Advice and Tips for Launching a B2B Product
Experts from Win Loss Week 2021 emphasize that successful B2B product launches, which are critical to company success yet fail 50% of the time, require launching genuinely valuable products that solve real buyer problems, led by the right person—often a product marketer—and receiving appropriately tiered attention and resources tailored to the product's impact.
Successfully launching a B2B product can make or break a company. According to McKinsey & Company, 50% of B2B product launches fail. In a session for Win Loss Week 2021 called "How Launching a Product is Like Conducting an Orchestra," experts shared their insights on what makes a successful B2B product launch. The speakers included Ryane Bohm (Product Marketing Director at Gong), Jason Smith (CEO of Klue), Eric Thum (Senior Director of Product Marketing at Salesforce), and Rowan Noronha (VP of Product Marketing at Showpad and founder of the Product Marketing Community).
The Importance of a Successful Product Launch
A good product launch can elevate a company, while a bad one can have significant negative impacts. Product launches affect market momentum, revenue, retention, brand, and more. There is no universal playbook for a successful launch; each company must tailor its approach. However, there are best practices that can guide you toward a successful launch.
Advice and Tips for a Successful Product Launch
Launch Something That is Actually Valuable
One of the main reasons product launches fail is that the product does not solve a real problem for buyers. It's essential to do the strategic work upfront to ensure you are launching something valuable. Start by understanding your ideal buyer and building out an ideal customer profile (ICP). Focus on buyers who experience the problem your product solves most acutely.
Make Sure the Right Person is Leading the Product Launch
Product marketers are often best equipped to lead product launches because they handle naming, pricing, messaging, sales enablement, and more. If your company does not have a product marketing discipline, the CEO should be involved in the launch process.
Give the Product Launch the Appropriate Level of Attention
Take a tiered approach to product launches. Not every launch deserves the same level of hype or resources. For example, Salesforce uses a four-tier launch framework to allocate resources appropriately. Tier 1 launches are the most significant and receive the most attention, while lower tiers may only require simple updates.
Alignment is key—consider both the resources required and how the launch may disrupt existing marketing campaigns.
Create a Plan For All the Audiences of Your Product Launch
Think holistically about your product launch audience. Don't focus solely on new customers and prospects; consider all groups impacted by the launch:
Internal Employees
Explain the importance of the product launch to your internal teams. Provide resources and training, especially for support and sales teams. Ensure they understand pricing, functionality, and how the product solves customer problems. Well-equipped internal teams can help amplify your launch efforts.
Existing Customers
Don't overlook your existing customers. Consider how the launch will impact them and how best to communicate changes. Decide whether to use marketing emails, product notifications, or direct contact through sales or support.
Prospects
Find creative ways to capture prospects' attention and educate them about the new product. Focus on the value they will experience, not just product features. Stand out by being different and having fun with your approach.
Create Solid Plans for Every Stage of the Product Launch
Don't focus only on the launch moment. Plan for pre-launch, launch, and post-launch activities. Think about how to keep the conversation going after the initial launch.
Generate Buzz for Your Product Launch
For major launches, generating buzz is important. Some tips include:
- 1.Involve every team in creative ways to share the new product.
- 2.Avoid the status quo—being different helps you stand out.
- 3.Leverage partners and influencers to help with awareness efforts.
Salesforce, for example, brings in customers to share their experiences with the new product, making the launch story more authentic and compelling.
Last Thoughts on Product Launches
A successful B2B product launch requires careful planning, alignment, and attention to all audiences. Focus on launching valuable products, involve the right leaders, tier your efforts, and create comprehensive plans for every stage and audience. Generating buzz and leveraging customer stories can further enhance your launch's impact.
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