Product Launch – Designing a Product Launch Checklist
In order to successfully launch a new product there is a lot you need to think about – regardless of your offering. One template that can help you organize your thoughts, and stay on top of your tasks, is a product launch checklist. If you aren’t already using a great product launch checklist, take a quick look at ours!
If you are simply looking to get a better understanding of what to include in a product launch checklist, keep reading…you will find some simple examples of questions that every product manager should ask during the product launch process:
Have you established a target audience and have you developed a plan to reach them? Failure to target your audience is the biggest mistake you could make in preparing your product launch. Once you define your audience, you must develop a solid marketing plan. If you don’t have a good marketing plan in place, take a look at ours!
Have you trained your sales force to sell the new product? If your team is not comfortable with the product, how can you expect them to sell it successfully? Take the time to practice and role play, make calls with the sales force and ensure they know all about the product and its selling points.
Do you have a set price in place? If you fail to establish competitive pricing on your new product, you will make less money. It doesn’t matter if the price of your product is too high or low, if the price isn’t aligned with value offered, you will either sell fewer units or if it’s too high you will make a lower profit because you are not charging enough. Be sure you know a proper price to sell at before your official product launch.
Are there samples or demonstrations in place? New products will not sell nearly as well unless your customers can see it working as promised. Often, you can explain the workings of your product and entice customers to buy if you offer samples and demos of it.
Is your inventory ready for sales to be made? If you do not have enough products, your channel of distribution will be interrupted and you will lose sales. Your success relies on your ability to predict demand. The products already in stock or coming off the production line will be essential for your product to flourish.
Is your advertising established? If people do not know about your product, they cannot buy it. This is a process that should begin months before your product launch. Have your website recognized by Google, get broadcasting commercials ready and prepare an ad for a printed publication months in advance. Then, when your product is launched, you can flip the switch on all these advertising methods.
If you need some tools to help you manage your product launch and product marketing, take a quick peek at our Product Management section @ www.demandmetric.com.
