Product Launch

Synopsis

57% of Neilsen survey participants reported they purchased a new product during their last grocery shopping trip, which signals that the demand for new products is high. Regardless of whether you sell goods or services, our Product Launch presentation will help you prepare for the rollout, showcase the features and benefits of your revolutionary product and guide your stakeholders through every step of the launch process. Also, learn tips and tricks from top entrepreneurs on how to launch a product and secure its ever-lasting life on the market.

Questions and answers

What is the significance of preparing for the rollout in the product launch process?

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Preparing for the rollout in the product launch process is significant as it ensures that the product is ready for the market and that potential issues have been addressed. It involves showcasing the features and benefits of the product, guiding stakeholders through the launch process, and implementing strategies to secure its longevity in the market. This preparation phase is crucial to meet the high demand for new products and to ensure a successful product launch.

How can a presentation help in showcasing the features and benefits of a new product?

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A presentation can effectively showcase the features and benefits of a new product by providing a structured and visual platform for communication. It allows the presenter to highlight key features, demonstrate how the product works, and explain its benefits in a clear and engaging manner. The use of visuals, such as images, diagrams, and videos, can help to make the product more tangible and understandable. Furthermore, a presentation can also include testimonials, case studies, and data to provide evidence of the product's value. It also provides an opportunity for interaction, where potential customers or stakeholders can ask questions and get immediate responses.

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Slide highlights

With this slide, give your stakeholders an overview of the product you are launching. Make sure that your brief description covers the specifics of your target audience, the problem the product solves and its key advantages.

Use this slide to go over your product positioning statement. Per HubSpot, a positioning statement helps you convey the value proposition to the product's ideal customers and communicate the brand's identity, purpose and features.

Beta testing is crucial in the product launch process. Share the evidential feedback for product improvement and a perspective of customer experience you received from beta testing to prove that your product is set for success.

Application

To launch your product with the least amount of stress, you need a detailed plan. Before your big release, HubSpot recommends doing the following:

• Research the space in-depth – make sure that your team owns the problem that the product solves and has a clear understanding of who the end customers are and what their needs and pain points are.
• Focus on a single buyer persona – outline who amongst your target audience is a great fit for the new product you are launching. Ideally, talk to people who fit this profile to really understand their needs and goals, the HubSpot team says.
• Write a mock press release – HubSpot practices writing a mock press release before a product launch. "We do this very early on in the product's life to ensure that everyone involved in the launch is aligned on the messaging," the experts say.
• Build your messaging – the problem is that most companies rush to communicate the benefits of individual features – something that should be avoided in launch messaging. The HubSpot team says: "At launch, you may only have someone's attention for a few minutes or seconds, so your messaging needs to be persuasive, simple and unique. It needs to communicate what your product actually does and communicate its high-level value."
• Share your messaging – start with individuals who may be a little more forgiving and honest before presenting to executives. Use every meeting to pitch people and ask questions to gather as much feedback as possible at this stage of the process with the goal of eliminating any ineffective messages.
• Get involved in the beta – hire a group of beta testers to assess your product before the rollout. "At HubSpot, we release products to a group of folks – our beta testers – that have opted-in to give us feedback in exchange for early access," the experts say.
• Edit your messaging and find the best "hook" – by now, feedback from prospects, salespeople and beta users most likely helped you uncover some flaws in your messaging that now needs adjustment. The HubSpot team says this is actually a good sign. "If you've done things right, this won't mean drastic changes, but most likely a tweak to the value prop or tagline," they say.
• Set ambitious goals – be deliberate and ambitious with the goals you set. "To combat that, we ask the question: 'If everything went exactly right, what is the highest possible number – whether that be leads, users, etc. – we could achieve?' This sets a ceiling for your campaign – a number that is realistically almost never achieved," the HubSpot team says.

Expert advice

Entrepreneur asked seasoned business people and consultants for advice on launching a product and making people fall in love with it. Here's what they say:

Daymond John – Shark on "Shark Tank", creator of Daymond on Demand and founder of Fubu, which has generated $6 billion in sales

"Use the power of broke. [...] My biggest business mistakes came when I tried to buy success. My most successful business experiences came from using limited resources, supported by innovation. Resist the urge to spend, spend, spend."

Grant Cardone – CEO, Cardone Capital, a $750 million real estate empire

"For my 10X Growth Con 2 in Las Vegas, I created 1,023 tweets, 26 YouTube videos, 198 emails and countless Instagram posts. Some think that's excessive, but 9,000 people showed up. I called one guy back after he told me to never call again. He was outraged and hung up. The next day, I called again and he bought a $10,000 ticket."

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Trevor Chapman, owner of Trevor Chapman Companies, generated over $100 million in sales for his business

"Your pitch should have a sensational hook with actionable advice. I secured press on CNBC by pitching how to make millions in ecommerce. The article and video were viewed millions of times, giving me the springboard to launch a product that made almost a million dollars in 48 hours. The best part? Zero ad-spend."

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Jason Hall, founder and CEO of FiveChannels, generated $17 million in sales revenue for his clients in 2017

"A respected influencer gives instant product credibility. Get industry influencers to put your product in front of their fans through endorsement campaigns. By using platforms such as BrandBacker, Revfluence and PitchBox, our agency quickly matches clients with influencers who represent their shared goals."

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Sweta Patel, founder of Silicon Valley Startup Marketing, advised over 200 early-stage startups and high-growth companies

"After launching, if your fans don't resonate with your product, revisit square one. Don't judge your market; listen because they're telling you what they want. Fix the current product to their liking and they'll build the buzz it deserves. And you'll avoid losing a lot of money, wondering why your promotions didn't go as planned."

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Case study

Away

Luggage brand, Away, took the world by storm in 2015 and its product launch was a mind-blowing success. But what most people don't know is that the Away product launch almost didn't happen. Founders, Steph Korey and Jen Rubio, told Inc. that none of their suitcases were ready for the rollout. The two, however, were able to turn lemons that life gave them into lemonade and used a unique social media influencer technique to solve the problem.

Questions and answers

What role do influencers play in the product launch process?

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Influencers play a crucial role in the product launch process. They help in creating buzz and awareness about the product before it hits the market. They can be used to generate interest and excitement through their social media platforms, blogs, or other channels. Influencers have a significant following, and their endorsement can lead to increased visibility, credibility, and ultimately sales for the product.

How can a book launch contribute to the promotion of a product?

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A book launch can contribute to the promotion of a product in several ways. Firstly, it can generate buzz and interest around the product. This is especially true if the book is related to the product or the industry it belongs to. Secondly, a book launch can attract a specific target audience, which can be potential customers for the product. Lastly, a book launch can provide an opportunity to network with influencers and industry leaders who can help further promote the product.

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Pressed against the wall, Rubio came up with an idea of launching with a book. "It wasn't simply, let's make a book because we don't have any luggage ready. It was a way to assemble a bunch of people to talk about our luggage when it was available," she told Inc. The team recruited a bunch of hip writers, artists and photographers, very well-known and respected in certain circles (which, of course, represented Away's target audience).

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How did the strategy of preordering with a complimentary book contribute to the successful launch of 'The Places We Return To'?

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The strategy of preordering with a complimentary book played a significant role in the successful launch of 'The Places We Return To'. This strategy created an incentive for customers to preorder by offering a free book. It also built anticipation and excitement for the product. The result was impressive, with 100,000 suitcases sold in 2016 and over $12 million in sales in the first year.

What are the key steps in the product launch process as outlined in the Product Launch deck?

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The key steps in the product launch process as outlined in the Product Launch deck are not specified in the provided content. However, generally, the product launch process includes steps such as identifying the target market, defining the value proposition, developing a marketing strategy, creating a sales plan, and preparing for post-launch support. It's important to note that these steps can vary depending on the specific product and market.

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The newly recruited influencers were given the book, called The Places We Return To, and a gift card for a suitcase. "In November 2015, we sold the book with a gift card that was redeemable for a suitcase in February. It was essentially a preorder with a complimentary book," Korey said. The result? In 2016, Away 100,000 sold suitcases. "[...] In our first year, we exceeded $12 million in sales," Rubio said.

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