As a product manager, launching a new product as part of a start-up can be daunting. Often no specific roadmap, ambiguity, limited resources, competition, lack of brand, customer trust, and more create an environment where there is a greater chance of failure than succeeding.
The following are the 10 steps a start-up might follow to launch a product:
Idea generation and validation: The first step is to develop an idea for the product and validate its potential by conducting market research and talking to potential customers.
Defining the product: Once the idea has been validated, the next step is to determine the product features, target audience, and overall vision for the product.
Creating a product road map: After defining the product, create a road map outlining the steps needed to bring the product to market.
Building a product team: Assemble a team of people with the necessary skills to bring the product to market, including product managers, engineers, designers, and marketers.
Developing the product: Use the road map as a guide to begin developing the product, with regular check-ins to ensure the product is on track to meet the defined vision.
Testing and validation: Before launching, it's crucial to test the product and validate it with potential customers to ensure it meets their needs and solves their problems.
Creating a go-to-market plan: Once the product is validated, develop a go-to-market plan outlining the strategies and tactics needed to reach and engage with the target market.
Pre-launch: Before the official launch, conduct any necessary pre-launch activities, such as building a waiting list, creating a landing page, or launching a beta version of the product.
Launching: Once everything is in place, launch the product to the market.
Post-launch: After the launch, track the product's success and make any necessary adjustments based on customer feedback.
The top 5 risks for a product manager to navigate when launching a product include:
Market risk: The risk that the product may not be well-received by the target market, resulting in low sales and adoption. Risk mitigation strategies include conducting thorough market research, validating the product with potential customers, and testing the product with a small group before launch.
Technical risk: The risk that the product may not function as intended due to technical issues. Risk mitigation strategies include conducting thorough testing and QA and working with a skilled development team.
Competitive risk: The risk that the product may not be able to compete with existing products in the market. Risk mitigation strategies include conducting thorough market research to understand the competition and uniquely positioning the product.
Execution risk: The risk that the product launch may not be executed effectively, resulting in low sales and adoption. Risk mitigation strategies include creating a clear go-to-market plan, assembling a skilled launch team, and testing the launch internally before launching it to the public.
Financial risk: The risk that the product launch may not generate enough revenue to sustain the business. Risk mitigation strategies include creating a clear financial plan, conducting thorough market research to understand the potential gain, and clearly understanding the costs associated with the product launch.
About the Author
Adam Ryan is a Professor of Practice (Adjunct Professor) at Monash University and is a principal at Watkins Bay. Adam has over twenty years of start-up experience in Australia and the USA. An expert in Company Structuring for Innovation, Strategy, Mergers & Acquisitions, and Capital for early and growth-stage businesses.
Contact Details
Australia +61 (0) 418 325 387
USA + 1 (858) 252-0954
Email adam@watkinsbay.com
Reach out via Linked In
