(PRWEB) January 26, 2014
Any solid marketing team knows that a product launch is a specific and specialized facet within marketing. Each product launch brings with it a unique set of circumstances and requirements. While there is no such thing as a perfect launch, following five basic rules can increase your chances of success.
1. Create a Solid Go-to-Market Plan
First and foremost, it is crucial that every product launch begins with a solid GTM plan. This plan should be comprehensive and cover each step of the launch process. At the very least, a good GTM plan should address management of the four stages of the launch process: planning, creation, launch/ implementation and evaluation.
2. Set Realistic Deadlines
It is far more detrimental to delay a product launch than to set a later launch date from the beginning. Often, companies will operate under the false assumption that aggressive timelines increase productivity and efficiency. Actually, unreachable deadlines just lead to delays and cut corners. Repeated delays indicate to consumers that the product is problematic, even if that isn’t the case. Remember, you can always move the date up, if necessary.
3. Obtain Customer Input
The ultimate goal of a product launch is to sell a product. Consumers buy products. So, it makes sense to include consumers in the product launch process. Part of any good GTM plan includes ways to obtain consumer input throughout each stage of the launch process.
4. Budget Accordingly
Launching a product comes with unique fiscal requirements. This means that each product launch will need its own budget. Money for product launches should not be diverted from general funds or marketing budgets. They should be accessible to the product launch team without any additional requirements.
5. Hire the Right People
Part of the launch budget should include funds for additional staffing. Marketing managers should not manage a product launch in addition to their regular responsibilities. Instead, companies should hire a dedicated product launch manager and launch team. This team will not manage other marketing responsibilities, but will be held accountable for all facets of launch implementation.