Teja — Venture-backed network processing platform sold to ARC (LSE:ARC now NASDAQ:SNPS)
New product launch is a major transition for any company—from a relatively predictable, internal product development process to a chaotic go-to-market phase before settling into a scalable sales process. According to a Boston Consulting Group report, successful innovation depends not only on ideas and creativity, but also on discipline and speed.
For established companies, success requires creating focus and attention for the new product while operating the main line business. For startups, success means executing a critical business activity flawlessly for the first time.
Each product launch is unique. There is no standard formula, process, or model that can be applied to all situations. But answering these top five questions will help you assess your readiness for any launch.
Are you ready to create impact
Launching a new product is like driving a tee shot in golf. You want a strong impact that lands your ball in the middle of the fairway or your product in the sweet spot of the market. Without an impactful launch, you will have to do a lot more work later.
Are you ready to set the market DNA
A new product launch is your opportunity to show the world how it can be a different, better place. Training the market to behave in a new way can disrupt the incumbents and yield enormous returns.
Are you ready to listen, learn, and adapt
Very rarely will your tee shot be a hole in one. On the course, you have to look at the lie, your opponents' positions, and other environmental factors as you chart your way to the putting green. In a launch, too, you have to look at how each customer is receiving your product and chart your way to the other "green".
Are you ready to be agile
As you discover the gaps between your product and the ideal solution to customers' problems, you will have to step in with different measures to bridge these gaps rapidly—such as providing customer support, product enhancements, crisper messaging, professional services, or a partner ecosystem.
Are you ready to be One Team
And this brings us to the cross-functional collaboration required across different teams of your organization, right from the executive management to development, marketing, sales, and service, so that you have the expertise and the bandwidth to tackle any customer situation and see it through to success.