The problem in this scenario is that a successful product launch isn’t an event where appetizers, entrees, and desserts are chosen from a fixed menu. What’s needed is a product launch process where the items on the menu are revealed based on the goals of the launch.
The Repeatable Product Launch Process delivered in the Pragmatic Marketing Product Launch Essentials seminar is one such process. Over the next few posts I will share the highlights of the methodology. If you lack a product launch process in your organization, the Repeatable Product Launch Process is a good starting point.
Repeatable Product Launch Process
The methodology is comprised of four phases. Each phase consists of two steps. The Repeatable Product Launch Process is a strategic approach to product launch that is based on achieving an outcome rather than producing a set of deliverables.
Organize Phase
Like any successful project a product launch needs to be anchored in goals. What do you want to accomplish with this product launch? Is it a revenue goal? Is is a customer retention goal? Are you entering a new market segment and are more concerned with awareness?
A clear product launch goal not only defines success, it aligns the entire product launch team. Hint: a goal of ‘sell as much as we can’ is not a goal, it’s a wish.
Once you have an agreement with your manager on the product launch goals it’s time to choose the launch strategies that will help you achieve the launch goals. The choice of the plural ‘launch strategies’ wasn’t a typo. In any given segment there are different buying groups that must be considered. These include our customers and those that are shopping right now to name a few.
For example, you may have a six month product launch revenue goal of $5M. The product is a new version of an existing product. You expect the bulk of the revenue to come from your installed base and the remainder to come from net new customers. Can you see how having a singular approach wouldn’t adequately serve both buying groups?
At the completion of the Organize Phase you would have established clear product launch goals and identified the product launch strategies to help you achieve those goals.
Next: Evaluate Phase
In the next installment I’ll discuss how the Evaluate Phase adds a sanity check to your launch goals and helps you reveal your organization’s product launch readiness weaknesses.
