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Tips for Executing Your First Product Launch: PMM Leaders Weigh In

Today’s the day - you’re planning your first product launch! So, where do you start? There are many variables required for product launch success. There are important steps pre, during, and post-launch that will help you nail your first product launch. 

Your first product launch may seem daunting at first, but there are ways to ensure everything goes smoothly. Consider these seven pieces of advice from product marketing experts as you tackle your first big launch. 

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The Secret to Product Launch Success: 12 KPIs You Should Be Tracking

According to Harvard Business School, of the approximately 30,000 new products launched each year, about 95% fail. Of course, the product failure rate varies from one industry to another—for example, grocery products fail at a rate of 70-80% -- but think about it: when you launch a new product, generally, your odds of success are 25 to 1. If casinos offered those kinds of odds, they'd go out of business overnight.

Why Do So Many New Products Fail?

New products fail for a variety of reasons, but the number one reason, according to Harvard Business Review (HBR), is that companies become so engrossed in the nuances of design that they don't adequately prepare to go to market:

"Numerous factors can cause new products to fail…The biggest problem we've encountered is lack of preparation: Companies are so focused on designing and manufacturing new products that they postpone the hard work of getting ready to market them until too late in the game."

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The Role of Market Research in Your Product Strategy

Market research involves a process of collecting, analyzing, and interpreting data about a target market. This market may include consumers, products, competitors, or an industry at large. The reason that companies conduct market research is to optimize the time, money, and resources they invest in product development efforts. They may also conduct research to find their product-market fit or expand their target audience.

Not only can market research help you figure out your product-market fit, but market research can help identify areas where you can grow. When enacting a strategy, you need to consider how your product will address the market demand or your existing customers’ needs. Let’s take a look at four different ways you can conduct market research and how you can leverage it in shaping your product strategy.

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How to Do a Competitor Messaging Analysis

How you communicate your company’s unique solutions to the market is critical to attract and engage potential buyers. Great messaging requires both a deep understanding of your target personas as well as an analytical view of the competitive landscape. Getting deep market and persona knowledge has always played a key role in crafting great messaging, but looking at competitors’ messaging is an often overlooked step. However, without completing a competitor analysis, you risk having your messaging fall flat in a sea of similar and undifferentiated content.

Here’s how to capture, analyze, and continuously monitor the competitive messaging landscape.

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