentiate yourself from the competition. Christopher goes on to advise the audience on how to identify and validate the true points of differentiation in your product, and how to bring that product differentiation to life.
The final segment of the show describes how to avoid these pricing mistakes when launching a new product. Price your products in a way that does not scale with customer growth and this will result in revenue leakage. Price your products in a way that is difficult for your sales channels to explain the change to your customers and watch your sales steadily decline.
Christopher details his approach to determining the right pricing strategy for a product launch, pricing at different levels to different customer segments, and equipping the sales force with value-based messaging and negotiation strategies to defend the price point.
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 are set-up for success in 2018