Is Your Product Launch Doomed? 10 Ways

download Is Your Product Launch Doomed? 10 Ways

of 16

Transcript of Is Your Product Launch Doomed? 10 Ways

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    1/16

    Ino /6

    I Your Produt Launh Doomed?10 way to Identiy an Impending

    Launh Diater |Dave Daniel

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    2/16

    Ino 2/6

    Produt Dont Sell ThemelveThe proe o introduing a produt to market i a eriou undertaking.

    Unortunately or many ompanie, it merely an aterthoughta et

    o deliverable reated rom a heklit at the end o produt development.

    When the level o eort and reoure applied to the reation o the

    produt dwar that o the launh, it no wonder produt launhe ail

    to ahieve the ale veloity antiipated.

    Only 38% o companies rank their launches as highly successul.*

    What ollow are ten eaily identifable ign that help oreat i a produt

    launh may be in trouble. Sign you an addre and fx beore the launh

    beome a diater.

    I always tried to turn every disaster into an opportunity. John D. Rockeeller

    *[source: Business-to-Business Launch Survey Executive Summary, Schneider Associates,

    Center or Business Innovation at Babson College, 2007]

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    3/16

    Ino 3/6

    First Sign: Tee ae gals te t la.

    Goals help you channel your energy into action. Les Brown

    Launch goals are the cornerstone o a successul product launch, yet many companies ail to

    establish them. CEOs have an expectation o what success looks like and believe the rest o

    the organization understands these expectations. But, oten, they arent translated into meaningul

    goals that are understood by the people tasked with planning and executing the launch.

    For the sales team, goals are clearly understood. They have a quota to meet and get rewarded

    accordingly. The marketing teams contribution to the goal is usually less clear. Sales leads are

    one measure o perormance, but connecting this measurement to a sales goal is oten problematic.

    For example: getting agreement on a common denition o a lead.

    The target or Sales seems clear but will the revenue come rom existing customers or new buyers?

    This question may seem benign to the sales team, but its undamental to the marketing team as

    they devise strategies and tactics to support the sales goal. When the connection between the sales

    goal and what the marketing team does becomes unclear, the marketing team oten retreats into

    areas they can control and manage. For example, ocusing on deliverables like collateral, web content

    and sales tools. In eect becoming reactionary to the sales teams requests rather than taking

    a leadership role.

    AcTion: Establs la gals wt te exetve team as eal as ssble

    a mmate tem meagl was tgt te gazat.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    4/16

    Ino 4/6

    Second Sign:Te la stateg s base a set

    elveables m a la eklst.

    All men can see these tactics whereby I conquer, but what none can seeis the strategy out o which victory is evolved. Sun Tzu

    A launch checklist is not a launch strategy. It usually gets created ater a ailed launch. Expected

    deliverables are missing, the sales team isnt trained, the systems or booking and delivering the

    sale are overlooked, on and on, etc., etc

    To prevent this problem rom happening again, someone is assigned to go around the organization

    and ask each unctional area what it wants or a successul launch. The problem is that successulis dened very dierently by each team, particularly i the launch goals are unclear. The result is a

    bloated wish list o activities with questionable value, oten growing with each successive launch.

    The problem i that ueul i defnedvery dierently by eah team, partiularly ithe launh goal are unlear.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    5/16

    Ino 5/6

    Too oten, Ive seen the ollowing scenario play out.

    The CEO o a sotware company, rustrated with poor results rom an important product launch,

    decides its time or action. Her reputation with the board o directors is on the line because

    the promised results were not realized. To ensure the next launch wont be an issue, she creates

    a Project Management Ofce (PMO) to oversee uture launches.

    The head o the PMO is a highly regarded project manager who addresses the problem by inter-

    viewing every department in the company. Fresh rom the recent ailure, everyone is more than

    eager to participate. The result is a thorough checklist and a master project plan template.

    Confdent the problem is solved, the PMO proceeds to oversee the next launch. Based on the

    checklist, the launch team knows whats expected and which deliverables they are responsible

    or completing. This time the launch is delayed by several months while each item on the

    checklist is completed to the satisaction o the PMO. Sadly, the revenue results were no better

    than the last launch.

    An eective product launch checklist is developed only ater establishing launch goals and then

    choosing the best strategy to support them. The checklist will change rom launch to launch,

    adjusting to accommodate the strategy. Products early in their liecycle, which are undergoing

    signicant change, will see a more dynamic process than a mature product with an established

    customer base that is undergoing only incremental updates.

    AcTion: oe la gals ae establse, mlate te la stateg

    a te ee te elveables.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    6/16

    Ino 6/6

    Third Sign: Te la la tas ealst

    tmeames a exetats.

    Optimism is the madness insisting that all is well when we are miserable. Voltaire

    Optimism is wonderul, but it can blind teams to the realities o constraints and capabilities within an

    organization. Its wise to evaluate the organization within the context o the product being launched

    to identiy readiness gaps. This is more than just getting the product ready. It means the entire

    organization is ready to market, sell, deliver and support at a level that can achieve the launch goals.

    An example:

    Widget Tech was planning to introduce a new product to market. The product was a departure

    rom the typical products Widget Tech developed and would be sold to a new set o buyers.

    The company was excited about the new potential or revenue growth. However, the launch was

    a fasco and it became apparent the launch goals were unrealistic and the change was too

    much or the sales channel to absorb within the time allocated.

    The key is to assess the organization objectively and not color the assessment with personal bias.

    This readiness assessment should provide management with a realistic picture o the risks and

    provide a plan to address them. In some cases, it will become evident the launch goals are too

    aggressive and will need to be adjusted.

    AcTion: Evalate la gals agast te ablt te gazat t exete.

    Te evel a la at t ll te eaess gas.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    7/16Ino 7/6

    Fourth Sign: Sales eablemet tag s base

    t eates.

    Defnition o sales enablement: The delivery o the right inormationto the right person at the right time and in the right place necessaryto move a specifc sales opportunity orward. Lee Levitt

    Sales enablement training is one o the most critical components o a successul launch.

    Unortunately, most training is packed with inormation about the product emphasizing the newest

    eatures, the schedule o the marketing programs, an overview o sales tools, and a product demo.

    This type o training lacks any insight or inormation to help individual salespeople achieve their

    sales quota. Successul salespeople solve problems or their buyers, they dont sell eatures.

    Inevitably, some o the product eatures your buyers nd most valuable are not necessarily the

    newest ones, or the ones you think are important or cool!

    Salespeople need to know what problem the product solves, which buyers have the problem,

    what criteria they use to make a buying decision, and how to have a conversation with those buyers

    in a way that results in a purchase.

    AcTion: Beme a exet w a w bes b.

    Optimim i wonderul, but it an blind teamto the realitie o onsraint and apabilitiewithin an organization.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    8/16Ino 8/6

    Fith Sign: Sgat et s set eatg llateal

    a sales tls ele w eve ea t.

    Your buyers want to know what specifc problems your product solves,and they want proo that it worksin plain lang uage. David Meerman Scott

    Ninety percent o sales tools are never used by salespeople [http://www.kadient.com/sales_enable-

    ment_ebook.aspx], yet marketing teams keep producing them. They also include a staggering

    amount o gobbledygook [http://www.webinknow.com/2009/04/top-gobbledygook-phrases-

    used-in-2008-and-how-to-avoid-them.html]. Does it really matter to your buyer that youre the

    leading provider o anything or that your sotware is robust? Maybe; but it depends on the

    buyer, not your ego.

    Part o the problem occurs as a result o blindly ollowing a launch checklist that serves as a proxy

    or a launch strategy. Marketing Communications can easily become a actory producing a collection

    o marketing materials thats a wish list rom the sales team.

    But solidly anchored in launch goals, a clear strategy, and a deep understanding o buyers,

    Marketing Communications has the context to build the collateral and sales tools that infuence

    buyers throughout the buying process.

    Note: in this context, collateral is designed or prospects and customers, and sales tools are

    created or the sales team.

    AcTion: Fs gag a ee estag bes, te bl llateal

    a sales tls t fee tem tg te bg ess.

    ChangeThis

    No 68.05

    http://www.webinknow.com/2009/04/top-gobbledygook-phrases-used-in-2008-and-how-to-avoid-them.htmlhttp://www.webinknow.com/2009/04/top-gobbledygook-phrases-used-in-2008-and-how-to-avoid-them.htmlhttp://www.webinknow.com/2009/04/top-gobbledygook-phrases-used-in-2008-and-how-to-avoid-them.htmlhttp://www.webinknow.com/2009/04/top-gobbledygook-phrases-used-in-2008-and-how-to-avoid-them.htmlhttp://www.webinknow.com/2009/04/top-gobbledygook-phrases-used-in-2008-and-how-to-avoid-them.htmlhttp://www.webinknow.com/2009/04/top-gobbledygook-phrases-used-in-2008-and-how-to-avoid-them.htmlhttp://www.webinknow.com/2009/04/top-gobbledygook-phrases-used-in-2008-and-how-to-avoid-them.htmlhttp://www.webinknow.com/2009/04/top-gobbledygook-phrases-used-in-2008-and-how-to-avoid-them.html
  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    9/16Ino 9/6

    Sixth Sign: n sgle es s essble

    vg t la eslts.

    Whatever happens, take responsibility. Anthony Robbins

    Many business-to-business (B2B) organizations have just one window o opportunity to launch each

    year. Accountability or driving results is undamental to the success o a launch, but too oten

    central accountability is assumed to be in place when its really distributed among several individuals.

    Development does their part and throws it over the wall to Marketing. Marketing does their part

    and throws it over the wall to Sales. When the launch ails, those in one group will condently state

    they made a solid contribution and blame the others.

    A successul launch takes more than merely coordinating the completion o tasks among depart-

    ments. It takes an individual who can drive results throughout the organization. A launch owner

    provides a single point o accountability, ensuring product launch planning and execution has the

    high priority it deserves.

    Getting involved as early as possible, a launch owner can collaborate with the management team to

    establish launch goals and the strategy needed to achieve them. With goals dened, a launch owner

    can assemble and lead the most appropriate cross-unctional launch team. Regardless o their current

    job title, the launch owner needs strong leadership skills and the condence that management will

    support them.

    AcTion: Assg te essblt aevg te la gals t a la we,

    a ve tem wt te fexblt a eses t make t ae.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    10/16Ino /6

    Seventh Sign: Te la la s base es,

    t maket evee.

    Whatever happened to playing a hunch, Scully?The element o surprise, random acts o unpredictably? Fox Mulder

    Hunches may be great or gambling, but they can spell disaster or a product launch. Hunches are

    guesses based on gut eeling, not market evidence.

    Your hunch says you can steal customers away rom your primary competitor. Its exhilarating to do

    this, but would you bet the success o your launch on this strategy? You might, i you have market

    evidence the competitor is in a weak position, or is ailing to provide adequate service to their cus-tomers.

    Suppose your marketing team is planning to exhibit at a tradeshow to announce your new product.

    I your launch goal is to build sales velocity, how would you know i this is the right tactic?

    You would i there is market evidence that enough buyers o the kind you need will be in attendance.

    Market evidence helps mitigate the risk that a hunch will go wrong. It helps make sound business

    decisions and develop a launch strategy based on market acts rather than intuition.

    With an initiative as important as a product launch, there is no room or guessing.

    AcTion: Make la lag ess base maket evee, t gesses.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    11/16Ino /6

    Eighth Sign: Te la la mms mett.

    I you mimic market leaders, youll only add to their dominance. Jon Spoelestra

    Just because one organization chooses a particular launch tactic doesnt mean it will work or

    another. It may seem like an easy option is to mimic your competitor. However, there are too many

    actors in play to guarantee the same tactic will have an equivalent outcome. Mimicking a competitor

    also assumes they are smarter than you.

    Choosing to mimic a competitor is the result o inexperience or a limited launch planning window.

    Its easier to copy something that appears to be successul than it is to develop a sound plan based

    on your own capabilities. Mimicking a competitor can lead to lost market opportunity, misdirection

    o resources, and loss o ocus. The context competitors use or a given launch could be completely

    dierent than the context o your product launch. Due to strong brand equity, companies like Apple

    can choose tactics that will work brilliantly or them, but may spell disaster or your company.

    AcTion: A tmate kwlege bes a te bg ess ves te best

    gae te mst eetve la tats.

    Jus beaue one organization hooe apartiular launh taci doent mean it willwork or another.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    12/16Ino 2/6

    Ninth Sign: Exstg stmes ae t aeqatel

    see te la la.

    Proft in business comes rom repeat customers, customers that boast aboutyour project or service, and that bring riends with them. W. Edwards Deming

    Its staggering how many organizations ail to recognize the impact a new version o a product can

    have on existing customers. Theyre so ocused on acquiring new business, they orget about the

    current customer basethe ones theyve worked so hard to acquire and nurture.

    A new customer has an understanding that getting rom where they are today to ully deploying

    your product will likely take some work on their part. However, existing customers dont share

    this expectation. Theyve already made the investment and eel a transition to a new version o theproduct should be relatively painless. They trust you will take care o them.

    Say your product has been very successul and gained the market share it can. To grow revenue,

    youve discovered an opportunity in an adjacent market segment. But in order to enter this new

    segment, radical changes must be made to support critical capabilities expected by this new market.

    However, the cost o supporting two products is prohibitive so you merge the two sets o capabilities

    into one product.

    The launch o the updated product attracts customers in the new segment but existing customers

    wont migrate to the new version. The impact on their business is just too great.

    When the pain o migrating to a new version o a product (rom the same vendor) is perceived to

    be equal or greater than the migration to a competitors product, customers will oten evaluate

    competitive oerings. At best they may delay. At worst they switch to the competitor. This could

    spell disaster or your product launch.

    AcTion: Ese te mgat t a ew ves t s smt

    a stagtwa et stmes.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    13/16Ino 3/6

    Tenth Sign: Te la team st a team.

    Coming together is a beginning. Keeping together is progress.Working together is success. Henry FordHave you ever been responsible or a product launch and elt like you were the only one doing

    the work?

    Product launch is a team sport involving a range o expertise. No single individual can possibly know

    all the details, especially in large organizations. This necessitates the creation o a cross-unctional

    launch team, where individuals can contribute their unique perspectives and experience.

    The value o successul cross-unctional teams is well documented, increasing exponentially withthe size o an organization. However, so does the complexity o driving results.

    Breakdown occurs when the launch team isnt really a team at all. Its a collection o individuals rom

    various parts o the organization who are impacted by the launch, but whose management doesnt

    encourage or reward their participation in the team. Sound amiliar? Why would a launch team mem-

    ber put in the hard work to make the launch successul i its not deemed important by their man-

    ager?

    The launch team consists o three distinct roles. The launch owner is responsible or organizing and

    driving the launch team. The launch team members are ambassadors rom their respective unctional

    areas. An executive sponsor helps break down barriers, serve as a mentor and acts as political

    muscle.

    AcTion: Make atat a ss-tal la team a t a ewa

    te tbt.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    14/16

    Ino 4/6

    Ae ea t la?

    Were you happy with the results o your last product launch?

    Is your team clear about their launch roles and responsibilities?

    Are launch goals established and communicated to your team?

    Do you have a designated launch owner?

    Is the approach to product launch a team eort?

    Does your launch team ollow a proven launch process?

    Do you consider dierent launch strategies or each product launch?

    Do you collaborate launch planning among unctional areas?

    Is your team learning rom each launch experience?

    Do you identiy and address readiness gaps beore launch?

    Each yes gets you closer to a successul product launch. Each no gets you

    urther away rom sales velocity. I your company is like many others, you will have

    the opportunity to launch only once this year, make it the priority it deserves!

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    15/16

    Ino 5/6

    Commit to a New DiretionChecking another completed task o the launch checklist isnt a product launch.

    A successul launch is about generating sales velocity. But its easy to slip into

    a routine o committing resources and budget to produce deliverables, without ever

    questioning their value.

    A successul product launch is anchored in clearly understood goals, using a strategy

    that supports these goals, with an understanding o the operational constraints

    o the organization.

    A ueul launh take more than

    merely oordinating the ompletion o takamong department.

    ChangeThis

    No 68.05

  • 8/14/2019 Is Your Product Launch Doomed? 10 Ways

    16/16

    Ino 6/6

    ABouT ThE AuThor

    Dave Daniels is an instructor or Pragmatic Marketing with more than 25 years o experience. He specializes

    in product marketing and product launch, with an emphasis on eective go-to-market strategies andexecution. His extensive background includes development, sales, product management and product marketing,

    with a global perspective o the entire product launch process. Prior to joining Pragmatic Marketing, Dave

    ounded Launch Clinic, a consulting company ocused on helping organizations implement successul launch

    strategies. He speaks at many industry events about launch best practices and writes the Launch Clinic blog.

    SEnd ThiS

    Pass along a copy o this maniesto to others.

    SuBScriBE

    Sign up or our ree e-newsletterto learn about our latest maniestos as soon as they are available.

    Born on dATE

    This document was created on March 3, 2010 and is based on the best inormation available at that time.

    Check here or updates.

    ino

    ABouT chAnGEThiS

    ChangeThis is a vehicle, not a publisher.

    We make it easy or big ideas to spread.

    While the authors we work with are

    responsible or their own work, they dont

    necessarily agree with ever ything

    available in ChangeThis ormat. But you

    knew that already.

    ChangeThis is supported by the love and

    tender care o 800-CEO-READ. Visit us

    at 800-CEO-READ or at our daily blog.

    copyriGhT inFo

    The copyright o this work belongs

    to the author, who is solely responsible

    or the content.

    This work is licensed under the Creative

    Commons Attribution-NonCommercial-

    NoDerivs License. To view a copy o this

    license, visit Creative Commonsor send a

    letter to Creative Commons, 559 Nathan

    Abbott Way, Stanord, Caliornia 94305, USA.

    Cover photo rom morgueFile.

    WhAT you cAn do

    You are given the unlimited right to

    print this maniesto and to distribute it

    electronically (via email, your website,

    or any other means). You can print out

    pages and put them in your avorite

    coee shops windows or your doctors

    waiting room. You can transcribe the

    authors words onto the sidewalk, or you

    can hand out copies to everyone you

    meet. You may not alter this maniesto

    in any way, though, and you may not

    charge or it.

    ChangeThis

    No 68.05

    http://pragmaticmarketing.typepad.com/launchclinic/http://www.changethis.com/68.05.ProductLaunch/emailhttp://changethis.com/subscribehttp://changethis.com/http://www.800ceoread.com/http://800ceoread.com/blog/http://creativecommons.org/licenses/by-nc-nd/2.0/http://morguefile.com/http://morguefile.com/http://creativecommons.org/licenses/by-nc-nd/2.0/http://800ceoread.com/blog/http://www.800ceoread.com/http://changethis.com/http://changethis.com/subscribehttp://www.changethis.com/68.05.ProductLaunch/emailhttp://pragmaticmarketing.typepad.com/launchclinic/