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

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Product Talks provides the community with an opportunity to learn from people in Sydney that are working on Product Management and have a keen interest in the topic.

Kent Weathers is a leader with 15+ years experience bringing technology products to market. He founded a tech startup in the USA with 2 employees and scaled operations to a global, team of 60 in 3 countries before a successful exit. Today, he is Chief Operating Officer at Leadbolt in Sydney.

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Kent shared a framework you can use to launch a product to the market with a significantly better chance of beating the odds, including lessons learned from multiple case studies that illustrate the importance of each key step along the journey to launch. He also explored what happens after the launch. Can you get a product back on track after a dud of a launch?

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Join Product Talks on Meetup! https://www.meetup.com/ProductTalkSydney/

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

  1. 1. KENT WEATHERS Chief Operating Officer Leadbolt
  2. 2. Doug Evans
  3. 3. Can I really talk them into this?
  4. 4. This will make me rich.
  5. 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. 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. 7. $118.5 Million USD Kleiner Perkins Google Ventures Campbell Soup Company
  8. 8. $699 USD Retail Sale price
  9. 9. $750 USD Cost to Manufacture
  10. 10. © Ben Einstein, Bolt
  11. 11. © Ben Einstein, Bolt
  12. 12. © Ben Einstein, Bolt
  13. 13. © Ben Einstein, Bolt
  14. 14. © Ben Einstein, Bolt
  15. 15. © Ben Einstein, Bolt
  16. 16. © Ben Einstein, Bolt
  17. 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
  18. 18. © Ben Einstein, Bolt
  19. 19. $699 USD Retail Sale price
  20. 20. Jeff Dunn
  21. 21. $699 USD Retail Sale price
  22. 22. $399 USD Retail Sale price
  23. 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. 24. 115,000 Before Elon left the stage
  25. 25. 180,000 Launch Day
  26. 26. All-Time Automobile Launch Day Record Citroen’s DS (1955) 12,000
  27. 27. 276,000 36 Hours Later
  28. 28. 325,000 Launch Week
  29. 29. $14 billion Launch Week
  30. 30. $9.6 billion Launch Week Estimated 13 million sold x Avg $736 per unit Apple iPhone 6s
  31. 31. $14 billion Launch Week
  32. 32. KENT WEATHERS Chief Operating Officer Leadbolt
  33. 33. 40% New Product Failure Rate
  34. 34. 40% New Product Failure Rate
  35. 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. 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. 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. 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. 39. Steven Haines The Product Manager’s Desk Reference
  40. 40. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT
  41. 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
  42. 42. 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. 43. YOU ARE HERE
  44. 44. YOU ARE HERE
  45. 45. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT
  46. 46. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT
  47. 47. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT
  48. 48. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT
  49. 49. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT
  50. 50. 92 Books
  51. 51. $2,900+ Invested
  52. 52. 36,800+ Pages Read
  53. 53. 15+ Years Experience
  54. 54. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT Essentials of Product Management
  55. 55. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  56. 56. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  57. 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. 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. 59. Steven Haines The Product Manager’s Desk Reference
  60. 60. DEVELOPMENT LAUNCH
  61. 61. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Working on Launch Plan
  62. 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. 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. 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. 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. 66. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
  67. 67. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
  68. 68. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
  69. 69. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
  70. 70. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
  71. 71. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
  72. 72. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
  73. 73. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
  74. 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. 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. 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. 77. LAUNCH PLAN
  78. 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:
  79. 79. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  80. 80. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  81. 81. Confirm the Market Window
  82. 82. Synchronize Documentation (Business Case, Marketing Plan, Launch Plan)
  83. 83. Review Market / Beta Tests
  84. 84. Provide adequate Sales Training
  85. 85. Align Sales Goals and Compensation
  86. 86. Marketing Collateral, Website, Promotions Ready
  87. 87. Industry Coverage Arranged
  88. 88. Distribution Channels ready
  89. 89. Operational Systems Ready (Ordering, Installing/Fulfilment, Support)
  90. 90. Internal Launch Conducted
  91. 91. Launch Metrics Ready
  92. 92. Risk Management Check (Go/No-Go)
  93. 93. Announce to the Market
  94. 94. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  95. 95. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  96. 96. Toyota Corolla: 44 Million Sony PlayStation: 450 Million Harry Potter: 500 Million Apple iPhone: 2.2 BILLION
  97. 97. Types of Launches Soft New Market Full-Scale Existing Market
  98. 98. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  99. 99. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  100. 100. Post Launch Launch Audit Execute Marketing Plan Monitor Performance Data
  101. 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. 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. 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. 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. 105. Monitor Performance Data
  106. 106. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  107. 107. HOW TO LAUNCH A PRODUCT Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  108. 108. Exit Launch Phase Agree on Deliverables Go/No-Go Decision Run the Product Like a Business
  109. 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. 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. 111. October 22, 2019
  112. 112. October 22, 2019
  113. 113. HOW TO LAUNCH A PRODUCT Launch Planning Launch Outputs Launch Event Exit Launch Post Launch
  114. 114. 1998 Launched
  115. 115. 1998 Launched 1999 Subscription Model
  116. 116. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster
  117. 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. 118. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2003 First Profit
  119. 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. 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. 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. 122. Netflix & Qwickster Separate Websites Separate Logins Separate Queues Separate Ratings/ Algos Separate Billing 60% Higher Price
  123. 123. Lost 800,000 subscribers
  124. 124. Stock Fell 50%
  125. 125. Announce DVD & Streaming plan split Announce Qwickster Brand Kill entire idea 2 Months 1 Months
  126. 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. 127. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT
  128. 128. 2019 DVD Subscribers 2.7 Million
  129. 129. 2019 DVD Revenue $200 Million USD
  130. 130. Projected Product Retirement 2025
  131. 131. 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
  132. 132. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT
  133. 133. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT
  134. 134. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Working on Launch Plan
  135. 135. Launch Planning Launch Tasks Launch Event Exit Launch Post Launch
  136. 136. KENT WEATHERS Chief Operating Officer Leadbolt
  137. 137. Connect w/ Me On KENT WEATHERS Chief Operating Officer Leadbolt

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