What exactly is a Product Launch Strategy? A product launch strategy is a written description of plans, activities, processes, and tactics a business uses to launch its new product in the marketplace.
The product launch strategy also includes detailed beta testing program, pre-launch customer onboarding program, and post-launching market research. A product launch strategy also provides marketing inputs to the company’s future product releases.
The steps in developing a product launch marketing plan are fivefold.
The planning stage includes a thorough analysis of product development requirements, financial modeling, target and audience demographic research, and business development strategies. In the development stage, the focus is on conceptualizing a unique product or concept. In the marketing stage, the focus remains on building a product launch document that will effectively represent the company and attract the most customers. Next, in the development process, the team begins to define and create the product design and will work out a production schedule. Finally, once the product is ready for beta testing, it goes into the testing phase where the team will determine if it meets the product launch requirements and whether or not to launch it.
During the testing phase, the team will focus on fulfilling product testing goals and objectives. They will identify and eliminate any challenges or areas that require adjustments. The team will also conduct market surveys to understand customer perception of the product launch, as well as data driven from current and prospective customers. It is at this point, when the marketing strategy would be implemented. The marketing strategy would include such things as distribution to key demographic markets, promotional activities, product features and benefits, launch date and time, and post-launch activities.
The marketing team would then come up with a plan of action. In some instances, it can involve the hiring of a firm that specializes in strategic marketing. There are a number of advantages in working with a marketing team. First, it can help leverage existing customer base, especially when launching new products. Since the marketing team has already analyzed the customer profile, they will know what features and benefits of the new product offers. In addition, by having a team that has successfully launched similar products in the past, they have a wealth of knowledge of what works and what doesn’t.
Product marketing teams usually operate as part of a larger team, often with departments that concentrate on different aspects of product development. Within the larger product development team, there may be one or more product development departments. These departments would include designers, engineers, marketers, distributors, manufacturers, suppliers, and contract manufacturers. In some cases, there could even be a whole division of marketing teams. The marketing teams typically collaborate with the other departments so that the department needs are met in full coordination.
The planning process of the launch of a new product begins almost as soon as a decision is made to proceed with the marketing of the product.
A good product launch marketing strategy will start out by defining the purpose of the new product. It is common for executives to want to meet with their customers early so that they can clearly communicate their expectations. This enables the company to better understand its competitors’ motivations for launching their new product, which allows it to craft an appropriate counter strategy.
Next, the marketing team will work out a time and place for the grand launch. They will want to make sure that this meeting is done well.
They will also want to make sure that they have covered all of the important milestones such as beta testing, market research, cost and financial analysis, legal considerations, distribution, payment models and supply chain management. If a product launch date is known, the company can set aside time to finalize all of the elements of the planned launch. The date is an important part of the marketing plan because it gives everyone the chance to plan and prepare.
At the time that the product team meets to discuss the new product, the marketing teams should already be in place and operational. These teams should be in place before the actual launch date. The marketing teams should also be available to collaborate with each other on strategies for building brand awareness as well as collaborate with other parts of the company. The final product team may collaborate with one another or attempt to perform each task individually.