Launching a new product is a complex task, especially if it’s a new product area for your company.
The cost of delays in product launch are legendary. In the electronics business, system revenues range up to $50M per day of delay! How much are you willing to pay to reduce your launch time by one week? Or simply to increase the probability that you will launch on schedule?
In one launch we managed for a Fortune 500 company, we were able to cut a full year off the typical ramp-up time for a new product in this category. The key was to concurrently analyze and progress all the key areas of pre-launch decision-making. These include:
- Market research – do you know enough about the customer you’re aiming for?
- Internal product cannibalization – will the new product cut into existing revenues?
- Competitive positioning and marketing issues – what’s your primary differentiation?
- Product completion issues – will all the elements be in place on launch day?
- Marketing collateral and channel preparation – will the sales engine be ready to go?
- Management alignment and project management – does everyone know their role?
Product launch planning is one of the most valuable tactical opportunities in your business. Contact us to find out how to make it run more smoothly.