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 is a Positioning Statement?

A well-crafted positioning statement brings together your overall value proposition with your positioning for a product. This is accomplished in a few concise statements. These are high-level statements. As you write them, don’t get down in the weeds about what you are planning.

You can think of it as kind of an elevator pitch you would be able to use to give a clear idea of your goals in just a snapshot. It’s quick, but it’s also comprehensive.

A Good Positioning Statement Framework

We can thank Geoffrey Moore and his book Crossing the Chasm for this useful template:

     Statement                                                              Description

FOR <target market>                      A concise definition of the market segment

WHO HAVE <this problem>     The problem statement indicating the underserved need or market gap

OUR PRODUCT IS <solution category>          A generic name to help categorize the solution to the market

THAT PROVIDES <key benefits>            Key benefit(s) and the value provided

UNLIKE <reference competition>         Defines the primary alternative market solution(s)

OUR SOLUTION <key advantages>       Identifies how this product differentiates from the competition in a way that creates value                                                                             

Four Essentials for a Useful Positioning Statement

You want your positioning statement to be as useful as possible, so make sure it contains these four elements:

• Make sure it identifies the overall purpose of the product. What is the added value to be gained and what market gap does it fill? How is it better than current solutions?

• Be sure it contains enough information that those unfamiliar with the product can “get it” in a brief conversation.

• Use analogies to other existing solutions to further understanding and create an image for your reader.

• Keep your focus on benefits and value. Don’t dwell on features and other specifics.

Other Forms for Your Positioning Statement

Two common forms that can help galvanize understanding are the Simile and the User-Story Format.

The Simile approach is probably the easiest way to telegraph your positioning statement. In essence, you compare your solution to another category of solution. For example, the Amazon Kindle does for reading what our <product> does for <category>.

If your team is comfortable with Agile, it will likely respond well to the User-Story format. Your team members can write up a positioning statement like any user story, only this one will focus on the product level. You state the problem the persona needs to solve and how your solution meets that need.

No matter what format your positioning statement takes, make sure it is appealing to customers and helps focus the product development and marketing approach.

Looking Ahead

In my next post we’ll take a look at the launch strategy document and what it should contain in order to deliver the most benefit to your team.

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

The post Crafting a Useful Positioning Statement appeared first on Actuation Consulting.

What Is a Persona?

A Persona is a representation of a group of customers with similar characteristics. Personas help your team make decisions about the product during development. You gather data to create the Personas through primary research and also through Voice-of-the-Customer activities.

Personas can be minimal or fully blown out, giving an elaborate description of behaviors, activities, and motivations. They vary based on whether they are for a business-to-consumer or a business-to-business product or service.

What’s Included in a Persona?

Personas include information such as:

• A fabricated descriptive name and optional photo or caricature
• Demographic information such as age, gender, marital status, location
• Level of education, work, income
• Lifestyle or work factors and goals
• Experience with the product category
• A quote or slogan that captures personality or personal drivers
• Activities that may influence the use of the product, particularly pain points
• Other related products or solutions currently used
• Values, attitudes, and motivators that influence the decision process
• Other collaborators related to reaching goals
• Frequency of activity toward goals

Buyer Personas

A Buyer Persona hones in on a specific type of buyer targeted by the sales channels. An end user or a purchasing manager is an example. The Buyer Persona informs the development of the components, functionality, and benefits of the value proposition.  They can also impact sales messages.

User Personas

A User Persona represents a specific type of buyer who will have a very specific use for your product or service. A good example is a manager who will set up a computer program for a team. This person is not an end user, but has interests and goals for the product that are different from the end user who is the employee who will actually use the product.

The main goal of developing Personas is to understand typical customers for your product. Personas that achieve the results intended share three characteristics:

1. They provide information that gives insight into the customer’s world including their challenges and goals as related to the new product.
2. They hone in on the primary buyers, something that is accomplished with only a few Personas.
3. Persona development is driven by market research or Voice-of-the-Customer activities. A large enough number of customers are included to be able to spot trends and common tendencies.

Not a License for Creative Writing

It is unfortunately fairly common for a product team to build elaborate Personas out of thin air, with no research to back them up. This is not valid nor is it appropriate for a vital business document. Take the time and make the effort to actually do the background work.

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

The post Using Different Types of Personas appeared first on Actuation Consulting.

Problem scenarios are a good way to take a high level look at what an ordinary customer might encounter, the problems they need to solve, and the challenges they face in doing so.

A mother may need to provide a nutritious but easy to prepare meal for her busy family.  They need a quick meal, but not just any fast-food pickup. It needs to be healthy, quick to prepare within tight time constraints, and tasty.

Problem Scenarios – Different Types

A problem scenario can take different forms depending on the product concept under consideration and the level of detail you want captured in the scenario.

The first type of problem scenario is the Simple Story. This can include a few paragraphs or a few key bullets. Key elements to include in a Simple Story are:

• Who is the primary persona in the scenario? Usually there is one, but sometimes there can be several, depending on the product.
• What are the location and timeframe for the scenario? Does it occur at home, in the office, or somewhere else?
• What is the goal of the persona? What is the high-level objective the persona is trying to achieve. For example: Provide a quick to prepare, tasty, and healthy meal, hear music on a patio, etc.
• What are the common steps taken to achieve the goal? What are the most basic tasks a person will need to undertake to reach the goal? These should illustrate the challenges and frustrations the persona encounters in the quest. These also should encompass how the persona would proceed using current solutions and products available in the market. The result of this step will be a complete start-to-finish set of activities. It will give a bird’s eye view of the situation.
• What major decisions must the persona make during the workflow? If the product is complex, such as software or services, there may be several paths that can be taken depending on decisions made. For example, let’s consider a product team attempting to create an online order form. Decisions the persona would need to make might include which credit card to use, do they want gift wrap, where will the item be sent, how much does the persona need to purchase in order to get free shipping, and that’s just the start of the possible decisions.

Looking Ahead

Next week we’ll take a look at another type of problem scenario you can use in your product concept investigation: Story Boarding.

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

The post Problem Scenarios as a Device appeared first on Actuation Consulting.

SWOT is a way for you to assess the current situation of your company, a product, or even a competitor. Armed with this analysis, you will be able to formulate a strategy for moving forward.

Through the use of SWOT, you can gain a full view of what you face internally and externally, including both positives and negatives of your situation. Let’s take a closer look.

SWOT Matrix

A SWOT matrix is a four by four illustration. The top row lists strengths and weaknesses of the product or organization under consideration. These listings are based on your current view. The listings under the bold headings are common areas to consider when assessing the internal view.  These include things such as:

• Product Capabilities
• Company Competencies
• Market Position
• Key Resources
• Strong Processes or Quality
• Key Partnerships

Opportunities and Threats

The lower half of the SWOT Matrix is concerned with Opportunities and Threats. These concern elements external to your company. They cover trends or events that may impact your company’s situation later on.

Opportunities refer to factors that may positively affect your product or company. Threats are those forces that may negatively impact the situation. The analysis focuses on a fluid situation that can be impacted by:

• Movement in the Market
• Competition
• Technology
• Processes
• Resources
• Your partners

A Key Factor

As you are considering your SWOT matrix, remember that the upper tier (Strengths and Weaknesses) concerns your product and company in a competitive landscape. The lower tier, Opportunities and Threats, deals with trends and situations in markets outside your company.

Here’s an example:

If you may not get the parts you need to build the product, that is a weakness, not a threat. If your market is becoming more tech-saavy, that’s an opportunity.

The SWOT Matrix won’t tell your team what to do. It will prepare you to take the next step, which is to consider your options strategically. You’ll explore how to seize opportunities and reduce threats. All the while, you’ll have a clear idea of your company’s or product’s strengths and weaknesses so you can factor them into your strategic decisions.

Looking Ahead

Now that we’ve looked at the SWOT Matrix, my next post will present the TOWS Matrix, which is SWOT spelled backwards. A look at your situation from this view presents new insights that can be valuable to your team.

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

The post What is a SWOT Matrix? appeared first on Actuation Consulting.

• Launching to an existing market
• Seeking out markets that don’t currently exist
• Creating a re-segmented market by taking a piece of an existing market

It takes collaboration among many internal team members to effectively launch a product. To get everyone on the same page with regard to messaging and execution, you’ll create a product brief.

What is a Product Brief?

The product brief is a one-to-three page document that provides critical information your internal team needs to effectively launch the product. It will be the central information source for your team during the launch preparation and execution.

You’ll develop the brief once and it will be used many times by many different people. Your company’s executive team will review it to understand your thought process and value proposition. Marketing will turn to your key messaging points to develop appropriate sales materials and to fine-tune the message. It will also help your marketing group identify the best channels for reaching your identified market segment. The product brief will help your sales team, channel partners, and customer service when you begin training them for the launch.

The Product Brief’s Eleven Suggested Sections

There’s a lot of critical information included in the one-to-three-page product brief. It should outline the following:

• Product name and release date
• Who the product is targeted to
• Product description
• Summary of the customer needs the product will meet
• Customer value proposition
• The impact the product will have on the customer
• Launch plan description and timetable of key events
• Product benefits and features
• Sales and customer service talking points
• Pricing
• Resources

This concise document will immediately become the rope that ties your launch together and keeps everyone on task and on message. The product brief is not to be circulated outside your company. It is strictly an internal document that will immeasurably smooth out your launch preparation process.

Coming Up

In my next post I’ll discuss the how to create a launch plan framework to coordinate the tasks and timing required for a successful product launch.

The post What is a Product Brief and Why is it Important? appeared first on Actuation Consulting.

Reach Out to the Rank-and-File with Your Product Vision

Step back a moment and enjoy your recent weeks’ accomplishments. You’ve developed a solid product vision and shared it successfully with executives and thought leaders. Now it’s time to broaden your reach and get those who will be actively involved in executing your plans on board. One of the best ways for you to do this is by creating forums for sharing your product vision. Also be prepared to share any high-level support detail that you developed after meeting with customers.

Begin With the Team Leaders

In the influence map exercises we’ve discussed in an earlier post, you identified key people who were critical to your success. Now it’s time to circle back and meet with any team leaders who may not be aware of your plans. A good place to start is with any of your own team members who may not be aware of the plan. Bring these people up to speed then reach out to others in your organization. Some meetings will be one-on-one. At other times it will be appropriate to talk to an entire team or even a larger group at one time.

Engage Your Known Supporters

Think back to when you were sharing your vision with your company’s thought leaders. Who among them were your strongest supporters? Once you’ve identified those firmly behind your plans, enlist them to bring those in their operational area on board too.

It’s important to remember that not everyone will be solidly behind you. Some people are happy with the status quo. Others resist change. Be prepared to face a certain amount of resistance. Keep focused on your goal: to align as many people as possible behind your vision. Invite them to participate in making the vision a reality. The better your team understands where you’re leading them, the more support you will gain.

How Product Managers Should Handle Questions

Don’t dodge questions from employees or try to bluff your way through. As a product manager you’ve done a tremendous amount of research and consulted with customers, executives, and thought leaders. You’ve tried to think of every possible argument against your plan. If someone asks a question you haven’t considered, take the time to find the answer and then get back to this person after the meeting.

Accurately communicating your vision and getting the employees behind your plan is critical to success. With the help of those who share your vision, you’ll be able to win the support of many people across your organization. Ultimately, you are accountable for getting results. But you need others to ensure success.

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

The post Product Vision: Driving Organization Alignment appeared first on Actuation Consulting.

The Value Proposition and the Product Manager

To fully understand the importance of reviewing your company’s customer-facing presentations, product managers need to first have a clear idea of what a value proposition is. Simply stated, a value proposition is a clear and concise statement about the benefits a customer will gain from using your company’s product or services. The most effective value propositions appeal to the customer’s strongest buying motivations. These may include:

• Decreased costs
• Improved revenues
• Increased market share
• Enhanced operational efficiency
• Better customer retention

Collect Customer-Facing Presentations

Throughout the year, sales, marketing, business development, professional services, and the executive team make presentations to customers. Each gives customers an impression of your company and its products or services. To gain a clear idea of what various departments and employees are saying about your organization, product managers need to gather current presentation materials from each department and compare them. Are the messages being communicated consistent or do presentation materials alter the product’s value proposition? Are the presentations making any points about future development activity? What’s being promised “down the road” to customers? It’s quite common to discover vast differences in how your company and product are being presented and positioned in the marketplace by different departments.

Product Managers Need to Gain Control of Messaging

Without one person controlling what is being said about your company and product, it doesn’t take long for outdated and incorrect messages to gain a foothold in your market. The lack of a clear value proposition can quickly create problems downstream.

By reviewing the company presentations product managers can gain insights into how cohesive or fractured your messages have become and take steps to correct them.  Your review is also a good way to uncover any commitments that have been made to customers that will have to be addressed down the road. Ultimately, reviewing company presentations to customers will give product managers a clear idea of how large a challenge you face. It will also help you to better manage the perceptions held by your colleagues, clients and the market.

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

The post How to Identify the Current Value Proposition appeared first on Actuation Consulting.

The Most Common Positioning Statement Format

There are multiple formats to choose from when drafting a positioning statement. For instance, the simile format or the user-story style which we will discuss in a moment. However, I tend to favor the format introduced by Geoffrey Moore in his book Crossing the Chasm.

Moore, G. (2002). Crossing the Chasm. New York, NY: HarperCollins

Alternative Positioning Statement Formats

As mentioned earlier there are alternatives to this format. The simile format is quite possibly the quickest way to communicate the message. This approach explains the product by utilizing a concept that is familiar in order to provide a context that is easily understood. “It is like <reference another product here> but for <new use>. An example of this format might be the hover board: It is like a skateboard but without wheels.

Alternatively, many teams utilizing Agile methodologies are increasingly using the user-story format. Here’s an example; As a <persona> I want to <solve a problem> so that <professional benefit statement> plus <personal benefit statement>.

Ultimately the style you choose to use should resonate with your customers and stakeholders and help focus the development and marketing of the product.

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

The post What is a Positioning Statement? appeared first on Actuation Consulting.