Setting the stage for success is critical. Being unprepared can sink the mightiest of ships. Product launches are one of the most critical events an organization will face. Launching new products and/or services without a thoughtful plan is a dangerous proposition.
Too many organizations falter when it comes to putting their best foot forward. Why, you ask? Most organizations don’t know the difference between a full fledged product launch, a soft launch, seeding the market, or introducing a line extension.
Not knowing the difference between these differing paths to commercialization is where most launches find their demise. Understanding the type of launch you need to prepare for drives the type of activities required to be successful.
Using a one-size-fits-all approach has never worked, we know. The team at SkyBridge Advisory Group has launched billions of dollars in new products and services for startups, SMBs, and Fortune 500 giants alike.
Organizational size, market, and budget have their role in product launches. Most significant however is ensuring the launch is strategically supported in a manner that ensures success. To that end, success is tangible, a KPI of sorts that needs to be defined in the process.
Common types of product launches:
Seeding the market - floating a message, feelers if you will, into a market in order to subconsciously lay the foundation for a broader launch.
Soft Launch - a test launch of a product to get market feedback in a manner that controls who sees and hears about the launch.
Proof of Concept (POC) - the #1 tool for startups and early stage organizations. The startup playbook will tell you that the straightest line to investment is to show demand, since demand is what investors are buying into.
Product Line Extensions - the launch of a value brand or scaled down version of a product currently in market
Incremental product improvements - the most common form of all product launches as they carry the least risk and have the fewest barriers to overcome to achieve success.
Let's talk about what you are bringing to market next?