How do you plan your birthday party? No it’s not irrelevant.
Your product launch involves the same preparation, except its more serious job as it involves your loads of money and effort to build it. Just like a newborn baby.
So, you need to plan your product launch date, type of party, and your guest lists prior, along with all the invitees' preferences which shall be accomplished through your product.
Also, to avoid a situation where no one shows up to your party, you need to do a lot to communicate what your product can do effectively.
Here’s what, how, and when to plan your product launch to ensure a memorable product launch party.
Who Is Your Product’s Target Audience?
Of Course your product has been developed because there exists a target audience for it which can generate a constant product demand as it serves the customers jobs in a better way. But, you need to understand the target audience in detail to make your product launch successful – more target audience buys and gets satisfied with the product service delivery.
Your target market research should include a prediction of the number of customers per month, purchasing capacity, jobs to be done for your customers, customer buying cycle, post-job satisfaction demand, etc. metrics, which can determine your product launch timeline, and other details.
Also, your product positioning statement should be most convincing and clear while delivering the message. You need to include certain components in your product message, in just one sentence.
- Pricing
- Product features
- Competitive advantages
- Brand value
- Customer-centric solutions
What Is Your Product Launch Approach?
For creating a successful product launch you need to answer these questions positively and realistically.
- Is your product serving a new need or an existing job in a better way?
- How appealing is your product to your customers or target market?
- How will you manage your resources for product launch?
- How much are you prepared to launch your product?
According to the answers, you can schedule a soft launch or a feature based launch or a full-scale launch.
A soft launch is less risky, but misses out a lot of profits as you first test your target market for the readiness of your product. After collecting feedback and improving your product around it you can launch your product successfully.
With a feature-based launch you can launch the full feature of your product, which is the most confident part of your product. Instead of launching full scale products, this approach helps in tapping the specific customer jobs-to-be-done for successful market acceptance.
For a full-scale product launch, your product needs to be completely ready with the improved solutions based on the customer feedback.
When To Do Product Launch?
As a product manager, you need to have a successful launch party by prioritising these important checkpoints:
- Product message finalisation
- Getting creative with design elements and sales deck with your product message
- Sorting out email and social posts campaigns, along with technical blogs with examples.
- Prepare your press announcements, webinars, or podcasts
- Work out paid ad campaigns online
Conclusion
Finally, you understand what, how, and who makes the product launch successful. There needs to be proper planning for who controls the product launch factors, including both product people and external channels, and then what is your approach to the product launch. Finally, you need to decide the timeline of your product launch in a phased manner.
