What Is a Launch Strategy?

Your product launch strategy delineates the approach you plan to take in getting your product to market. You can start ruminating over what to include in your launch strategy as early as the conception phase. However, what you initially plan must evolve as a more details emerge in the later stages of product development.

Ultimately, your strategy needs to cover all assumptions about sales and marketing for the product launch. It should lead to creation of a solid estimate of the scope, resources needed, and budget required to give the product a strong start. When a new product is involved, launch costs can occasionally exceed the cost of product development.

When your strategy is complete, you should have a clear idea of all activities to pursue in launching the product, their costs, and the initial timeline for deployment.

Four Key Points to Include

1 – Who are your top priority audiences for the product?

2 – What are the main ways you will try to reach these priority audiences?

3 – What are the key messages you need to communicate?

4 – What are your objectives? What do you plan to achieve?

What Are the Specifics to Include in Your Launch Strategy?

• Targeted sales channels – Will you use TV, radio, word-of-mouth, demonstrations, Internet or something else?

• Marketing Collateral – What support materials will be needed?

• Sales tools, demos, and training requirements – How will you equip your sales force to clearly communicate your product’s value and uses?

• Advertising and demand generation activities – What will you use to create a desire to buy?

• Sales promotions – What initiatives will you launch to get the word out?

• Public relations, industry, and social media initiatives – What can you do to build buzz through press releases, industry buzz, and social media posts?

You’ll also want to consider tradeshow and event needs; your field testing strategy; your sales forecast by the various channels; your measurable launch objectives; and high-level timeline, milestones, and budget.

The Completed Launch Strategy

Please remember: your initial ideas aren’t cast in stone. Your assumptions and plans will morph through various stages. When you finally get to the point of crafting a solid launch strategy your document should have eight characteristics:

1 – It must identify the audience(s) and competitive targets

2 – Your messaging must be solidly developed

3 – Your launch plans must align with the overall product strategy and development plan

4 – You must prioritize go-to-market activities to focus on the most important

5 – Develop measureable short and long-term criteria for assessing the success of the launch

6 – Earmark any emerging activities or capabilities that must be sourced or developed

7 – Align your plan with your company’s marketing and distributions strengths

8 – Make sure the plan provides for input and support from targeted channels

A lot goes into creating a launch strategy that really delivers. Follow these ideas and you’ll be ready to make a strong start.

Advancing the Profession of Product Management
website I consulting I training I toolkits I books I blog I twitter

The post The Art of Developing Your Launch Strategy appeared first on Actuation Consulting.

What Does an MRD Look Like?

Your MRD can take many forms. It can be a simple document, a wiki, a spreadsheet, a unique software tool, or something else you devise to fulfill this important step in your process. The potential of the project will dictate the form your MRD should take.

The Core of the Market Requirements Document

There are essentially two things at the core of your MRD:

1 – A clear definition of your target market. This is basically a vivid picture of your potential buyer and user profiles. What are the key reasons someone would use the product?

2 – Defined problem scenarios – What are the main challenges your users face that will cause them to turn to your product. These likely will vary between buyers and end users. You’ll want to develop problem scenarios for each.

Functional and Non-Functional Requirements

Requirements that must be dealt with in the Market Requirements Document fall into two categories: function and non-functional. Here’s the difference.

Functional requirements cover capabilities that have interactivity with the user. They deal with specific high-level functions a user may want to perform.

Non-functional requirements are concerned with design restrictions and performance factors involved with the product. Performance factors cover how well a product must perform. Design restrictions revolve around how much a product must support.

Common Non-Functional Requirement Categories

There are many different categories of non-functional requirements including many that are industry specific. Here are some of the most common categories:

• Physical requirement – Maximum and minimum dimensions, weight, packaging, sturdiness, etc.
• Environmental requirements – the environment in which a product must be operated or stored.
• Performance requirements – This category can include such things as expected speed for specific operations, what are the lifetime expectations for use, etc.
• International requirements – where the product will be sold and used. What are the language, currency, power supply, and specific localized needs?
• Compatibility Requirements – How does the product need to work with other products?
• Documentation requirements – What are the types, formats, and delivery methods for documentation?
• Support requirements – What must be available to customers to help them with installation, repairs, operation, payments, maintenance, and disposal of the product?
• Legal, Regulatory, and Compliance requirements – What laws, rules, and government or agency-related requirements impact the product?
• Distribution and Packaging – What is required to distribute the product and how does it need to be packaged?

What to Include in a Successful MRD

There are essentially six key elements of a successful MRD.

1. As mentioned above: You must include a definition of your target market, a vivid picture of your potential buyer and user profiles.
2. A comprehensive list of market requirements the solution will need to fulfill.
3. Suggested quantitative measures of success for each requirement.
4. A prioritized list of requirements from your market’s point of view.
5. A clear focus on the market problem you are trying to solve, not on your planned solution.
6. A timeframe for product introduction and a supporting rationale.

Advancing the Profession of Product Management
website I consulting I training I toolkits I books I blog I twitter

The post What is a Market Requirements Document (MRD)? appeared first on Actuation Consulting.