Previously we talked about different development methodologies and types of product launches, today we will talk about why establishing goals, metrics and solidifying a messaging strategy document (MSD) will get everyone on the same page.
At the kickoff meeting, we establish the goals and desired metrics for each launch. Here are some example goals for a launch: generate leads, awareness, new user acquisition, drive revenue, number of units sold, or drive adoption. It is also important to set metrics, that way you will know if the launch is successful or needs some additional tactics to achieve the target metrics. Metrics can include: web traffic, content utilization, new prospects, MQLs, SQLs, new customers acquisition, or new revenue. It is really important to determine both goals and metrics up front, then everyone is marching towards the same target and understands what success looks like after launch. If you don’t establish this in the beginning, it makes it a lot harder to determine what types of tactics you will need for your launch. For example, if driving adoption is the goal, then you can align your launch tactics around gaining users and usage.
Another item that is important to get alignment up front on is the messaging strategy document. The MSD identifies the following pieces of information:
- Target audience
- Who are you targeting with this product? Is there a specific persona that you should be marketing to?
- Main benefit statement
- What is the primary benefit to the end user?
- Pain Points
- What challenges is the user struggling with?
- Key benefits of the product
- Reasons why someone would buy the product and if it s a differentiator
- Release type
- Major, Minor, Lean
- This is different from benefits, could be a technical function that would improve performance of a process or an actual feature.
- Product descriptions
- Write up 25 and 50 word product descriptions that include what the benefit is.
- Competitive situation
- Identify 3-4 competitors, what do they offer, is your product on-par, below par or above par of each competitor? Include any details such as features, pricing, etc.
- Pricing and Packaging
- What are you charging for the product, how is it packaged? Is is part of a subscription or can you buy it on its’ own?
- Include any screenshots that showcase the product. These can be used in banner ads, emails, blogs, presentations, etc.
- Goals/Metrics/Business case
- Include what the goals and metrics are in the Messaging Strategy document so that it always top of mind.
If you can establish the goals, metrics and complete the messaging strategy document up front, it will guide you and your team as you move through the launch and everyone will be talking about the product benefits and differentiators in the same language. Next up, we will be discussing how to enable your sales and account management teams and get them ready for launch.