Successful new product launches have become more important than ever, but remain a high-risk investment. You can, however, increase your chances of success with these new product launch best practices.
Align the team: Successful new product launches require the sales, marketing, and customer service teams are moving in the same direction and work together to WIN. With everyone working together, you will win more new customers and improve lead generation, prospecting, and conversion rates.
Do what worked last time Build on tested methods and systems to manage the new product launch. Where you can, build teams that have successfully launched new products in the past. If your company has gaps, hire or contract with people who have a proven track record.
Don’t forget the launch plan Ensure there is a detailed, formal launch plan that includes: sales objectives, sales channel strategy, promotional plan, contingency plans, and key milestones. Use the launch plan to create organizational buy-in and secure executive sponsorship.
Leverage outside experts Where you have gaps, rent superior talent to fill them; scaling down is easier and less disruptive to the organization as the projects nears completion.
Measure Establish a clearly defined process to measure your launch progress against financial and milestone goals throughout the product launch sequence. Make sure that launch governance is rigorous, regular and required.