Everybody knows why badly managed businesses fail. What’s more interesting, is how companies like Yahoo, Myspace, and Dell seemed to do everything right and still didn’t survive to remain market leaders.
Planning a product launch is more involved than some may think. It isn’t simply a case of whipping up a quick idea and flinging it at potential customers – it truly is a serious undertaking, one that business owners might not give adequate attention to. In order to make a success of the launch, you need to be prepared to roll up your sleeves and throw everything you can into the planning process, starting with the all-important step of defining your launch objectives.
Perhaps the most important aspect of defining your product launch objectives is taking the time to consider whether this will be an internal or external launch. Essentially, this means figuring out whether you will be launching a new product to your current customers first, or whether you plan to go the whole hog and do a full launch to a new audience. If your main goal is simply to sell the new product, an internal launch is probably the best way to test the waters. If, however, you intend the product launch to be a means of expanding your client base, then an external launch may be the way to go.
In many ways, deciding on your product launch objectives will depend largely on your available budget. An internal launch offers you a chance to scrimp and save while you test your new product on your current customers. An external launch, however, tends to require a much larger budget as it needs to have a wider reach.