This post describes the fifth phase in the Optimal Product Process: Launch. Download the entire Optimal Product Process E-Book 3.0: CLICK HERE
Breaking the “If we build it, they will come” fallacy:
Once a product is released it rapidly becomes old news. Oftentimes, great new products are given no chance to succeed because the company isn’t realistic about what it takes to do an adequate product launch.
After qualifying the product to ensure that it meets appropriate standards, and that it will be embraced by customers and the market, a company then officially launches the new product (or an updated version for existing products) into the marketplace. A successful launch allows the company to generate interest in the new product. Once a product is released it rapidly becomes old news. Companies work closely with their channels and other partners to successfully introduce, sell and create competitive arguments against other companies and products.
A company without a specified launch plan and process will rarely meet its initial or long-term revenue goals (unless they get incredibly lucky). This is one of the biggest pitfalls in the technology market: engineering-driven companies believe that because they build it that the industry will magically become aware and be willing to buy it. At 280 Group we are constantly amazed at the amount of money spent to develop great new products that are then given no chance to succeed because the company isn’t realistic about what it takes to do an adequate product launch.
Overview of the Launch Phase
Release product, gather feedback, finish the on-going marketing plan for your product as part of overall company activities, perform launch review
Ongoing marketing plan, launch review document
Executing launch and marketing programs, collecting product, marketing and sales data
Decision at The Gate
Is the company ready to begin the maximize phase and spend additional dollars and resources to achieve the revenue, profit and strategic goals for the product? What worked and didn’t during the launch? Were projected sales results achieved? If not, why not? What changes need to be made to the marketing plan? What product changes should be fed back to the product development team?
Download The Optimal Product Process E-Book 3.0
This book describes the seven phases of the Optimal Product Process: Conceive, Plan, Develop, Qualify, Launch, Maximize and Retire. It also covers the roles, responsibilities, tasks and documents associated with each phase. The Optimal Product Process is built on the worldwide-standard Association of International Product Marketing and Management (AIPMM) seven-phase framework. The seven-phase framework defines the Product Lifecycle’s seven phases and corresponding tasks that every product or service encounters from conceive to end-of-life.