Product launch refers to the introduction of a new or updated product to a specific market. This is an important part of the product development process, as it is the point at which the product is presented to and evaluated by customers. Planning for product launch usually starts during the early stages of product development and continues throughout the process. It is a significant moment for a company, as the success of a product launch can have a significant impact on the product’s success in the market. The following are common elements of a product launch.
Sales Planning
Determining sales objectives, goals, strategy and a plan. This includes things such as a sales forecast, sales budget and sales incentive plan.
Operations Planning
Operations planning such in areas such as information technology, manufacturing, quality control and supply chain. The operations plan relies on sales forecasts.
Promotion
A plan for communicating the product to generate demand using techniques such as advertising, events and engaging influencers such as lead users.
Leads
Generating and qualifying leads.
Distribution
The process of planning and deploying sales channels. For example, an international product launch may leverage dozens of distribution partners in retail channels.
Inventory Management
Planning inventory for each distribution channel.
Product Knowledge
Product training for sales teams and other customer-facing employees.
Customer Service
Deploying customer service functions for the product.
Customer Experience
Launching elements of customer experience such as point of purchase displays and store windows.
Pricing
Developing pricing objectives, strategies and structures. New products are often launching with a price designed for skimming or market penetration.
Risk Management
Identifying and managing product risks.
Controls & Monitoring
Developing controls and monitoring to manage the launch.
