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Books, Articles and Consulting Services by Catherine Kitcho, The Launch Doctor |
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The Launch Forum
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A newsletter about product launch...
The market: The channel: The company: There are probably many other questions that apply, but in the interest of a streamlined process, let's limit our focus to these. In order to think through these questions and formulate answers, you will likely have to do a little research and gather some data together so that you have all the information in front of you. For instance, with regard to the questions about the market, you will probably want to consult trade publications or go online to update yourself on what's happening in your industry. For information about your customers, you may want to speak with one of your customers to obtain some candid feedback about your new product to find out how you can serve them better. Now we'll take a look at how to use these answers to make some decisions before the product launch, and begin the planning process. The first section is about the customer. It is important to know how your customer behaves so that you can formulate marketing messages that will be heard and understood by your customer. These messages will be used in any marketing or sales materials that you create. For example, if your typical customer is interested in saving time, and your new product can accomplish that, then you need to match your product's benefit to the customer's need. That is when your message "resonates" with what the customer considers valuable. If you were to emphasize instead the number of new features of your product, you would be sending the wrong message, because the customer might think that the product may take to long to use and wouldn't save them time. The next section is about characterizing the market environment. In considering the questions in this section, you are evaluating how large the market is, how many customers might be interested in your product, and most importantly, who else is in the market (competitors). The market characterization will help you understand and formulate your marketing strategy and your competitive positioning. Your strategy will help you decide when and where to launch your product. For example, you may find that your customers are just beginning to buy the type of product you're launching, so you may want to wait to launch your product until there is more demand. The competitive analysis will help you position your product, identify your differentiators, and help you refine your messages. This in turn will help your customers understand why they should buy from you instead of your competitors. The third section about channels is also critical because it articulates how you will get your product to your customer, and what other entities are involved, if any. The most important question is the first one in this section - how will your target customer learn about your product? Even if you have an established customer base and you plan to sell your new product to the same customers, the question needs to be asked again, because customer buying behavior changes. For example, they may have learned about your products from referrals previously, but now they use the Internet to help find and purchase products. If that's the case, you will likely need different distribution channels so that they have an opportunity to consider your products. Channel partners are other business entities that play a role in getting your product to a customer, including everything from advertising and marketing to shipping to selling. What new partners will you need to make your next launch successful, and what role will they play? The last section about the company relates to your marketing strategy, and will help refine your messages. If you have a branding campaign in place, then these questions will also affect how you advertise this product. The product you are launching may extend your brand or establish your brand. You need to decide how important the product is to your business objectives, and how much emphasis you want to place on this particular launch. That in turn will determine your marketing budget for the launch. For example, if the product you're launching is the first of a series, and you will be entering a new market that will make or break the company, then you will probably need to have some marketing fanfare with an appropriate budget to accomplish that. These are the basic issues for any launch that need to be addressed, regardless of the size of your business. In the book "High Tech Product Launch", there are more details on how to go about formulating messages, doing competitive analysis and other key tasks involved in launch; you may want to consult that source for more information. To buy it online, click: High Tech Product Launch. May all your launches be successful! Catherine Kitcho The Launch Doctor Visit the Forum Archive Pages for past issues of The Launch Forum. |
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What
is the effect of today's economy on launching new products?
In
economic times such as these, we must focus on speed and
profit. Speed, because companies must get to market faster
to remain competitive or even survive. Profit, because companies need
to reach the target market using the strategy, messages, business models
and timing that will maximize revenues and minimize costs. Not only does
this apply to the launch phase, but to the entire new product cycle. My
new book, "From Idea to Launch at Internet Speed: How to Identify
and Develop Profitable Opportunities" contains the latest new product
management strategies and techniques - to reach your market faster, and
to reap greater profit. This issue of