Every year, over 30,000 new products are introduced to the market — but around 95% of them fail. Show
As markets become saturated with similar products and services, it’s increasingly difficult for new offerings to make an impact. Most fall at the first hurdle due to not having a solid product launch plan, while others fail to position themselves well enough for prospective customers. For product managers, then, the question is: how do you create compelling products that offer value to your customers and ensure you stand out in a highly competitive market? In this guide, you’ll find out what types of product launches there are, what product launch strategy is, and how you can use our template and checklist to get your product ready to go. Free eBook: 16 research methods to maximize product success What is a product launch?A product launch is a coordinated effort to bring a new solution to the market. The goal? To build excitement for and awareness of your product. Product launches involve several teams, including the sales team, the customer support team, product teams, product marketing, event management, and even managers. Each team aligns and works together to maximize launch potential — building anticipation, interest, brand recognition, and momentum in the process. Some product launches are more memorable and successful than others. When Apple releases a new iPhone, for example, they distribute several press releases and stories before unveiling the new design at their annual conference. This creates so much excitement and hype that would-be users queue overnight at retail stores to get the device. A successful product launch not only leads to greater interest and sustained sales-generated revenue, but it can also boost your other products if they’re bundled into launch packages. A failed product launch can result in more than lost sales opportunities: it can create a bad impression of your brand as a whole and provide little to no return on your investment. When should you think about a product launch?Before getting to the product launch stage, most product development teams go through a few stages: ideation, product concepts, and testing. They then work with marketing teams and sales teams to come up with a product launch strategy for release. This includes: Identifying unmet needs
Ideation and brainstorming
Concept testing
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Launch readiness
eBook: 12 business decisions you can optimize with conjoint analysis Now let’s look at what’s included in a project launch plan and then move on to the three types of product launch. What is included in a product launch?There are five key parts to a product launch plan:
What are the three types of product launch events?You can choose from three types of launch events, each having its benefits:
Defining your product launch strategyTo ensure the success of your product launch, you need a document that outlines key objectives, activities, goals, performance indicators, teams, and responsibilities (this includes everything mentioned thus far). By having a clear product launch plan, you ensure that your teams are on the same page, aligned, and ready to do their part. You should also consider documenting post-launch activities, such as customer support, training (where necessary), and continuous improvement of the product. To help you, we’ve put together a brief template below. By filling in this launch template, you can formulate the skeleton of your plan. Product launch templateTo get you started, here’s our easy product launch template for your product launch planning. Just fill in the sections below in as much detail as you can. The product:
The customer:
The goals:
The launch event:
The timeline and milestones of the product launch:
The product marketing and communications plan:
After filling out the document, create a concise summary to share with executives. This will provide them with a high-level overview of your project and the main elements, such as key messages, goals, metrics to monitor, and requirements for the product launch. This document is also useful for those who want to get up-to-speed with a project quickly and don’t necessarily need to know the details of each operation. Examples of successful product launches in different industriesUnder Armour (performance sports clothing brand)To support the launch of the HOVR Infinite shoe, Under Armour wanted to scale its product testing to get actionable insights, faster. The problem was that Under Armour only had 100 product testers and they didn’t have enough representation across the countries it operated in. With a centralized directory on the Qualtrics platform, Under Armour quickly went from about 100 product testers to over 10,000 and had greater representation across the globe. This helped shorten the feedback loop, enabling Under Armour to conduct more rounds of testing than ever before and refine the HOVR cushioning platform quickly. The testing helped make a product that professional runners were praising in glowing terms. Within weeks of its product launch to the public, the HOVR Infinite received a 2019 Runner’s World Recommendation Award. Read more YamahaWhen you want your products to be as innovative as the artists who use them, you need an insight platform that’s fast and flexible enough to put the customer’s voice into every step of your product launch process. Using Qualtrics, Yamaha runs hundreds of quick-turn studies during product development to ensure they catch potential product misfires before prototypes hit the development floor — or the finished product goes to market. They use Qualtrics’ survey capabilities to survey customers, receiving rich, detailed feedback and insight in a matter of hours — something that might’ve taken a week or more to deploy and discuss internally. Now, they’re able to conduct projects and continue producing amazing products with incredibly fast turnaround times. Read more Want to see some more examples?Read how working with Qualtrics helped:
Finally, your launch checklist — a great way to ensure you’ve ticked all the boxes. Product launch checklistHave those examples got your creative juices flowing? We hope so! Before the big day, cover your bases by using this product launch checklist:
How can Qualtrics help?Having the right system in place can mean the difference between a successful product launch or a failure. With an all-in-one system of action for product concept testing, market research, panel management, segmentation, and more — your product management team has everything they need to ideate, test, create, improve and deliver successful products. Here are just a few things you can do using Qualtrics’ solutions:
And you can go a step further using Qualtrics Design XM™ — our solution that offers:
It’s not just about creating great products. It’s about creating great experiences to go with them. If you want to find out more about how Qualtrics Design XM™ can benefit your product team, pre-launch, during, and post-launch, why not sign up for a free, personalized demo? Just click on the link below! What is the primary goal of media relations strategies?These 3 objectives include building relationships, raising awareness, and ultimately growing sales as a result. Let's dive into each of these and learn more about how you can implement them to successfully launch a media relations campaign.
Which of the following is an event created for the sole purpose of getting media coverage?pseudo-event, an event produced by a communicator with the sole purpose of generating media attention and publicity. These events lack real news value but still become the subject of media coverage. In short, pseudo-events are a public relations tactic.
What is the most important skill needed to be an effective PR professional group of answer choices?Communication
More than any other skill, communication is the one you will use every day when working in this field. You must be able to communicate your thoughts clearly and be an excellent listener. As a public relations specialist, you also need to be socially aware while communicating.
What is a characteristic of an effective pitch PR?Always keep your communications helpful and positive, and offer to be an expert source for future stories. The best PR pitches are super clear; when there is no confusion about who you are, what you do and how you can help, you will no doubt make a positive impression.
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