You can probably provide a guess of when you think a launch starts, but when does it end? Product launching is about gaining momentum through sales velocity. Does a news release create momentum? Sometimes. Does a tweet create momentum? Possibly.
Are you ending your launch too soon?
Planning a successful launch starts much sooner than the completion of the product. It will include a launch date – the date at which a public announcement is made that you are officially selling the product. If you think you’re done at that point you would be mistaken. You’ve only just begun.
Considerations after the launch date
What are some of the things you should be thinking about after the launch date? Below are a few of the important ones presuming you’ve done your market research and are introducing a product that solves a problem that is pervasive, urgent and buyers are willing to pay to solve.
Your product launch plan should include a summary of competitors and how you expect them to respond to the threat of your new product launch. In addition to the competitors you know will be the competitors you don’t know. Put a system in place to identify new threats, evaluate them and provide a response to the sales channel.
Sales enablement effectiveness
Sales readiness must be a cornerstone of your product launch plan if you are selling a product where humans are involved in the transaction. The most important goal of this training isn’t about the product, it’s getting salespeople to believe they can make quota with your product and is conducted before the launch date. Monitor the effectiveness of your sales enablement training after the launch date.
There should be a direct relationship between the launch and growth in the pipeline – otherwise what’s the point? If you have a new product launch, the data to know how many qualified leads are needed to result in a sale may not yet be known. Now is the time to monitor and adjust, not when sales is complaining.
How long is long enough?
The duration of your product launch window is a reflection of the market you’re selling into and the nature of the buying process. A product with a very short buying cycle will reveal the state of your post launch sales velocity much quicker than a complex product with an 18 months buying cycle.
Are you establishing a long enough launch window to know what’s working and what’s not?
Have you been cutting your launch results short?