Tens of thousands of new products launch every year. Unfortunately, many of these launches fail to meet company expectations. One primary reason 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 with the power to generate attention and entice consumers to make a purchase.
Utilizing a product launch strategy template can help businesses develop the right plan, stay organized, and achieve positive results. Continue reading to learn more about what a product launch strategy is, why it’s important to the overall planning process, and how to use it.
What is a product launch strategy template?
A product launch strategy is the process of developing a strategic marketing plan regarding the release of 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 strategy options, including:
- Soft new product launch: A soft new product launch is a small-scale event that requires little to no marketing strategy.
- Minimal new product launch: A minimal new product launch generally targets a very specific audience, such as current users or members.
- Hard new product launch: A hard new product launch is a full-scale launch that is designed to reach a larger audience. It requires a high-level marketing plan that often includes 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:
As the name suggests, this phase includes all the marketing tactics the company uses to promote the new product or service before its official release to the public. This phase often includes using marketing ploys such as email and ad campaigns, word-of-mouth strategies, and social media posts. The goal of this phase is to build excitement and generate new leads.
The launch date is the day that the new products or services are available to the public or the smaller, targeted group. The goal for this day, as well as the days and weeks to follow, is to transition the leads generated during the pre-launch phase into paying customers. This step involves continued marketing and sales team preparation and hosting event day activities.
The post-launch phase requires consumer feedback, measuring success, and determining if product or marketing adjustments are necessary. For example, software development companies often use consumer feedback to develop product updates.
Whether your company is planning a small or full-scale new product launch, it’s critical to have a strategic plan in place and to use a product launch strategy template to stay organized.
Why use a product launch strategy template?
The number one reason for using a product launch strategy template is to ensure a successful product launch. Developing a product launch strategy can help your product marketing teams:
- Identify your 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
- Identify product features
The product launch template allows teams to track these components in one convenient location. While some companies may still rely on Excel spreadsheets to track some of this information, this method is outdated and has its limitations. Instead, companies can utilize online product launch strategy templates such as monday.com’s templates to provide team members with real-time information.
What are some examples of product launch strategy templates?
There are several types of product launch strategy templates available today, such as:
Some product launch strategy templates feature goal tracker capabilities. This type of template allows teams to set goals for different phases of the new product launch. While this form may be suitable for some small-scale launches, it’s not very effective for a hard-launch strategy.
Project managers may also choose to use a product launch strategy template that uses a checklist format. With this type of template, project managers can list every task required in the product launch strategy, assign each task to a designated team member, and track each task’s status. This template makes it easy for project managers to make sure everyone is completing their tasks on time.
A comprehensive product launch plan template is ideal for full-scale campaigns that include many components. Not only does this template allow project managers to track launch goals and objectives, but they can also easily break tasks down into many different steps. Additionally, project managers are typically able to prioritize tasks and set clear timelines.
monday.com offers a comprehensive Product Launch Strategy Template to help teams stay on task and improve launch outcomes. Continue reading to learn more.
Product launch strategy template on monday.comOur Product Launch Strategy Template’s intuitive design allows teams to collaborate and stay up to date and on task.
Using our template, product managers can quickly and easily assign tasks to various team members, set priorities, and track deadlines. Managers can also set automatic tasks such as team notifications, including task assignments, due date reminders, and changes in priority settings. Since it’s fully customizable, product managers can set tasks up in a checklist format or separate them by various phases or stages. Managers and team members can also view content by calendar, timeline, roadmap, form, or workload for added convenience. As with most of our templates, our Product Launch Strategy Template integrates with many work management platforms such as Slack, Zendesk, and Microsoft Teams. This is not the only template monday.com offers to help teams stay on task.
Related templates on monday.com
In addition to our Product Launch Strategy Template, monday.com offers several additional templates and features that can help teams build a successful product launch, including:
monday.com’s Work OS
Our Work OS can help your team stay on track whether you’re managing a product launch strategy or a standard marketing plan. This platform combines marketing, sales, task management, operations, and development to ensure everyone has access to the real-time data they need when they need it.
Marketing strategy template
Our Marketing Strategy Template allows project managers to manage tasks, set deadlines, track budgets, and oversee goals quickly and easily. It also allows for team collaboration and keeps everyone up to date with real-time notifications. The template also integrates with many applications, such as Gmail, Mailchimp, and Facebook Ads.
Feedback tracker template
User feedback is a crucial element of the product launch process. Our Feedback Tracker Template makes it easy for teams to track and analyze this data to make future product improvements.
Frequently asked questions
How do you create a product launch strategy?
The first step to creating a product launch strategy is to determine the scope and scale of the launch and to identify your target audience. Then, your team can set clear goals and objectives and develop a comprehensive marketing plan to build anticipation and generate leads. Once a marketing strategy is in place, the team can set a product release date and start planning for the main launch event. When the launch event is over, teams should collect feedback to identify any customer pain points and make adjustments, if necessary,
What are the six steps of a product launch plan?
There are six basic steps of a product launch strategy:
- Invest in product testing: It’s crucial to test the product prior to the launch date. This step can include in-house or small user group testing as well as a soft product launch.
- Train team members: Make sure all team members, especially the sales team, understand the product features and benefits.
- Prepare for sales: Don’t host a launch event unless you’re certain the team can handle the influx of orders. For instance, be sure your online shopping module is working properly and that you have enough products in your inventory.
- Prioritize brand image: A common mistake business leaders make is to host a product launch that strays from the company’s brand image. Chances are that you’ve worked years to build this brand, so don’t let one product launch destroy that.
- Set campaign metrics: It’s important to set clear metrics before hosting a new product launch event so you can accurately determine success.
- Gather user feedback: User feedback is critical to the new product’s overall success. Don’t only collect user feedback, but analyze this data and make changes if necessary.
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 not only for this launch but for overall organizational success. By using this template, your team can stay on task and work together toward a smooth, successful product launch.