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Bus110 launch plan

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How to build a launch plan for your product or service. Presented as a guest lecturer in Rashmi Menon's Stanford Continuing Education Course: ...

How to build a launch plan for your product or service. Presented as a guest lecturer in Rashmi Menon's Stanford Continuing Education Course:

BUS 110: How to Start Your Business: From Idea to Business Plan

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Bus110 launch plan Bus110 launch plan Presentation Transcript

  • Business  110  How  to  Build  Launch  Plan  
  • Starting Place•  Great product launches start with 3 raw ingredients 1.  Initial Product Marketing Funnel 2.  Target Customer 3.  Personas
  • Initial Product Not the ultimate product or the best product Def. The minimal product needed to get a specific target audience to buy and like the product “enough” to recommend it to others
  • For Launch Purposes•  Product needs to be defined against multiple dimensions – 4Ps –  Product –  Price –  Positioning / Promotion –  Place (distribution strategy)
  • Pricing•  Example – Mama Cass – Food truck – 2 sliders for $8.00, 3 sliders for $12.00
  • Positioning / Promotion•  “In a city glutted with food trucks it can be hard to carve out a niche” – NYTimes –  Gourmet Vietnamese –  Initial promotion focused on food critics who covered street food scene + traditional restaurant critics
  • Place•  Food truck w/ set travel schedule as detailed on website
  • Target Customer•  Who you expect to buy your product first and why Convenience   Young  Foodies   Soccer  Moms   •  Age 25-54 •  Age 20-40 •  Age 18 -25 •  Primarily Female •  Primarily Male •  Mixed Gender •  Higher Salaries •  Secondary Ed •  Budget •  Multi-taskers •  Hold Family Dear •  Trendsetters •  On the go •  Tech Savvy •  Educated •  Goal Oriented •  First to go home
  • Personas•  Description that makes the target customer “come alive” – for you to stay focused on while developing your marketing plan –  Ideally based on market research – i.e. talking to potential customers
  • Personas
  • Take all this raw input Marketing•  Market Planning Funnel –  Initial Product –  Target Customer –  Personas
  • Marketing Funnel
  • Launch Planning•  What levers do we have to get people into the top of the funnel –  Touchpoints, Influencers•  What are some of the barriers we expect to encounter and how can we overcome them –  Inertia, Near Substitutes, Direct Competition
  • Launch Plan–  Venue–  Press/Influencer strategy–  Beta & Seeding strategy–  Content Marketing strategy
  • Venue•  Where/When You Launch –  If you are launching into an existing market, often it is best to launch at someone else’s event
  • Press/Influencer Strategy•  4 main categories of press/influencers –  Press, Bloggers, Analysts, Mavens•  Your launch plan needs to… –  Identifying who these people are /how best to reach them –  Target dates as to when you will brief them –  Think through the tools each group will need so they can market you
  • Beta Plan & Seeding Strategy•  Beta Plan –  Identify when you will beta –  Whether an invite will be needed –  Who will get invites to distribute•  Seeding Strategy –  Identify who you will seed and why –  How many seed units you will need –  Consider ethical norms with press vs. channel
  • Content Marketing Strategy•  Identify the content you will create –  Website, Facebook page, YouTube channel, Twitter page, LinkedIn page – these are basics and are expected•  Beyond the basics – what content do you need to create that will serve as a magnet for potential customers? –  Distribution plan for the content –  How you will make that content findable –  How you plan to reuse / leverage that content in multiple ways –  Call to action – what you want people to do after they get your content
  • Par>ng  Words  •  About OpenMarketing –  Marketing-driven Business Strategy –  Content Marketing + Inbound Marketing