You’ve seen great product launches everywhere—on cell phone billboards or popping up in your Instagram feeds. Creating a good product is only the first step of the journey; the product launch plan often decides the product’s fate in the market. Great product launches use combined best practices of marketing, sales, execution and delivery to get into customers’ hands.
Studies show that almost 95% of new products fail each year, often due to poor planning or execution during the launch phase. So, what exactly is a product launch plan, and how can you create a successful one?
What is a product launch?
A product launch plan outlines the activities, resources, and timelines required to successfully introduce a new product or service to the market. The plan is a comprehensive roadmap for the organization that:
- Details pre-launch activities like market research, product development and budget allocation
- Guides launch execution, including marketing campaigns, sales strategies, and customer support plans
- Aligns the entire launch team across departments
- Evaluates post-launch product and performance metrics and positive intent
Ultimately, it’s the foundation for creating momentum, maximizing visibility and impact, and achieving successful market entry. Product managers and their teams should meticulously plan the product launch and adopt best practices.
Importance of a product launch
A new product launch sets the stage for a product’s success and shapes its market identity. It’s led and owned by marketers yet requires collaboration and coordination with different teams. In the product management cycle, the launch bridges development and market entry. It’s an opportunity to generate buzz, attract customers, and differentiate from competitors.
A well-executed launch:
- drives initial sales and builds brand credibility
- establishes a strong market presence and customer loyalty
- enables quick adjustments based on feedback to meet market demands
- boosts revenue and creates long-term growth opportunities
Phases of a product launch
The product launch cycle can broadly be divided into three phases:
- Pre-launch: This stage involves formulating the product vision, deciding the message, targeting the right audience, and selecting the best channels for rapid new product release.
- Launch: Execute your plan to release your product in the market.
- Post-launch: The product launch cycle doesn’t end with the launch, and this stage is crucial for assessing the launch, maintaining the product, and garnering customer feedback.
For someone looking to launch a product, the line between success and failure is often razor-thin. Let’s examine how we can maximize your chances of success.
The difference between product success and failure
Whether a new product launch is successful depends on a combination of planning, execution, and market alignment. This table summarizes some of the key metrics to be aware of:
| Metric | Product Success | Product Failure |
|---|---|---|
| Product-market fit | Effectively solves a real problem for a sizable target market | Doesn’t solve a significant problem or the target market is too small. |
| Value proposition | USP and benefits resonate with the target audience. | The benefits are not clear to the target audience. |
| Marketing and communication | Generates awareness, builds excitement and communicates product value | Fails to generate awareness or communicate product value |
| Product quality | Meets or exceeds customer expectations for functionality, reliability, and user experience | Doesn’t match customer expectations, leading to dissatisfaction and negative reviews |
| Customer support | Builds loyalty and encourages positive word-of-mouth | Damages reputation and leads to customer churn |
Product success or failure depends on a range of factors, from marketing to customer support, working seamlessly together.
12 best practices for a successful product launch
A product launch is very important for its lifecycle and needs to be managed well. Here are some best practices that should be adopted to help launch a product successfully:
1. Select the right audience
First, identify and target the right audience for your product. Then identify the right product insights and get an understanding of the customer’s needs.
Before planning a launch, the product team must find answers to the questions:
- What are the customer preferences and expectations?
- What are some of the existing strategies in this product category?
- Are you creating a unique product to make a niche in this space?
A great tool to help brainstorm and put down a roadmap is Roadmap & Idea Portal App For JSM, which helps you put together a cohesive product plan.
2. Strategically position the product
The next step is to create the correct narrative with simple yet effective messaging. Based on customer feedback and data collected from the target market, highlight what makes the product unique and popular. Ensure your most important message is heard; you will only have a few minutes of your target audience’s attention at the launch.
3. Seek endorsements from customers
Get your product development team to communicate with your prospective customer base. Customer testimonials help you:
- To better understand your target audience and their expectations.
- Refine your product with feedback and positive intent.
- Support your product pitch and lend credibility to your value proposition.
4. Huddle with your core team
Selecting the right team that works well together is essential to a successful new product launch.
- At all stages, ensure that communication is clear and collaboration is consistent across teams and roles.
- Keep a small core team involved with the product launch. Coordination and communication within a minor group are likely smoother, and you can expand the team closer to the launch.
5. Agile release planning
Release planning plays a significant role in rapid new product launches. An Agile release plan can be the foundation of your product roadmap and help you achieve your launch goals. You can also look at some product roadmap examples to understand which type of roadmap best suits your needs. Here are the key steps:
- Create a launch roadmap
- Define the launch vision
- Distribute and delegate responsibilities
- Identify issues and glitches
- Refine communication strategy
Solutions like Release Planning & Reports app for Jira make release reports accessible to the entire organization, speeding up iterations.
6. Run a beta test
Beta tests are vital to understanding how your product will be received and used. Run a beta test for your product before you launch a product to:
- Gauge the users’ reaction to the development and its features
- Understand the nuances of product usage
- Find issues and glitches with the product and rectify it
7. Test and tweak your messaging
It’s not enough to test the product; you need to see if the messaging resonates with the target audience.
- Share it with your existing and prospective customers (and colleagues, too)
- Get unfiltered opinions before reporting to senior management
- Check if the communication and messaging work
- Based on feedback, tweak the positioning to improve the chances of success
8. Line up creative assets
This is the time to develop your most bankable launch assets and feedback tools. At this stage, you must finalize the content for assets such as videos, emails, forms, and landing pages that will drive customers to the final conversion point.
9. Select the best marketing channels
The next step is to choose the proper marketing channels and make the product announcement.
- Typical launch channels include events, PR, print, and digital marketing
- Leverage social media channels such as Facebook, Instagram, LinkedIn, etc., to create buzz
10. Getting ready for launch day
Here are a few things to do in the days before the launch:
- Create a countdown to the launch day to build anticipation and momentum within the team
- Do a simulation or rehearsal of the launch to avoid any last-minute surprises
- Train your sales and marketing teams to handle all customer queries and bookings
- Keep your social media, emails, and press releases ready with announcements
- Generate buzz by inviting influencers to preview and talk about your product
11. Keep launch day moving smoothly
The big day you and your team have been anticipating for months is finally here. Make sure the first impact of the product can be leveraged for growth by:
- Facilitating customer interactions and bookings through your sales channels
- Passing on the leads you get from your marketing initiatives to the sales team for immediate conversions.
- Talking about the launch in the right channels, e.g. online events (webinars, lives), live demos for the press and customers
12. Follow up post-launch
Even after a successful product launch event, many loose ends must be tied up.
- Chase and convert tentative customers: Provide additional information or follow up with a free trial or demo.
- Sustain the buzz: Thank you posts and media (videos, product-specific webinars) to keep customer interest alive
- Focused customer support: Handle follow-up queries, look at new product launch, positive intent, and receive customer feedback
Proper planning and execution will greatly increase the chances of your product launch being a success. Here are some real-world launches illustrating the process.
Examples of successful product launches
Here are some examples of how a well-planned launch can make the product a success:
- Software/SaaS: Slack (2013)
Launch strategy: Slack did a “soft launch” targeting tech communities and developers. Small teams tried the product and provided feedback by invitation, creating a sense of exclusivity. These early adopters generated organic word-of-mouth marketing, positive reviews and social media buzz.
Success factors: Solving a real pain point (inefficient communication), freemium model, strong community engagement, and viral growth through network effects.
Result: Slack gained 8000 users in 24 hours and grew to 15,000 users in its core demographic within 2 weeks making it one of the most cited successful product launches.
- Automotive: Tesla Model 3 (2017)
Launch Strategy: Tesla’s Model 3 launch built anticipation. They unveiled the car before availability so customers could reserve their spot with a small deposit. This generated massive pre-orders and created a sense of scarcity and excitement.
Success factors: Pre-launch hype, an innovative product, strong brand loyalty, and a focus on the USP of electric vehicles
Result: Elon Musk announced that over half a million cars had been booked for delivery
- Consumer Electronics: Apple iPhone (2007)
Launch strategy: The iPhone combined a phone, iPod, and internet into one device. Apple built hype through secrecy and a captivating keynote event by Steve Jobs. The “Hello” ad campaign and media coverage created buzz.
Success factors: Focus on innovation, consumer FOMO, and smart marketing/advertising
Result: Apple sold 270,000 iPhones in the United States in the first week alone and reached the one million target in just 74 days after its release.
- Food & Beverage: Coca-Cola Zero (2005)
Launch strategy: Coca-Cola identified a growing demand for low-calorie drinks among men who avoided Diet Coke due to its branding. Coca-Cola Zero was marketed as a “zero-calorie” drink with the “real Coke taste,” appealing to this demographic.
Success factors: Accurate market research and targeted messaging, creative campaigns, and unified brand presence.
Result: Coca-cola Zero racked up almost $46 million in the first year after its launch
You can find even more examples of product launches using roadmap tools here.
Creating a path to success: The product launch checklist for product managers
Product managers need to be able to track key activities before a product launch while juggling shifting deadlines across teams and phases. Here’s a handy checklist to track these activities:
I. Pre-Launch Phase (4-8 weeks prior)
- Create a launch timeline
- Define key milestones and deadlines.
- Key performance indicators (KPIs) defined and measurement plan established.
- Market research & analysis:
- Competitive landscape analysis and market sizing
- Target audience defined and personas created.
- Product development & testing:
- Final product build completed and tested.
- User acceptance testing (UAT), performance testing, and scalability
- Marketing & communications:
- Marketing materials (website, brochures, videos, logos) created
- PR and media outreach plan developed
- Social media strategy defined and content calendar created
- Launch event (if applicable) planned and logistics confirmed
- Sales & distribution:
- Sales collateral prepared (presentations, demos) and team trained on product features and benefits
- Pricing strategy, promotions, partnerships, distribution channels finalized
- Customer support:
- Customer support team trained on the new product and support materials
- Support ticketing system and escalation process defined
- Legal & compliance:
- Privacy policy updated (if applicable).
- Terms of service updated.
- Budget & resources:
- Launch budget finalized and approved.
- Resources (personnel, tools) allocated.
II. Launch Phase (1 week prior)
- Marketing and communications:
- Roll out pre-launch teasers, email campaigns, and social media promotions.
- Leverage influencers, media and PR for additional reach.
- Customer Support:
- Track website traffic, sales, and customer inquiries.
- Respond to customer feedback and reviews.
III. Post-Launch Phase (1 week after)
- Monitoring and analysis:
- Track key metrics (website traffic, sales, customer feedback).
- Analyze launch performance against KPIs.
- Feedback:
- Gather customer feedback through surveys, reviews, and support interactions
- Gauge customer sentiment and positive intent
Paving the way for better products
Product launches are necessary to introduce new offerings to the market, generate awareness, and drive adoption. A successful and rapid new product release gives the right impetus to your product and helps you reinforce your brand and its values.
A well-defined launch plan includes market research, planned product development, targeted marketing and seamless execution. By focusing on a strong product-market fit, clear value proposition, and effective communication, businesses can establish their product’s position and pave the way for long-term growth and profitability. It’s also an excellent time to learn from mistakes that may have been made. Ensure that all the learning from the product launch helps you create better products and launches in the future.
FAQs
1. What are the three types of product launches?
Three different types of product launches are broadly categorized as:
- Minimum viable product (MVP) launch: A streamlined approach, with core marketing activities for a specific audience. It’s used for small products, when resources are limited or getting the product out there quickly for feedback.
- Soft (beta) launch: This is a quiet, under-the-radar release to a limited group of users. It’s often used for testing, gathering feedback, and ironing out issues before a wider release.
- Hard (full-scale) launch: This is the classic, big-bang approach. It involves extensive marketing, PR, events, etc. to make a huge splash.
2. What is the role of product launch?
The role of a product launch is to successfully introduce a new offering to the market, generating awareness, building anticipation, and driving early adoption. It is critical to establish the product’s market position for sustained success, growth, and profitability over time.
3. What is key to a successful product launch?
While we have covered several factors to keep in mind before a launch, here are 5 key ones:
- Clear value proposition: The product needs to solve a real problem for a significant market.
- Thorough market research: Know your audience, their needs, and the competitive landscape is crucial
- Strategic planning: Develop a detailed go-to-market (GTM) strategy, including timelines, budgets, and resource allocation
- Effective marketing and communication: Use a mix of channels (e.g., social media, email, PR, influencers) to build anticipation and awareness
- Seamless execution: Coordinate the launch teams from from pre-launch planning to post-launch analysis
4. How do you know if your product is ready for launch?
Determining product launch readiness involves evaluating several key areas.
- Product functionality and quality: Bug-free, stable, should perform reliably and be able to handle anticipated user load
- Market Readiness: Thorough market research, clear understanding of the target audience, the product’s value proposition, analysis of the competition, and correct market timing are crucial.
- Business Readiness: The go-to-market strategy should be finalized. Customer support teams, systems, infrastructure, and processes should be in place to handle anticipated inquiries and issues.
- Post-launch metrics: Key Performance Indicators (KPIs) should be defined to measure the success of the product launch and ongoing performance.
- Stakeholder Alignment: All key stakeholders should be aligned on the launch strategy and objectives.
