product management essentials- successful product launches
DESCRIPTION
Product launches represent excellent revenue and profitability for a company. Most launches fail due to lack of communication, message and expectations. Let's change that! This presentation explores time-honored techniques to improve the success rate for your new products and services.TRANSCRIPT
Mission ImpossibleSuccessful Product Launches
November 11, 2013
A Quick Definition
We’ll refer to ‘Product Launch’ as the introduction of a new product to it’s market.
The following content can also be applied to a new ‘service’.
We’ll stick with ‘product’ for simplicity.
Why is a launch so important?
Increased Revenues
and Profitability
Increased Brand
Equity and Awareness
Incredible competitio
n these days
Low barriers to
entry
Product Launch OpinionsNo shortage here….
Cautionary Tales
More than 75% of product launches do not succeed1
Number one reason- Poor Planning and
Lack of Preparation
Often afterthoughts.
Completed with limited budgets/
timeframes
No one has been chosen to
oversee the launch
1Harvard Business Review. April 2011.
Common Launch Assumptions
There is a budget
There is time to create and execute the
plan
Business fundamentals
have been observed
Salespeople have been
messaged and trained
And so on…
A Successful Launch is Not Impossible
Plan Implement Communicate Follow Through
Four easy steps will get you there
Have the business fundamentals been
observed?
What is the launch budget and timeline?
Is the right infrastructure in
place?… and so on
Ask the Right Questions!
Plan
What’s the Word?
Expectations
• Just Revenues?• Reach, A New
Market?• Awareness?
Who is (the executive) in charge of the
launch?
What is the project
manager’s role?
What are the expectations of the launch
Have you been called upon to do
the impossible?
Plan
The PM’s Role
You have to ‘manage the message’ way beyond just marketing statements
You are responsible for making sure all the unseen parts of the plan are executed on schedule and within budget
The project manager is central to the successful launch
Product Launches are not just glamorous affairs seen by the public.› They go way beyond marketing› Everything from infrastructure to messaging and
product training must be addressed and accounted for
› Planning is the most critical factor› The company reputation and profitability are
at stake Plan
Plan the Work, Work the Plan
The Project Plan
› The launch plan must be accommodated well in advance. Time and budget for this activity is as important as the product’s development
› Without resources the launch will fizzle. Plan your resources accordingly!
› A ninety day pre-launch plan works really well
Plan
The Basic Timeline90 Days Prior Post-Launch30 Days Prior60 Days Prior
Project on Track?Management- Updates- ApprovalsSales/Marketing- Start Message- Internal/External- Product Descriptions- Establish Pricing- Marketing CollateralFinance- Pricing ApprovalsLegal - Major Issues?- Contracts in progress- Trademarks- ClaimsOperations- Infrastructure NeedsDevelopment- Delays- Issues
Is the Launch Successful?Management- UpdatesSales/Marketing- PromotionsFinance- Revenues and ProfitsLegal- Contracts- TermsOperations- Bandwidth- Capacity AdjustmentsDevelopment- Feedback - Updates- Features/FunctionsLessons Learned
Project on Track?Management- Updates- ApprovalsSales/Marketing- Company Brief- Messages Approved- Collateral Complete- Press ReleaseFinance- Forecasts ApprovedLegal- Final issues- Wording- Contracts- Pricing- Regulatory- TrademarksOperations- Infrastructure in PlaceDevelopment- Product Handoff
Project on Track?
Management- Update- ApprovalsSales/Marketing- MessagingFinance- Pricing ApprovalsLegal- Trademarks- Claims- ContractsOperations- Infrastructure UpdatesDevelopment- Any Big Issues?
Create Expectations
› Here’s where a launch roadmap and discussion with marketing and management will help› Has a plan been developed?› Is the plan sensible?› Can it be done in a reasonable amount of time?› Does the right budget exist?› Are the right ‘metrics’ in place?
Communicate Implement
Who’s InvolvedManagement
Sales and Marketing
Operations
Development
Legal
Finance
Management› Let’s be honest, management isn’t always
thinking about product launches, so:› At the very least make your management team
aware of what is going on› If you can get an executive-level launch
champion, all the better› A weekly email summary is useful
Communicate Implement
Sales and Marketing
› Again let’s be honest, S/M may be looking at other priorities
› So let’s make sure that they think about the launch message
› And Promotions › And Packaging› And Press Releases› And Pricing! Communicate Implement
Sales and Marketing- Price› Establish Pricing
› Does it meet corporate guidelines?› Has the pricing been approved?› Are there approved discounts (if any)?
› Make available sales projections› Approved Promotions› Pricing will affect your profitability!
Communicate Implement
More Sales and Marketing› And Social Media› And the Website› And Literature› Software manuals up-to-date› Training program established
› For your internal staff› And your customers
› And anything else unique to your product, like …
Communicate Implement
Even More Sales and Marketing
› Partnerships- corporate partners aware of the launch and their role in it.
› Partnership promos- Have the right product/sales promotions (if any) been approved?
› Is the right messaging in place?
Communicate Implement
IT and Tech Support› Make you tech support team aware of relevant
changes like:› Upgrade Pricing and Policies› Upgrade Pricing› System requirements and version support› New features and functions› Known issues
› And any additional IT requirements! Communicate Implement
LegalMUST be involved› Contract changes› Product ‘claims’› Particular launch limitations (language used)› Regulatory issues› Changes to warranties and terms of service› Relationship with Partners› Export Regulations
Communicate Implement
Finance/Accounting› Aware of product launch budget› Aware of pricing, upgrade and return policies› Aware of discount policy› Aware of forecasts› Create part numbers/SKU’s and product decriptions if
necessary› Product descriptions are ready to go
Communicate Implement
Operations› Is the product quoted? › Will product be shipped, downloaded?› How to order new inventory› How much inventory to keep on hand
› This is important as it affects corporate profitability
› Does the right support infrastructure
exist?Communicate Implement
Development› Common understanding of ‘what done looks like’› Proper signoffs and product handoffs› Development rarely sees eye to eye with Marketing.
› It’s important to keep these folks aware of implications› It’s also important that they are
acknowledged for the product they have just created
Communicate Implement
Follow Through
Follow Through
Success must be monitored› Can the employees relay the message?› Do extra promotions need to be created?› And are existing promotions effective?› Are leads distributed?› Are sales coming in?› Is Social Media effective?› Infrastructure holding up?
Follow ThroughCommunicate
Lessons Learned
› What worked and didn’t› What experience can be used for the next launch?
The successful product launch is not impossible!
Follow ThroughCommunicate
The Mission Impossible Launch Code
“A Roman general, in the time of Caesar had a motto, “If it is possible, it is done. If it is impossible, it will be done. And that ladies and gentlemen is what I live by.”
- Evel Knievel
