Product Talks Meetup (17 Sep 2019) - How to Launch a Product by Kent Weathers

1. KENT WEATHERS Chief Operating Officer Leadbolt

2. Doug Evans

3. Can I really talk them into this?

4. This will make me rich.

5. • a Wi-Fi connected juicer • that uses single-serving packets of fruits and vegetables • sold exclusively by subscription • that would produce a perfect glass of fresh juice

6. • Ex-Army paratrooper • Began dating vegan girl • Opened Juice Restaurant • Insolvency led to sale of company and stores closed • The girl broke up with him • Could not find good juicer -> wanted juicer

7. $118.5 Million USD Kleiner Perkins Google Ventures Campbell Soup Company

8. $699 USD Retail Sale price

9. $750 USD Cost to Manufacture

10. © Ben Einstein, Bolt

17. • a Large aluminum frame that provides the core structure • 10 custom injection molded parts • 1 solenoid Motor and controller board • 2 stamped steel parts • 1 coil spring • 2 custom dowel pins • 4 bushings • 1 gear • Various screws, cables, connectors, glue, etc © Ben Einstein, Bolt

20. Jeff Dunn

23. 2013 Founded 2014 Funding Rounds Begin ($118 M) March 2016 Launched At $699 October 2016 Jeff Dunn new CEO January 2017 Price Cut $399 March 2017 Doug Evans Raising $100 million more April 2017 Bloomberg Article September 2017 Juicero Shuts Down

24. 115,000 Before Elon left the stage

25. 180,000 Launch Day

26. All-Time Automobile Launch Day Record Citroen’s DS (1955) 12,000

27. 276,000 36 Hours Later

28. 325,000 Launch Week

29. $14 billion Launch Week

30. $9.6 billion Launch Week Estimated 13 million sold x Avg $736 per unit Apple iPhone 6s

31. $14 billion Launch Week

33. 40% New Product Failure Rate

34. 40% New Product Failure Rate

35. Consumer Goods 45% Consumer Services 45% Chemicals 44% Industrial Services 43% Technology 42% Software Services 39% Other Materials 39% Healthcare 36% Capital Goods 35% INDUSTRY PERCENT FAILURE NEW PRODUCT FAILURE RATE BY INDUSTRY George Castellion and Stephen k Markham – Journal of Product Innovation Management

36. Why Do New Products Fail? Inadequate customer research Lack of true customer benefit No clear product differentiation Lack of effective product marketing Poor design and execution

37. Why Do New Products Fail? Inadequate customer research Lack of true customer benefit No clear product differentiation Lack of effective product marketing Poor design and execution

38. RETIREDELIVERLAUNCHQUALIFYDEVELOPPLANCONCEIVE MANUFACTURING OPERATIONS COMMERCIALIZATION WITHDRAWAL GROWTH MATURITY DECLINE INTRODUCTION NEW PRODUCT DEVELEOPMENT / ACQUISITION AIPMM The Guide to the Product Management and Marketing Body of Knowledge

39. Steven Haines The Product Manager’s Desk Reference

40. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT

41. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Inadequate customer research Lack of true customer benefit No clear product differentiation Lack of effective product marketing Poor design and execution

43. YOU ARE HERE

44. YOU ARE HERE

50. 92 Books

51. $2,900+ Invested

52. 36,800+ Pages Read

53. 15+ Years Experience

54. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT Essentials of Product Management

55. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch

57. POST-LAUNCH PRODUCT MANAGEMENT NEW PRODUCT INTRODUCTION NEW PRODUCT PLANNING CONCEPT FEASIBILITY DEFINATION DEVELOPMENT LAUNCH GROWTH MATURITY DECLINE EXIT BREAK-EVENT POINT POSITIVE CASH FLOW 0 NEGATIVE CASH FLOW Steven Haines The Product Manager’s Desk Reference

58. POST-LAUNCH PRODUCT MANAGEMENT NEW PRODUCT INTRODUCTION NEW PRODUCT PLANNING CONCEPT FEASIBILITY DEFINATION DEVELOPMENT LAUNCH GROWTH MATURITY DECLINE EXIT BREAK-EVENT POINT POSITIVE CASH FLOW 0 NEGATIVE CASH FLOW Steven Haines The Product Manager’s Desk Reference

59. Steven Haines The Product Manager’s Desk Reference

60. DEVELOPMENT LAUNCH

61. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Working on Launch Plan

62. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Working on Launch Plan Target Customers Problem to Solve Personas USP Positioning Product Team Marketing Team Sales Team

63. Successful Launch Planning • All business documentation for the product is in the Launch Plan • Market segments • Value Proposition • Business Cases • Build the right Launch Team and get them on the same page. • Plan activities backwards from the Launch Date and set milestones. • Set Launch Goals and Metrics

64. EARLY (ARRANGE) MIDDLE (ACTIVATE) LATE (ANNOUNCE) • Get alignment on launch plan • Confirm market window • Synchronize all activities • Secure final dates and deliverables • Review all business documentation • Work with Development • Recheck and update business or market information • Validate Value Prop & positioning • Ensure Sales Team is ready • Plan launch events • Beta tests • Operations ready • Customer Service ready • Arrange Press • Sales Training • Customer Service Training • Testimonials • Ensure product is as desired • Regulatory approvals secured • Test ordering process • Recommend go/no go • Announce to market Steven Haines “The 3 A’s of the Product Launch”

65. EARLY (ARRANGE) MIDDLE (ACTIVATE) LATE (ANNOUNCE) • Get alignment on launch plan • Confirm market window • Synchronize all activities • Secure final dates and deliverables • Review all business documentation • Work with Development • Recheck and update business or market information • Validate Value Prop & positioning • Ensure Sales Team is ready • Plan launch events • Beta tests • Operations ready • Customer Service ready • Arrange Press • Sales Training • Customer Service Training • Testimonials • Ensure product is as desired • Regulatory approvals secured • Test ordering process • Recommend go/no go • Announce to market Steven Haines “The 3 A’s of the Product Launch”

66. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT

74. Launch Plan • Strategy • What are the product launch objectives? • What product launch strategy will meet those objectives? • What are the main customer needs that will be met? • What are the main product differentiators? • What is the competitive landscape? • What is the positioning and messaging strategy? • What is the market awareness and promotion strategy?

75. Launch Plan • Planning • Who should be involved in the product launch? • Who are the key stakeholders? • Whose approvals do we need? • Who are the assigned resourced by functional areas? • What is the allocated and approved budget for product launch? • What are the go-to-market activities in priority order?

76. Launch Plan • Execution • What are the timelines and major milestones? • Who is responsible for monitoring, tracking, and reporting? • How is launch effectiveness measured?

77. LAUNCH PLAN

78. ONE-PAGER • 100 Word Product Description: • Target Customer(s): • Positioning: • Unique Selling Proposition: • Top 3 Benefits to Target Customer: • Tag Line: • Pricing: • Availability: • Channels Being Used: • Competition • Top 3 FAQs:

81. Confirm the Market Window

82. Synchronize Documentation (Business Case, Marketing Plan, Launch Plan)

83. Review Market / Beta Tests

84. Provide adequate Sales Training

85. Align Sales Goals and Compensation

86. Marketing Collateral, Website, Promotions Ready

87. Industry Coverage Arranged

88. Distribution Channels ready

89. Operational Systems Ready (Ordering, Installing/Fulfilment, Support)

90. Internal Launch Conducted

91. Launch Metrics Ready

92. Risk Management Check (Go/No-Go)

93. Announce to the Market

96. Toyota Corolla: 44 Million Sony PlayStation: 450 Million Harry Potter: 500 Million Apple iPhone: 2.2 BILLION

97. Types of Launches Soft New Market Full-Scale Existing Market

100. Post Launch Launch Audit Execute Marketing Plan Monitor Performance Data

101. Post-Launch Audit • Market window timing • Synchronization between Business Case and Launch Plan • Preparation of Sales and Marketing Material • Sales Training • Operational Readiness • Launch Metrics Achieved

102. Frequent Launch Issues • No clear market window for launch • Launch plans out of sync with original business case • Sales force is not ready to sell the product • Sales and Marketing collateral is incomplete • Sales training is not sufficient • Operational systems and/or infrastructure is not ready • Launch Metrics are missing or ignored • Overconfident estimates • Under allocated resources or budget

103. 80 70 60 50 40 30 20 10 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Marketing Support

104. 80 70 60 50 40 30 20 10 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Marketing Support

105. Monitor Performance Data

108. Exit Launch Phase Agree on Deliverables Go/No-Go Decision Run the Product Like a Business

109. TIME BUSINESSBENEFITS Development New Growth Maturity Decline Launch Product-Market Fit End of Life Highest Profit Margin Break-Even Point Highest Revenue Growth

110. 60,000,000 45,000,000 30,000,000 15,000,000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Introduction Growth Maturity Decline

111. October 22, 2019

112. October 22, 2019

113. HOW TO LAUNCH A PRODUCT Launch Planning Launch Outputs Launch Event Exit Launch Post Launch

114. 1998 Launched

115. 1998 Launched 1999 Subscription Model

116. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster

117. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2002 - $990 in Netflix Stock @ $15 = 66 shares 2004 – Two-for One Stock Split = 132 shares 2015 – Seven-for-One Stock Split = 924 shares 2019 - $295 per share = $272,580 $271,590 Investment Gain 27,433% ROI 39.16% Annualized ROI

118. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2003 First Profit

119. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2003 First Profit 2005 Shipping 1 Million DVD’s per day The Netflix “Box”

120. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2003 First Profit 2005 Shipping 1 Million DVD’s per day 2007 Video on Demand via the Internet The Netflix “Box”

121. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2003 First Profit 2005 Shipping 1 Million DVD’s per day 2007 Video on Demand via the Internet 2011 The Failed Launch The Netflix “Box” 2005-2010

122. Netflix & Qwickster Separate Websites Separate Logins Separate Queues Separate Ratings/ Algos Separate Billing 60% Higher Price

123. Lost 800,000 subscribers

124. Stock Fell 50%

125. Announce DVD & Streaming plan split Announce Qwickster Brand Kill entire idea 2 Months 1 Months

126. “.. .not sure whether the plan to split the company had been presented to customer focus groups before it was made public…. …assumed it had been… …did not recall what those focus groups had said about the plan.” Reed Hastings, CEO Netflix

127. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT

128. 2019 DVD Subscribers 2.7 Million

129. 2019 DVD Revenue $200 Million USD

130. Projected Product Retirement 2025

134. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Working on Launch Plan

135. Launch Planning Launch Tasks Launch Event Exit Launch Post Launch

137. Connect w/ Me On KENT WEATHERS Chief Operating Officer Leadbolt