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September 07, 2018

Product Launch 101



Product launches constitute a major part of every business. Why? Because the core objective for all businesses should be to create and transfer value (i.e., solve problems) through their respective products and/or services. Unfortunately, that’s much easier said than done for the grand majority of businesses out there. In fact, Joan Schneider and Julie Hall explained why most product launches fail in the Harvard Business Review. They present readers with five fatal flaws to avoid and highlight illustrative examples for each. That’s probably the best place to begin learning more about product launches.



David Lavenda at Fast Company shared some equally informative advice when it comes to successfully launching a product or service. According to him, “launching a product or service isn’t what it used to be.” He describes how a straightforward and simplistic user adoption model was replaced by a much more challenging one, which is why “new tactics are required to get the notice you deserve.” David then proposes the following ten tips:

  1. Start early.
  2. Make the product or service available to important influencers.
  3. Brief industry analysts.
  4. Seed the social space with “leaks.”
  5. Don’t expect a “big bang” release.
  6. Keep the release rolling.
  7. Do something unusual.
  8. Get partners involved.
  9. Make it easy for people to learn more about your product/service.
  10. Ignore elements of the launch that do not drive business.

While each of his suggestions is likely to be salient at some point, some are much more critical than others, especially for the very first launch. That’s why entrepreneurs should reflect on some additional perspectives to help them better prioritize their efforts. The Forbes Communication Council published insights that complement David’s ten tips. They also encourage entrepreneurs to embrace influencers and to initiate a rolling launch. Another key takeaway is leveraging data to inform the decision-making process. It’s important to recognize, however, that capturing valuable data is much easier than effectively utilizing it to drive positive business outcomes.

Most of the guidance written assumes that entrepreneurs plan to target the American market, which is an excellent place to begin but it’s certainly nowhere to end. Contributors at Entrepreneur have done everyone the favor of publishing a fairly comprehensive article describing how to take a company global. They emphasize things like the centrality of cultural understanding, international financing, and finding a reliable foreign distributor. Some entrepreneurs might consider interpreting “foreign distributors” more broadly if they plan to launch a digital service instead of a physical product.

Let’s say, for instance, that an American entrepreneur intends to market her new digital service to people in Brisbane. The importing and exporting of physical items might be irrelevant and financing could be set, but the marketing and branding are still sure to be major barriers to entry. In that particular case, establishing a relationship with a company that provides SEO in Brisbane could be a huge advantage. Unlike partners based elsewhere, experts who live and work in Brisbane are much more likely to have nuanced tacit knowledge about the local culture. Never underestimate the value of knowing as much as possible about the target market.

There’s clearly some serious risk involved with forging business partnerships abroad. Prudent entrepreneurs attempt to mitigate that risk by relying on best practices. Verne Harnish at Fortune shared drew attention to five proven ways entrepreneurs can find the right overseas partner. Avoiding amateurs and vetting more than one potential partner at the same time are two crucial pointers but the best one is utilizing the US Department of Commerce’s Gold Key program. Entrepreneurs who tap into the Gold Key program can expect a high-degree of white-glove service for a cost that’s more than reasonable.



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