The Launch Forum
A newsletter about product launch...
Current issue v.1, no.2 "The launch Calendar"
Q: How often should I do a product launch?
A: Every time you have a new product or service that needs to be introduced to the target market in order to accomplish the strategic objectives of the company, you should consider doing a launch.
How do you decide if it's time? When there is substantial new functionality added to a new product in a series or product family, when you have a brand new product, or when you are entering a brand new market segment, you should plan and implement a product launch.
If you are an entrepreneur, or are part of a brand new company launching their first product or series of products, you may want to make a big splash with your first product, and your second one as well. The market may test you to see if you are a real competitor in the space, and if you are going to be around after your first product. Therefore, it pays to plan your first two launches carefully, for maximum impact in the market. You may need to establish a company image or brand in your first exposure to a new market, and it usually takes more than one product cycle to do that effectively.
In some large or fast-growing companies, there are times when there are so many launches going on, that it seems the entire organization is in perpetual launch mode. If that is the case with your organization, then you might want to objectively examine the need for so many launches. Here are some key questions to ask:
- Can product releases be postponed and then combined in order to leverage greater functionality?
- Can complementary products (from different product lines) be bundled for greater market impact?
- Is the target market being saturated with too much launch information from your company; in other words, are you producing the "launch of the week"?
- Is the new product very similar to the last product that was released from R&D/Engineering, with only incremental improvements or additional features?
- Are the publicity efforts from your last launch still in progress?
If you answered "Yes" to any of these questions, you may want to revisit the
need for a full-blown launch cycle for the new product.
Product launches are a matter of degree. There are a lot of things you
can do quickly to help promote new product capabilities without doing
a complete launch with a long list of deliverables. If the product being
released is one of a series, and the release includes some improvements
and additional features, then it may be possible to do a "mini-launch".
In this case, it's possible to create a brief "upgrade sheet"- like a
datasheet - that describes the new features and how existing customers
can use the product. The sales force can be quickly trained on the new
features, and a price list update can be distributed. Write a brief press
release and post it to the company website, and you're done. With only
these 4 pieces of collateral, you may have enough to launch a minor product
release such as this one. (If a demo is routinely used to sell your products,
then that may mean that a new demo must also be created in order to show
the new features of the product.)
Sometimes, it pays to bundle products together for a launch. You may have
greater impact on the market if you have more than offering for your target
market, especially if your company is a relatively new player in that
market. This is also a good strategy to use if you are a small company
and want to appear large and growing in the marketplace. And it also saves
money in the marketing budget, especially if you are using print collateral.
Public relations events and press tours are expensive. You don't want
to do one every time you launch a product, especially if you meet with
the same analysts or trade press each time. No one wants to hear "old
news" or "no news". Unless you have substantial new capability that constitutes
real news, then it pays to wait until you do - perhaps with a later launch
that is tied to an industry event. You also don't want to dilute the impact
of your last launch, especially if you are still getting press coverage
from the last one.
It's a good idea to establish an annual launch calendar - at the beginning
of the year (calendar year or fiscal year). The appropriate senior management
representatives should participate in evaluating the company's objectives,
the forecast of product releases, the market environment and key events
that can be leveraged. Launches should then be "calendared" and grouped
by marketing impact and return on investment. The resulting launch calendar
should also drive the product launch budget for the year. Key launches
that will have a press or analyst tour, or those that involve a large
event, will require a significant budget, so all launches should be prioritized
accordingly. Once the plan is assembled, it should be communicated company-wide
or posted to the company intranet so that all functional groups know the
schedule for the year. When it comes time to put together the launch team,
everyone will be more prepared.
May all of your launches be well-timed and successful!
Catherine Kitcho
January 2000
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