Product Launch

A product launch implies a strategically planned and coordinated effort by a business to release the new product into the market and make it accessible to customers. It has many purposes to serve a business, where making it accessible for purchase is just one part of its main purpose. It also empowers a business to create anticipation around the product, receives useful responses from the early customers, and set up a brand identity in the market.

The present business world is becoming competitive, thanks to the technological advancements and digitalization of the world. The expectations of customers are increasing, which requires businesses to come up with unique product ideas, reduce development cycles, and ensure fast releases. But all the efforts can go in vain without a solid product launch. In this article, we will have a closer look at product launches, their types, and some best practices.

What Is a Product Launch?

A product launch implies a strategically planned and coordinated effort by a business to release the new product into the market and make it accessible to customers. It has many purposes to serve a business, where making it accessible for purchase is just one part of its main purpose. It also empowers a business to create anticipation around the product, receives useful responses from the early customers, and set up a brand identity in the market.

Types of Product Launch

A product launch can be of different types that businesses can opt for depending on the nature of the product. Some common types are as follows:

• Soft: A soft product launch is more like a preview release of a product, targeting a limited audience with no or small marketing push. Usually, a soft launch is meant to get customer feedback before releasing it to everyone. Moreover, products that are sold from business to business also execute the soft launch.
• Minimal: A minimal type is called for smaller products or products with small changes. It lets the word go out without stressing marketing resources.
• Full-Scale: A full-scale product launch involves putting all the marketing efforts to make the product reach out to all the targeted audiences on a full scale. A full-scale launch requires a lot of effort to make it hearable and accessible to customers.

The above types are not the standards that must be followed for product launch. They are also known under different names or divided into other types.

Best Practices for an Effective Product Launch

Some of the best practices or steps for an effective product launch are as follows:

1. It is a complex process and requires the involvement of different departments, such as development, sales, marketing, customer support, HR, etc. Therefore, it is recommended to start the launch preparations at least 4-5 months before the expected product release date.
2. During the initial phase of product launch planning, teams from the associated departments should set up a strategic vision and main targets of the launch.
3. Teams should also check that the current product progress is in line with the product roadmap and that everything is on track.
4. The marketing team should set up the unique selling proposition (USP) and align their marketing tactics with key product features and customer needs. Similarly, the sales team should also set up their tactics and key lead generation sources.
5. The customer support team should coordinate with other departments to understand the product and get ready to answer customer queries.
6. Departments should also set up a risk management plan that highlights the major problems that could occur during the launch and how to tackle them. In addition, user behavior tracking after the post-launch and gathering feedback should also be well-planned.

What's Called a Successful Product Launch?

A successful product launch is when a product grabs the attention of customers, meets market expectations, and makes it easy for anyone to purchase. One of the main indicators of a successful one is the sales figure. However, different businesses can have different metrics to evaluate product launch success. For example, a product management team can evaluate it based on the goals they have set previously and evaluate whether they have managed to achieve them.

When a business meets its targets with the product, it reflects the perfect coordination among departments, strong work culture, and a well-planned business mindset. In short, it narrates that the business is headed in the right direction for business prosperity and long-term sustainability.