Product Launch Strategy: Coordinating Teams for Maximum Impact
When a business introduces a new product to the market, it is called a product launch. This is a planned and coordinated effort by the company to make the new product generally available for purchase. Although giving customers the chance to buy the new product is an essential aspect of the launch, it serves many other purposes as well. One of the most critical purposes of a product launch is to build anticipation for the product, gather feedback from early users, and create momentum and industry recognition for the company.
To execute a successful product launch, businesses need to plan their launch strategy well in advance of the planned launch date. This is because a product launch involves the coordinated effort of multiple teams and departments across the company, including product management and development, marketing, sales, customer support, finance, and public relations.
While every organization's circumstances are unique, some essential steps should be included in a typical product launch checklist. These steps include:
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- Ensuring that the team has successfully executed on the strategic vision outlined in the product roadmap.
- Testing and QAing the new product. Product launches for software products typically happen only after several levels of testing have been completed. Alpha testing is a product's first round of end-to-end testing, usually done by the company's employees. When the product clears this level, the company will send for beta testing, which involves real users but is still before the official commercial release of the product.
- Drafting and distributing sales and marketing collateral.
- Training the sales team on the new product.
- Training the customer support department on the new product.
- Completing the product's support and/or technical documentation.
- Ensuring that the entire organization is aware of the approaching product launch.
- Developing and reviewing the customer journey to buy the product and making sure the process is as smooth as possible.
- Devising a plan for tracking user behavior and/or gathering feedback from early users.
- Deciding on the metrics that you and your team will use to judge the success or failure of the product launch. For example, revenue or new users within a certain timeframe.
- Conducting a product launch pre-mortem, where your product team thinks through possible problems or missteps that could hurt your product launch and prepares plans of action for each potential problem in advance.
A product launch is an essential aspect of a business's growth and success. By following a well-planned and coordinated product launch checklist, businesses can ensure that they are well-positioned to achieve their launch goals, gather valuable feedback, and create momentum and industry recognition for their company.
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