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New Product Introduction: 10 Point Checklist for Success
Stage 4 Solutions Goes Global
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New Product Introduction: 10 Point Checklist for Success
For many product teams, a new product introduction (NPI) is viewed as the end of the road.
However, as any marketing or sales manager knows, a new product introduction is the critical beginning
of defining a product’s market success. A launch is so much more than the release party, the news release
or the first product shipped from the factory.
Detailed thinking and cross-functional planning are
required to develop the launch plan, and flawless execution of the plan is essential to effectively
launch the new product to the market.
Here is a 10-point checklist to help assure the success of your next product introduction.
10 Point Checklist for Success
- Product:The product is ready for
customer consumption, meets market requirements, has completed a beta test period and met
quality standards. All regulatory approvals and/or certifications have been obtained for
each market to which the product will ship.
- Manufacturing:The initial manufacturing
run has been completed with required yields and quality standards. The production plans are in
place to support the NPI ramp and the supplier base has been activated.
- Support:Support paths have been created.
Spare parts inventories have been established. User documentation, operating manuals and
maintenance instructions are ready. Support personnel are hired and trained to resolve customer
problems, and ideally have provided support for the Beta version.
- Sales:Internal and external sales teams
are trained and ready to sell.
- Market planning:Product pricing, product
structure, and packaging have been established. The launch plan ensures target markets will be
reached through the launch activities.
- Marketing collateral:Product brochures,
marketing materials, web-site materials, competitive analysis and other sales tools are available
to help ensure sales success.
- Promotion:Advertising (online and
traditional), PR, industry analysts, seminars, trade show plans and other promotional activities
have been established to ensure that the new product is communicated to all key stakeholders.
- Channels/Partners:The required partners
for the new product launch have been identified. Each partner has been trained on the new product
and the proper incentive plans/contracts have been created.
- Customer:Customer communications plans
have been established. Upgrade paths have been explained. Training materials have been created and
training sessions arranged. If possible, customers who used the Beta version have agreed to provide
a reference.
- End of Life Management:TA plan to
phase out older products has been established, to minimize customer confusion, inventory risk
and end-of-life write offs.
Get an Early Start
New products often have a very small window of opportunity to succeed in the market.
Getting an early start to the planning is the best way to ensure launch success. Planning for a product
launch should start at the beginning of the product development phase to define the proper target markets,
communication strategy, channel strategy and product roll-in/roll-out plans. Early planning gives you time
to make changes, analyze unknowns and obtain feedback from customers, sales and channel partners.
With cross-functional involvement and focused execution, a superb new product launch can maximize early
sales and create market momentum.
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