Blog 98: Best practices for product launch strategy
- Idea2Product2Business Team
- Sep 2, 2024
- 2 min read
The main objective of a product launch strategy is to accelerate and scale product adoption once launched. In other words, this strategy is to take the product through the four stages of the marketing funnel i.e., awareness, interest, desire, and action. Refer blog 42 for more on marketing funnel. This blog highlights the best practices for product launch strategy.
A. Elements of a product launch strategy
1. Market research: Leverage the analysis done on industry, target audience, market trends, user personas, customer needs & journey, and competitive landscape.
(some prior blogs to refer, blog 47: Product positioning; blog 77: Identify the target market; blog 78: Types of customer segmentation; blog 16: Customer journey maps; blog 14: user personas; blog 12: Industry landscape; blog 13: Competitor review; blog 62: Competitive advantage and business moat; blog 9: business model canvas; blog 48: Product repositioning).
2. Value proposition: Tell why the product is unique (strategic positioning) compared to why better (refer blog 33: Strategic positioning, tell why the product is unique).
3. Launch plan: Create a detailed tactical plan with respect to marketing channels, promotions, pricing, and communication strategies.
(some prior blogs to refer, blog 54: Customer acquisition channels; blog 92: Personalised experience for customers; blog 89: Pricing models). Set up timelines for each phase of the launch (pre-launch, launch event, post-launch).
4. Metrics: Establish key performance indicators (KPIs) to measure the success of the product launch. Define specific goals related to sales, customer acquisition, brand awareness, and other relevant metrics.
B. Elements of a post-product launch strategy
The post-product launch strategy phase is crucial for continued success. During this stage we must:
· Gather feedback to identify areas for improvement & iteratively enhance product.
· Maintain marketing efforts to keep the product in spotlight, share success stories.
· Provide customer support to address issues.
· Engage with customers through various channels to build loyalty.
· Monitor key performance indicators.
· Stay on top of market changes, industry trends, and competitor initiatives.
· Build a community (forums, social media, or other platforms).
· Explore opportunities for product extensions, new features, or entry into new markets.
· Collaborate and partner with other businesses or influencers for business benefits.
· Reassess product’s pricing strategy and positioning. If required, reposition product.
· Uphold the long-term vision for the product (continue to innovate and evolve).
Refer to blog 99 for 4 types of risks; 2 types of product failures; what should we do after our product fails; how can we reduce the probability of product failures.
Jump to blog 100 to refer to the overall product management mind map.
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I wish you the best for your journey. 😊