3 Steps for a Successful Product Launch
I was recently asked for a copy of my product launch checklist, which I’m glad to share (and you can download here). After I was asked for the checklist, I realized there are three steps that are easily the most important.
While packaging, branding, timing, and marketing channels are important, the majority of the work when marketing a new product is in market research, target audience, and message development. Larger organizations with dedicated product managers and product marketers will live and breath the concepts below. But, most of us don’t have the luxury of a dedicated specialist and we just need to figure out how to get the word out.
So, as a marketer or business leader, when you embark on a new product launch you’ll want to spend your time on the following:
MARKET RESEARCH: Understand the Problem You’re Solving
Software solutions must have a deep knowledge of the problems the industry you serve is facing, as well as other solutions that you’ll compete against who attempt to solve the same problem. It is critical to be able to answer the question, “What problem do we solve?” as concisely as possible.
It can be tempting to write a lengthy, jargon-filled summary of technical features or claim it solves so many problems its impossible to get to just one. If that’s the case, then you’ll want to do these three steps multiple times - one for each problem statement.
If you can pinpoint a concise problem statement that is costing organizations resources, time, and money or creating headaches of any kind, you’ll be on the path to a strong value proposition that will resonate with your buyers.
Target audience: Know the customer REALLY, REALLY WELL
Much like understanding the problem, really knowing your audience is key. Most software isn’t created for the masses. It typically solves a specific problem for a specific group of people. As a marketer, it is your job to know those people and know them well.
While the concept stems from B2C marketing, it is useful for B2B marketers to build a customer persona. What do they like? What keeps them up at night? How do they buy software? What is their role in the organization and are they decision makers?
Message Development: Value Propositions
So, we know what problem we solve and we know who we’re selling it to. Now, we need to concisely develop the value proposition. Ultimately, you want to answer two questions:
How do we solve the problem?
Why are we the best solution?
To effectively answer how you solve the problem, consider your solution category. Are you a SaaS, GIS, data product, etc? Then, match up product features and functions to benefits. For example, a feature such as “cloud-hosted” could equal “fast and secure.” Do those benefits support solving your problem?
You also need to deeply understand the competition in your market. How do you differentiate yourself? What makes you better than the rest? Consider the solution category and the industry, and then study who plays in your space. Compare yourself to them (you could do a SWOT analysis) to identify why your solution is better.
Bringing it All Together
With with the questions answered and research gathered, you can organize your information into a simple message summary using this formula:
[Product] is a [solution category] for [target audience] that [solves problem statement].
Unlike [competition], we [differentiators].
With this information complete, you’re now ready to dive into branding, packaging, content development, marketing channel selection, and the rest of the steps in the checklist.