Written by Launching new products is one of the most important undertakings of most companies. Many organizations repeat the mistakes of the past because they tend to just redo what they have always done. This is not a wise way to approach new product launches if one hopes to be able to have a successful outcome. Doing things differently than in the past will require a re-evaluation of the target market (should it be new or existing customers?), marketing strategy, marketing plan, product launch strategy, and what the critical success factors are. Without doing this, your product launch runs the risk of being just another “me too” approach that will simply fall by the wayside.
The launching of a new product requires a significant effort and your company must have the right tools and templates in place to keep everyone focused and moving congruently in the right direction. That is why, on this website, we have presented you with a creative and comprehensive set of marketing and product launch tools to make it happen.
| Product | Description | Free Preview | Purchase |
| Marketing Strategy Tool | A marketing strategy integrates an organization’s marketing goals into a cohesive whole. Ideally drawn from market research, it focuses on the ideal product mix to achieve maximum profit potential. The marketing strategy forms the basis for the development of the marketing plan. | VIEW NOW |
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| Marketing Plan Tool | The marketing plan can be thought of as the practical application of your marketing strategy. The marketing plan includes details about your business’ unique selling proposition, pricing strategy, the sales and distribution plan and your plans for advertising and promotions. | VIEW NOW | |
| Marketing Budget Tool | Developing a marketing plan budget requires mapping things out on a calendar, considering what types of advertising is most effective and setting aside the proper funds to finance the chosen methods. Build a marketing plan to bring in more customers with advice from a businessman in this free video on marketing. | VIEW NOW | |
| Marketing Audit Tool | A marketing audit is a comprehensive, systematic, independent and periodic evaluation of a company’s marketing assets. It is a effective tool in reviewing the competence of a marketing strategy, analyzing the objectives, policies and strategies of the company’s marketing department as well as the manner and the means employed in attaining these goals. | VIEW NOW |
Product Launch Tools
| Product | Description | Free Preview | Purchase |
| Product Requirements Definition |
A product requirements document (PRD) is a document defines a product they are making, or the requirements for one or more new features for an existing product. A PRD is often created after a marketing requirements document has been written and approved, and is usually written before. It is designed to allow people within a company to understand what a product should do and how it should work. |
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| Product Design Document | The product design document is a very important document in the product development process as it contains all the information necessary for a design team to successfully produce a product that solves customer problems. |
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| Functional Specifications Requirement |
Functional specifications (functional specs), in the end, are the blueprint for how you want a particular web product to look, feel, and work. It details what the finished product will do, how a user will interact with it, and what it will look like. |
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| Product Launch Sequence | When planning a product launch sequence, your aim is to create a series of steps or events to engage your target customers and stimulate buzz and conversation about the product. |
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| Product Plan | Template to identify and articulate market requirements leading to the development of a product’s feature set |
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Sales Tools
| Product | Description | Free Preview | Purchase |
| Sales Plan Builder Tool I | How do you plan to sell your products? To sell your products, you need to think of specific steps on how you actually plan to move your products. This is the process of creating your sales plan |
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| Sales Plan Builder Tool II | A sales plan is basically your strategic and tactical plan for achieving your marketing objectives. It is a step-by-step and detailed process that will show how you will acquire new business; and how you will gain more business from your existing customer base. |
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| Sales Forecast Model I | An important part of business is forecasting sales for future periods. A company will attempt to forecast sales so it can estimate the amount of economic resources needed to produce goods or services and the potential profits that will be made. |
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| Sales Forecast Model II | The Sales Forecasting Model is a form used by companies to predict future sales based on past sales performance and an analysis of expected market conditions. The Sales Forecasting Model is used to organize data that will be used to analyze future sales. |
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| Trade Show Plan |
A major trade show requires considerable advance preparation and, if you aren’t ready, can present a logistical nightmare. You must develop a solid plan and monitor your progress vigilantly. |
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| Trade Show Expense Budget Model | The amount to allocate to your trade show budget correlates to the scope of your efforts and the number, size, and location of shows you are planning to attend in a given year. |
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Successful product introductions are company-wide events and, as such, they require everyone to get energized and oriented around the product launch.
Before Product Launch
Prior to the actual product launch, there are activities that must be done to understand the scope and magnitude of the market opportunity. These activities are generally referred to as pre-launch initiatives. The pre-launch activities will focus on the customer needs analysis, product features and functions that solve the needs, the 4 P’s meaning pricing, packaging, placement, and promotion. Additionally, the pre-launch activities will forecast the multi-period expected revenue with a pessimistic, optimistic, and realistic variance around the forecasted numbers. Along with the revenue forecasts, the associated cost projections are also done which then provide insights into the product profitability potential if the launch is successful.
The pre-launch activities or launch planning will involve relevant market research and data gathering to collects factual statistics to enable estimates for revenue and costs that are somewhat based on “real world” perspectives as opposed to gut feel or just emotional considerations. The data gathering process must be very disciplined and conclusions must be supported by proper market research and market facts.
Usually market based research and data gathering is focused in the following areas:
Market Based
- Who would you be competing with and the potential competitor’s products direct competitive to yours or a good enough substitute?
- What will influence the buyers purchase decision making process?
- How big is the market and is it ready now?
Product Based
- Customer based ranking of the importance of the products key features and functions
- The importance of pre and post sale service and support and warranty considerations
- Packaging considerations
External-based
- Economic growth estimates – by Industry Sector, Area or Region
- Political and regulatory actions that could help or hurt the product’s success
- Technological changes
Product Launch Themes
Creativity is essential to a product launch—but it must be balanced with realistic perspectives as, at the end of the day, the product must generate revenues that will meet or exceed the required return on investment. Therefore, one can’t be clever just for the sake of it, but it must be just enough to get good ideas on the table for discussion and evaluation. Being overly clever or creative can have the effect of losing your audience, diminish your credibility or worse, be just a source of entertainment.
A good theme for a product launch campaign focuses on the problem solved, not merely the product’s use. Just as important as choosing the right concept is selecting the right launch vehicles for your campaign. Consider media and PR (such as print, radio, and TV), direct-response pieces, catalogs, e-mail communiqués, web site promotions, industry guides, seminars, and telemarketing. The vehicles you choose will depend on what works in your specific business and what your appetite and budget can tolerate.
Product Launch Message
The essence of your whole campaign will be its message. The product launch message is where “the rubber meets the road”. The right message captures your audience’s attention, explains your new product or service, distinguishes it from its competition, creates action, and has the ability to create buzz and drive positive customer buying decisions.
Your message must be expressed in the attitude, tone, and language of your intended customer. It must also speak to your product, and your product alone. Put your message through the “blah” test. If limited testing reveals that customers can’t clearly distinguish your product’s value proposition from your competition, then you need to go back to the drawing board and rework the message.
While You Are Waiting
While campaign materials are being produced, you can be readying your company for the formal launch. Use this time to talk to media sources, investors, and other interested parties. Create a written campaign action plan that describes key tasks you must complete, target dates for their completion, the resources you require, and how you will measure your progress.
Promote and publish early-stage successes for your new product frequently. Whenever you can demonstrate customer acceptance for the new product, it will breed confidence with your target Audience including your internal company employees.
Post Product Launch
When done correctly, the work you put into developing a successful product launch will stay with your product for its entire sales life. But when the product reaches maturity, you may need to revisit this process, innovating new uses for the product, repackaging it, adding value, finding a different distribution mechanism, introducing new incentives, and so on to ensure that it continues to generate revenue.
Once you have mastered the process of a successful product launch, you can extend the marketability of any product and give it new life.
