Forward-thinking companies understand that the product development process does not end with the launch of a new product, to maximize the total value provided, a review should be undertaken within the first few weeks following launch and at predetermined milestones thereafter.
If the launch went well, a post-launch assessment is a great way to discover product attributes or generate ideas for new or complementary offerings to investigate. If the launch didn't go as planned, a post-launch review can serve useful, identifying what went wrong and providing crucial insights into how the company can avoid repeating the same mistake in the future.
Top 5 Product Launch Questions
Continuing to study the product during the post-launch review gives you the chance to think about new revenue streams and how to make the most of the ones you already have. Do you want to make sure that your firm gets the most out of a product launch review? Check out the top five questions to ask after launching a new product.
1. How is the product being used by customers?
Companies must determine how a product is consumed as soon as it reaches a critical mass of users. Customer needs studies would have been included in a well-planned product launch during the product development phase, but follow-up research once the product is in the field is required. Companies should seek answers to the following essential questions:
What are the demographics of the product's users?
What are they doing with it?
How are they using it?
Answers to these questions may lead to new messaging, product support suggestions, or product feature improvements.
2. Are we showcasing the product's unique selling propositions?
Message testing and customer satisfaction surveys can assist determine which aspects of a product are most appealing to customers. Early in the product introduction, timely study of these elements can allow marketing and sales teams to alter their messages and pitches. Keeping messaging fresh and relevant might improve the product's overall chances of success.
3. Who else would be interested to purchase this item?
Whether you've successfully released a new product to an existing customer segment, start looking at existing markets to see if the product could satisfy unmet demand. Companies will come forward and buy in from the sales team for expanding into a new market segment since the product is performing well in its original product market.
4. How can we improve the product?
A company's prospects of long-term survival are increased by constantly adapting and upgrading a product. Customer satisfaction surveys can offer suggestions for product upgrades and expansions, assuring long-term product acceptance and loyalty.
5. Should we add any more products to our pipeline?
A new product launch is especially successful at generating fresh product ideas. When Apple released the iPod, for example, it paved the way for several other additional accessories, including headphones, holders, auto adaptors, charging points, and more. Companies might create ideas for new products or service offers by leveraging early market input.
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