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How to Successfully Craft a Product Launch Strategy

Tens of thousands of new products are launched every year, but unfortunately, many of these launches fail to meet company expectations. One of the primary reasons for this lack of success is often the company's...

Tens of thousands of new products are launched every year, but unfortunately, many of these launches fail to meet company expectations. One of the primary reasons for this lack of success is often the company's failure to plan properly. To avoid this issue, it's crucial for companies to invest in building a strong product launch strategy that can generate attention and entice consumers to make a purchase.

What is a Product Launch Strategy Template?

A product launch strategy template is a tool that helps businesses develop the right plan, stay organized, and achieve positive results when launching a new product or service. The goal of a product launch is to generate excitement for the release of new goods or services and ultimately entice consumers to make a purchase. There are three primary types of new product launch strategies:

  • Soft new product launch: A small-scale event that requires little to no marketing strategy.
  • Minimal new product launch: Targets a specific audience, such as current users or members.
  • Hard new product launch: A full-scale launch designed to reach a larger audience, often including a big event held on the launch date.

No matter what type of new product launch your company is planning, it will include three basic phases:

The Three Phases of a Product Launch

Pre-launch Phase

This phase includes all the marketing tactics the company uses to promote the new product or service before its official release to the public. Building excitement and generating new leads are the primary goals of this phase. Marketing ploys such as email and ad campaigns, word-of-mouth strategies, and social media posts are commonly used.

Launch Date

The launch date is the day when the new products or services are available to the public or a smaller, targeted group. The goal during this period and the subsequent days and weeks is to transition the leads generated during the pre-launch phase into paying customers. Continued marketing and sales team preparation, as well as hosting event day activities, are crucial during this phase.

Post-launch Phase

The post-launch phase involves consumer feedback, measuring success, and determining if product or marketing adjustments are necessary. For example, software development companies often use consumer feedback to develop updates for their products. It's essential to have a strategic plan in place and use a product launch strategy template to stay organized during this phase.

Why Use a Product Launch Strategy Template?

Pasted image 0 The number one reason for using a product launch strategy template is to ensure a successful product launch. By using a template, product marketing teams can identify their target audience, set clear goals and objectives, plan launch activities, create a product launch checklist, maintain consistent communication, develop a product launch timeline, build comprehensive marketing strategies, and identify product features. It allows teams to track these components conveniently in one place, providing real-time information.

Examples of Product Launch Strategy Templates

There are several types of product launch strategy templates available today:

Goal Trackers

Some templates come with goal tracker capabilities, allowing teams to set goals for different phases of the new product launch. While suitable for small-scale launches, this type is not very effective for a hard launch strategy.

Checklists

Project managers may choose to use a product launch strategy template in a checklist format. This allows them to list every task required in the product launch strategy, assign each task to a designated team member, and track the status of each task. This template ensures everyone completes their tasks on time.

Comprehensive

A comprehensive product launch plan template is ideal for full-scale campaigns that include many components. It enables project managers to track launch goals and objectives, break tasks down into various steps, prioritize tasks, and set clear timelines.

Utilize the Monday.com Product Launch Strategy Template

Pasted image 0 Monday.com offers an intuitive Product Launch Strategy Template that allows teams to collaborate, stay up to date, and remain on task. With this template, product managers can quickly assign tasks to team members, set priorities, and track deadlines. The template also allows for automatic tasks, such as team notifications, task assignments, due date reminders, and changes in priority settings. It is fully customizable and integrates with various work management platforms like Slack, Zendesk, and Microsoft Teams.

Additional Templates Available on Monday.com

In addition to the Product Launch Strategy Template, Monday.com offers several other templates and features to help teams build a successful product launch:

  • Monday.com's Work OS: A comprehensive platform that combines marketing, sales, task management, operations, and development to keep everyone on track.
  • Marketing Strategy Template: Enables project managers to manage tasks, track budgets, oversee goals, and collaborate with real-time notifications.
  • Feedback Tracker Template: Allows teams to track and analyze user feedback to make improvements for future product launches.

Frequently Asked Questions

Q: How do you create a product launch strategy? A: The first step is to determine the scope and scale of the launch and identify the target audience. Then, set clear goals and objectives, develop a comprehensive marketing plan, and build anticipation to generate leads. Once the marketing strategy is in place, set a product release date and start planning the main launch event. Collect feedback after the launch event to identify any customer pain points and make necessary adjustments.

Q: What are the six steps of a product launch plan? A: The six basic steps of a product launch strategy include investing in product testing, training team members, preparing for sales, prioritizing brand image, setting campaign metrics, and gathering user feedback.

Host a Successful Campaign with a Product Launch Strategy Template

Take the time to build a comprehensive marketing plan using a product launch strategy template, and you'll be better positioned for overall organizational success. By using this template, your team can stay on task, collaborate effectively, and work towards a successful product launch.

Get the template

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