Product launches are always crazy. The stage has to be set, the presentations have to be proof-read right until it’s time to go live and everyone is just a bundle of nerves! The time leading up to a product launch is a whole new level of pressure - we can only try and reduce that pressure, but never fully do away with it. Here’s a checklist that’s been compiled for a product, either for it’s launch or for a product discovery workshop. By checking things off this list, you’ve got great product underway followed by a fun launch (and yes, the pressure must have considerably reduced, don’t you think? 😉)
1. Product Name
Before stepping into the market and putting your product out, get the name right. Your product’s name should be small enough (so that it stays in people’s minds a tad bit longer) and not too long, otherwise people are bound to lose interest and they’ll eventually forget. A great product name is short, crisp, precise and catchy.
Apple is a commonplace fruit, but it’s the also the name of the largest tech company in the world; Google is an anagram of sorts of the word googol, it’s also the most widely used search engine; Yahoo was coined by Jonathan Swift in the the book Gulliver’s Travels (the term represented repulsive, filthy creatures that resembled humans) but it’s also the world’s biggest email service provider. All of the largest companies in the world got their names by chance - it just happened. Now, we (the consumers) might not know how these names came into place, but it’s on everyone’s minds - it’s consistently remembered. That’s the power of a great name, everyone remembers you (by name) for the work that you do.
2. Product Description
This will describe your product and it’s features in detail.
Here is where you talk about your product, what it can do and highlight it’s key features. By highlighting key features, you’re listing out how your product functions - this makes your product more attractive among it’s peers in the market.
3. Product Positioning
The product positioning presents the benefits of your product to your target audience.
To create your positioning, simply think about who your product is for, what it does, and why it’s different. Then put this in a statement that brings it together. Don’t just think about what your product does, but also what those super powers are. Sharing the features along with your product’s positioning enhances the true benefits behind your product.
4. What message does your project convey?
This is where your product’s marketing message comes into play - this message will tell your audience what your product can do, thus making it a viable option.
With the positioning set, first, everyone at your company needs to know about it and be on the same page. It’s important that your team buys into the new products so they can exude the same zeal and enthusiasm when the product’s out and while engaging with customers. If it excites your team, it sure is going to excite your customers.
5. What problem is your product going to solve?
Invite your audience to sign up for a free trial version of your product, indulge in a bit of Q&A - have a forum where your audience can ask you questions and answer them.
People are looking for things to solve their problems. Hence, it’s all the more important to reinforce that your product will stand as a solution - this will build both rapport and trust among your target audience.
6. Target Audience
You’ve heard the word target audience a lot up until this point. This is where you identify the users of your product and aim the product for their use. Your target audience will usually shoot queries post trying a trial version or they’ll look to see how your product can solve a similar issue that’s being faced in the industry. You could ask them,
- How long have you been facing a problem?
- What have you tried to do about that? Did that work?
- Have you given up trying to deal with the problem?
Responses to these questions will allow you to go deeper and uncover the underlying reasons for your audience’s problems. You can now curtail your product or service and develop marketing strategies based on your customers needs.
7. Target Market
A target market is usually defined as the group of people that your product will be catering to. Test ways in which your product will be of use to your target audience, see how your product solves problems and make sure that that’s translated through your product.
Every user will look at the features that your product offers - this helps the user decide how useful the product will be. So go all out and tell the user everything he or she needs to know.
9. Price Point
Products are usually designed with the user in mind. And when a user looks at your product, he or she is contemplating on buying and testing it out. Hence it’s important to come up with an affordable price that will attract more users, thus expanding the reach and functionality of the product.
In a market that’s constantly evolving, there are bound to be similarities. When there are similarities, competition is inevitable. While it’s important to be aware of competition, it’s also important to portray what sets your product apart from the others in the market - this instills the relevance of your product even as the market evolves.
With all of the pointers in place, it’s time to spread the word. Promote your products on different platforms, say Social Media, Print Media, Ads, Emails and even Podcasts are a great way to emphasize and popularize your product.
There’s just too many ways to promote a product, too many that it would take multiple instances to explain! But you can always talk to us and we’ll come up with a great launch and promotion plan for your product 🙂
This is a companion discussion topic for the original entry at https://www.skcript.com/blogs/the-definitive-checklist-for-a-product-launch/