a Product Launch Strategy: What to Consider
By no means is building a product launch strategy a simple task. This requires a cross-functional partnership between the Product, Marketing, & Operations team (to name a few). There are several factors to consider from the pre-launch to once the product has hit the market. Thus, it is important that the product launch strategy is geared towards defined goals!
The stages for a product launch can vary from business to business, but the following concept should hold to every product launch strategy.
Planning
Execution
Analysis
Adjustment
To have the most success in the ‘Planning’ phase, a SWOT analysis must be performed!
Every product has a lifecycle which can be segmented into three phases:
Beginning-of-Life (BOL): This phase introduces the product to the market and is designed to grow the footprint.
Middle-of-Life (MOL): The product has matured and is optimizing at peak efficiency.
End-of-Life (EOL): This phase marks the decline of the product’s imprint on the market. In some scenarios, the product is either (1) ripped and replaced with a newer/similar product or (2) relaunched in hopes of a revival.
Although the product has entered the market, the organization should always monitor how leads are generated in the funnel.
The above image does not reflect all stages of a growth marketing funnel as this too varies from business to business. Here is a product launch strategy walkthrough to go into more detail.