Success of the Product largely depends on Smart Marketing. Just because startup enters a crowded market, it doesn’t mean it won’t fly. Sometimes companies shift gears and run into something they didn’t expect. coRank entered the crowded market, they advertised as “yet another Digg clone”, then shifted, were advertised as “create your Digg clone” and now people are doing a lot more than creating “social news clones”.
Knowledge Wharton has a Great Article on Entrepreneurial Marketing.
In Marketing That Works: How Entrepreneurial Marketing Can Add Sustainable Value to Any Sized Company (Wharton School Publishing), the focus is on optimizing investments in every aspect of marketing, whether it’s targeting the right customer, delivering added value or generating better product ideas. Authors Leonard M. Lodish, Howard L. Morgan and Shellye Archambeau offer tools, tactics and strategies that companies can use to differentiate themselves in today’s marketplace. As the authors note, “Marketing, more than technology, is most often the reason for the success or failure of new ventures or new initiatives” in mature corporations. Knowledge@Wharton has excerpted a section of the book below.
To properly plan and execute a product launch, it is imperative that marketing confirm the product availability date. Development and marketing must be in lock-step to ensure an effective launch. Unfortunately, problems do arise, bugs get discovered, and supplier commitments slip, so dates do change. Marketing must take ownership for staying in communication on the development schedule. The sidebar summarizes all of these necessary activities.
Product Launch Checklist
• Confirm and monitor product development timelines.
• Secure initial reference customers.
• Identify target reference customers.
• Create a strategy to reach these customers.
• Establish a compelling offer for these initial customers.
• What benefits do they receive beyond the product benefits?
• What do you expect from them in return?
• Determine an internal resource plan to ensure successful implementations.
• Account support
• Technical support
• Escalation process
• Product/experience feedback process
Secure external support for your product.
• Industry experts
Define partnering opportunities.
• To add credibility that the product will be successful
• To improve the opportunity for publicity
Include your channel/distributors in the product launch.
• Create supporting marketing materials and collateral.