Quick Facts
- Launch strategy patterns help organizations plan and execute successful product launches.
- There are several common launch strategy patterns, including the Minimum Viable Product (MVP), the Minimum Marketable Feature (MMF), and the Minimum Loveable Product (MLP).
- The MVP approach involves launching a product with the minimum set of features necessary to satisfy early adopters and gather feedback for further development.
- The MMF approach involves launching a product with the minimum set of features necessary to generate revenue and prove the product’s value to the market.
- The MLP approach involves launching a product with a polished design and a focus on user experience, even if it means delaying some features.
- Other launch strategy patterns include the “smokejumper” approach, which involves launching a product quickly to gain market share, and the “platform” approach, which involves launching a product that serves as a foundation for future products and services.
- Effective launch strategy patterns consider factors such as target market, competition, and the organization’s resources and capabilities.
- A successful launch requires careful planning, execution, and ongoing monitoring and adjustment based on feedback and results.
- It’s important to note that there is no one-size-fits-all launch strategy, and organizations should choose the pattern that best fits their goals, resources, and market conditions.
- Launch strategy patterns can also be combined or adapted to suit the specific needs and circumstances of an organization and its product.
Launch Strategy Patterns: A Personal Experience
The format of this content reflects my personal experiences as a product manager at a fintech startup.
Defining Your Launch Goals
Before you start planning your launch strategy, it’s essential to define your launch goals. What do you hope to achieve with this launch? Are you looking to acquire new customers, increase revenue, or improve customer satisfaction? Whatever your goals are, make sure they’re specific, measurable, achievable, relevant, and time-bound (SMART).
Selecting a Suitable Launch Strategy
Once you’ve defined your launch goals, you can start thinking about which launch strategy patterns will help you achieve them. Here are a few patterns that have worked well for me in the past:
Pattern 1: The Soft Launch
A soft launch is when you release a new product or feature to a limited audience before making it available to everyone. This strategy is helpful when you want to test the product in a controlled environment before scaling it up.
For example, when we launched a new feature on our trading platform, we first made it available to a small group of power users. We monitored their usage and feedback to identify any issues or areas for improvement. Once we were confident that the feature was ready for prime time, we rolled it out to the rest of our user base.
Pattern 2: The Exclusive Launch
An exclusive launch is when you release a new product or feature to a select group of customers or partners. This strategy is helpful when you want to build buzz and generate excitement around your launch.
For example, when we launched our API, we partnered with a few select fintech companies to give them early access. This strategy helped us build relationships with key partners and generate buzz in the industry.
Pattern 3: The Incremental Launch
An incremental launch is when you release a new product or feature in stages. This strategy is helpful when you want to manage risk and gradually increase adoption.
For example, when we launched our mobile app, we released it in stages based on geography. We started with a few countries in Europe, then expanded to the US and Asia. This strategy allowed us to identify and address any issues before rolling it out to a larger audience.
Creating a Launch Plan
Once you’ve chosen a launch strategy pattern, it’s time to create a launch plan. Your launch plan should include the following elements:
| Element | Description |
|---|---|
| Timeline | When will you launch the product or feature? Make sure to give yourself enough time to complete all the necessary tasks. |
| Marketing plan | How will you market the product or feature? This could include email campaigns, social media posts, and paid advertising. |
| Training plan | How will you train your team and your customers on the new product or feature? This could include documentation, webinars, and in-person training sessions. |
| Support plan | How will you support your customers after the launch? This could include a dedicated support team, a help center, and a feedback mechanism. |
Here’s an example launch plan for a new product:
| Element | Description |
|---|---|
| Timeline | Launch on March 1st |
| Marketing plan | – Email campaign to existing customers on February 15th – Social media posts on February 20th and March 1st – Paid advertising on industry websites |
| Training plan | – Documentation and webinar on February 20th – In-person training sessions on February 25th and 27th |
| Support plan | – Dedicated support team available during business hours – Help center with FAQs and tutorials – Feedback mechanism for reporting issues |
Preparing for Launch Day
As launch day approaches, make sure you’re prepared for any issues or unexpected events. Here are a few things to keep in mind:
- Test everything: Make sure all the features and functionality are working as expected.
- Check your website and servers: Ensure your website and servers can handle the increased traffic.
- Communicate with your team: Make sure your team knows what to expect and how to handle any issues that arise.
- Monitor the launch: Keep an eye on the launch and be ready to address any issues.
Post-Launch Follow-Up
After the launch, it’s essential to follow up and assess the results. Here are a few things to consider:
- Monitor usage: How many people are using the new product or feature?
- Collect feedback: What do people think of the new product or feature? Are there any issues or areas for improvement?
- Measure results: Have you achieved your launch goals?
Frequently Asked Questions:
What is a launch strategy pattern?
A launch strategy pattern is a pre-defined approach for releasing a product or feature to the market. It helps organizations plan and execute a successful launch by providing a clear roadmap and best practices.
Why is it important to use a launch strategy pattern?
Using a launch strategy pattern can help organizations avoid common pitfalls and increase the chances of a successful launch. It provides a clear and structured approach to releasing a product or feature, which can help ensure that all necessary steps are taken and that the launch is well-coordinated.
What are some common launch strategy patterns?
Some common launch strategy patterns include the Minimum Viable Product (MVP), the Staged Rollout, and the Dark Launch.
What is the Minimum Viable Product (MVP) launch strategy pattern?
The Minimum Viable Product (MVP) launch strategy pattern involves releasing a product or feature with the minimum set of features needed to satisfy early adopters and provide feedback for future development. This allows organizations to quickly validate their ideas and make improvements based on user feedback.
What is the Staged Rollout launch strategy pattern?
The Staged Rollout launch strategy pattern involves releasing a product or feature to a limited audience and gradually increasing the size of the audience over time. This allows organizations to gradually test and improve the product or feature before releasing it to the entire market.
What is the Dark Launch launch strategy pattern?
The Dark Launch launch strategy pattern involves releasing a product or feature to a small group of users without making it widely available. This allows organizations to test the product or feature in a real-world setting and gather data on its performance before making it widely available.
