A new product launch is successful when there is an unwavering commitment to the process. Creating a vision, testing strategies, refining your roadmap and executing the plan all requires precision and teamwork. Here are four steps you should follow when creating a go-to-market sales strategy.
(1) Make a plan.
The first step to a new product launch is creating the plan. With long-term growth in mind, outline your vision and then use those ideas to produce a roadmap. Start by clearly defining goals, as well as what you and your team want to accomplish. Next, draft a timeline and decide how you will effectively measure progress against sales objectives. Last, but not least, identify and assess any potential risks. In addition to serving as a guide, this plan will also help you assemble the right product launch sales team for the project.
(2) Test different strategies.
Once the product launch sales team is assembled and goals have been defined, it’s time to test your plan. During this step, your sales team should identify a target market, establish test objectives and conduct research. This part of the process requires a lot of time and resources so make sure your employees are up for the challenge. Some companies find it helpful to seek the support of an outside sales consulting firm. Working with outside sales professionals makes testing new product sales strategies, hypotheses and other innovative offerings possible with less risk. An outside sales consulting firm can also help identify knowledge gaps within your inside sales team, which is helpful for future launches.
(3) Refine the roadmap.
During the market testing process, your sales team will uncover a number of learnings. It is important to take that information and apply it directly to the sales strategy. The result will be a polished and comprehensive roadmap to a successful new product launch. Remember, a sustainable sales strategy is one that’s adaptable. Plan to refine and adjust your plan throughout the launch process for long-term success. Identifying exactly the right path is challenging and this is another area where an outside sales consulting firm can support. For organizations with small or less experienced sales teams, bringing in outside sales experts offers a number of benefits. From providing new market intelligence and sales data, to harnessing expertise from other successful launches in various industries, an outside sales consulting firm will know how to refine and execute your sales strategy with ease.
(4) Execute the plan.
Executing your sales strategy is where the rubber truly meets the road. Once the planning, testing and refining phases are complete, the rest is in the hands of your sales professionals. This is why it’s key to have the right people in the field connecting with your target audience. Communicate that it’s vital for each team member to continually analyze new information and relay it back to the rest of the group. The execution phase requires a strong feedback loop, along with in-depth information analysis to ensure overall success.
During a new product launch, it’s important to understand that the entire process is an essential part of the journey. To successfully enter a new market, focus on hiring and retaining the right sales people. When your employees understand how to launch a new product, it’s easier to learn and pivot if mistakes are made along the way.
Creating a comprehensive go-to-market strategy is tricky. Mansfield Sales Partners can work with you to come up with a well-tested and adaptable sales plan. Contact our sales experts to talk more about how we can help.