How to make your product launch a success

1. The right product-market fit

The right product-market fit should be a matter of course at the time of the product launch. The success of a new product stands and falls with its acceptance and relevance on the market. In order for a product to be successfully positioned on the market, the product-market fit must be carefully worked out during the product business planning phase. This requires detailed customer analyses in order to understand the needs, customer benefit expectations and pain points of the target groups – and, of course, appropriate implementation in the product development phase.

But what do you do if you realise during preparations for the launch that the product-market fit is not 100 per cent? Then there are only two options: Either you stop the market launch process, go ‘back to square one’ and revise the product. Or you can focus the market launch exclusively on the market and application segments where the product-market fit is highest.

2. The product launch is a project

The launch of a product is not just an event at a certain point in time; it is a project that requires careful planning, coordination and a dedicated team. As a product manager, you are responsible for ensuring that all aspects of the launch run smoothly. This includes defining clear goals, setting milestones and coordinating among team members.

This also includes determining the right time to start the launch project. As a product manager, it is your job to set the time for the launch and prepare the team for it. This can be compared to the ringing of a metaphorical ship’s bell, which calls all team members together and signals: ‘Here we go!’

The launch team includes not only customer-facing departments such as Sales and Marketing, but also operational departments such as Service, Supply Chain and, if applicable, Finance & Controlling. This is particularly important when a business model is being changed or newly introduced. A project of this size will require resources from the entire company. A heterogeneous launch team representing different areas of the company enables a comprehensive perspective and helps to ensure that all aspects mesh seamlessly.

During the launch process, it is important to remain flexible and be prepared for potential challenges. Defining clear milestones and regularly reviewing progress is crucial to ensure the project stays on track.

Maintaining team spirit and ensuring that everyone knows their role and responsibilities are also key tasks of the Product Manager. In your ambassadorial role, you will actively communicate, take feedback and ensure that the whole team stays motivated and focussed. A well-managed team and clear objectives form the basis for your project to ride the waves of market success.

3. Product launch as a structured process

A structured process is essential for the success of a product launch. A launch is not a spontaneous action, but a carefully planned and coordinated process that goes through various phases. A clear structure ensures that no crucial steps are overlooked or rushed. A structured approach allows for precise planning, implementation and monitoring, minimising the risk of unforeseen problems. And what’s good for pilots can’t be bad for product managers: The use of product launch checklists helps enormously to ensure that nothing is forgotten at the end of the day with so many things to do.

The process also defines clear responsibilities within the launch team so that resources are utilised efficiently and schedules are reliably adhered to. The product launch roadmap is an important tool that facilitates communication with internal and external stakeholders and creates transparency regarding the progress of the planned steps.

4. Consideration of key stakeholders in the roll-out

The consideration of both internal and external stakeholders is a crucial factor that should be taken into account for every product launch. Internal stakeholders, such as employees and managers from the specialist departments, and external stakeholders, such as customers, suppliers and investors, each have different perspectives and interests. A comprehensive understanding of these interests enables a targeted orientation of the market launch and contributes significantly to the success of the project.

If internal stakeholders are not adequately considered, this can lead to resistance, disinterest or even active sabotage within the company. External stakeholders, especially customers, are crucial to the success of a product launch. If their needs, expectations and opinions are not taken into account, there is a risk of a lack of acceptance or rejection of the new product. This can lead to low sales figures, a damaged reputation and a loss of sales in the long term. Overall, not taking internal and external stakeholders into account can lead to significant challenges and failures during a product launch. It is therefore of great importance to understand their concerns and needs early on and integrate them into the planning process to ensure a sustainable and positive market launch.

5. Launch goals and KPIs

Defining and pursuing clear launch goals is crucial to the success of a product launch. While the long-term goals from the product business plan provide strategic direction, short-term goals are essential to measure the actual success of the launch. These short-term goals can include various parameters, including the number of leads generated, the number of quotes created or even the timely delivery of training materials. By setting specific and measurable goals, companies can better manage the launch process and proactively respond to any challenges. Regularly reviewing key performance indicators (KPIs) and adjusting these short-term goals makes it possible to optimise the launch process and ensure that the set milestones are reached to guarantee the overall success of the project.

6. Defined priority target groups with action plan

Not every customer is equally open to new technologies or willing to deal with the potential teething troubles of a new product. Therefore, selecting the right priority target groups is crucial for the product launch. The targeted selection of priority target groups makes it possible to utilise marketing and sales resources more efficiently and to address those who are most likely to share an interest in the new product. This not only maximises the chances of a successful deal, but also helps to provide customers with an optimal and tailored experience.

A precise selection of priority target groups is therefore a key element in steering the product launch in the right direction and building lasting customer loyalty. Ideally, a well-maintained Customer Relationship Management (CRM) system will provide valuable insights to identify potential customers who are particularly well suited to the new product.

In addition, a clear action plan is needed for sales, detailing which sales employee should approach which customers first and which geographical regions should be focussed on. A structured sales approach ensures that resources are utilised effectively in order to optimally approach potential customers. It is important to deploy sales employees who not only have the necessary product knowledge, but also have the ability to understand the specific needs and requirements of the target groups and ensure consistent customer communication.

7. Validated distribution strategy

The selection of distribution channels is a strategic move in product business planning. The chosen channels should not only reach the target groups effectively, but also ensure that the product is optimally positioned. At the time of the product launch, it is therefore crucial that you as the product manager ensure that all sales measures have been implemented as planned and that the sales organisation is ‘ready to go’.

The training of sales employees plays a central role here. They should not only be familiar with the unique selling propositions (USPs), but also be able to react confidently to different competitive situations. The provision of all relevant sales tools is also essential so that sales staff are able to provide potential customers with the best possible technical and commercial advice. And remember that not all salespeople are the same: an internal sales employee requires different information and knowledge than an area manager or sales product specialist. Tailoring both training and sales tools accordingly is a real success factor.

8. Select and deploy multipliers in a targeted manner

It is particularly important to identify people inside and outside the company who are particularly favourably disposed towards the project. The internal multipliers can bring ‘additional horsepower’ to the streets and thus make a significant contribution to the success of the launch. In the sales area, for example, it is particularly effective to identify those team members who are particularly open to new products. These ‘hot-shots’ can not only provide valuable feedback, but also pass on their enthusiasm to other sales colleagues with their success stories.

The targeted involvement of customers as multipliers is also a decisive step in maximising the success of a product launch. Involving selected customers early on in the launch process not only creates loyalty, but also the motivation to pass on their enthusiasm for your product. Customers who already have a strong bond with the brand are often willing to share their experiences. The credibility of the launch is supported by these customers formulating their own messages in the form of reviews and testimonials.

9. Correct timing (strategic and operational)

Strategic and tactical timing plays a key role in a successful product launch. Are you a pioneer, early or late follower on the market? Even if you cannot consciously choose this role when entering the market, you should make sure to play to the respective strengths and advantages of the role. The timing of the market launch should not only be chosen strategically, but should also be well thought out at an operational level. It is crucial to ensure that all operational aspects such as production capacities and logistics are clarified in advance to ensure a smooth launch.

Special care should be taken with advance announcements. A market launch that is communicated too early or too unclearly can lead to misunderstandings and, in the worst case, leave both sales and potential customers ‘scorched earth’. Unclear communication can create false expectations or cause customers to turn away from buying if the product is not available in time. Well thought-out timing, both at a strategic and operational level, is therefore a key aspect of realising the full potential of a product launch and ensuring long-term success.

10. Hotline and escalation plan

The day of the market launch is by no means the end of the project. In the post-launch phase, the product manager’s full attention is still required to ensure that everything runs smoothly. Even after the launch date, the product manager must always be present to respond promptly to any questions or concerns from customers and sales. It is important that support from product specialists is ensured, even in other time zones, so that internal and external customers can receive support worldwide and feel optimally looked after.

Proactive feedback management is also crucial. By actively collecting feedback, weak points can be identified and quickly rectified. This not only contributes to the continuous improvement of the product, but also strengthens customer confidence. Another important aspect is the clear communication of an escalation process to all stakeholders. The defined escalation management gives the assurance that any problems or enquiries will be dealt with systematically.

Our conclusion:

The success factors of the product launch are not isolated elements, but must work together like clockwork. With a well-thought-out and structured approach, you as a product manager create the conditions for your product to surf the wave of success right from the start.

Author: Ulrike Schwitzko, PM1 Certified Partner