As the world around us is in a constant state of change, we need to evolve our products and services, or risk becoming irrelevant. Every now and again, this may require you to launch a new product...
Here are 7 questions to ask with your team, in order to give your new product launch the best chance of success.
Are you planning on launching a new product?
If you are, I suggest you make sure
you've asked these seven questions
before you start.
What is it that we're launching?
It sounds obvious,
but can you clearly articulate what it is,
what problem it is solving
for your customers,
or how your product
will make their lives better?
Just because you love your new idea,
it doesn't mean the world will get it.
And remember, people don't buy the best
products or services,
they buy the ones that they can understand the fastest.
Why are we launching?
Does your product
really solve a problem
that your customers have?
Or is it a knee-jerk response,
because what you were doing is no longer relevant?
Dig into to the reasons why
your customers need this specific product or service.
Really think deeply about that. And question it.
What are their frustrations?
Will they actually part with money
to resolve those frustrations
based on what you're offering now?
If your answers here are unclear,
you got to ask yourself the question
"Should you be launching a new product at all?"
Who is your target audience?
How do you define your ideal customer profile?
Have you considered their current reality,
in light of the current market dynamics?
We're starting to emerge
from a post-COVID lockdown.
This has, most likely, impacted
exactly what their wants and needs are.
So you really need to consider that.
Once you're clear on that,
invest in time to adapt your messaging accordingly.
Because if you start to
push a new product launch, spending marketing dollars
without a clear message,
You risk a failed product launch,
or a lot of wasted money.
In essence, your message just won't resonate
with your target audience.
Who are your internal stakeholders
as it relates to this product launch?
A surefire way to undermine your product,
your product launch,
is failing to consider who needs to be part
of that launch team.
One thing you can use here,
a great tool I've used in the past,
is called a RACI matrix.
This is basically a visual project plan
that identifies who is responsible,
who is accountable,
who should be considered and consulted,
and who should be informed.
Google it if you want to get a copy,
or find them online.
When are we launching?
Again, this is another obvious one.
But don't underestimate the impact
of failing to consider your specific launch date.
You want to schedule that day
and reverse-engineer your project plan.
And make sure
it doesn't coincide with any external events
or dates for key personnel.
What is the competitive landscape?
check your competitor's website, their social media.
Are they doing anything specific,
and does your new launch stand out in comparison?
Are there any dependencies or risks?
Have a conversation with your team.
Even the best-laid plans
will hit bumps in the road.
And you'll be far better prepared
to overcome them if you considered them in advance.
Now, this isn't a conclusive list
but if you answer these questions as a team,
you're far more likely to succeed.