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Product Launch Readiness: Planning for Sales Velocity
with David Daniels
Lack of organizational readiness is the #1 killer of successful product launches. You’ve identified a market problem that is pervasive, urgent and the market is willing to buy. You’ve developed a great product that satisfies the need. You are ready to go to market, but are you confident that the rest of your organization ready to sell and support your new offering? You could easily lose an entire quarter or more while the rest of the organization catches up. Learn some of key secrets to a successful product launch that can set the stage for sales velocity.
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About the Presenter
David Daniels is an instructor for Pragmatic Marketing with more than 25 years of experience in B2B technology companies. David specializes in product marketing and product launch with an emphasis on effective go-to-market strategy and execution. He has an extensive software development, sales, product management, product marketing and executive background with a global perspective of the product launch process from end-to-end.
Previously David was founder and president of Launch Clinic, which was acquired by Pragmatic Marketing in 2008 and continues to publish the Launch Clinic blog. Prior to starting Launch Clinic, David held executive positions in publicly traded technology companies driving successful product introductions.
David has a B.S. in Computer Science with a minor in Mathematics from Columbus State University in Columbus, Georgia.
Product Management or Marketing for launch
Posted by
David Daniels
at
2008-08-25 01:13 PM
When we work from the context that Product Management is in inbound marketing function and Marketing (in all its roles) is an outbound marketing function, then Marketing is the team responsible for product launch since product launch is an outbound function.
The most important point is that there is a single go-to person that is responsible for developing the go-to-market strategy and the launch plan that supports the strategy.
The most important point is that there is a single go-to person that is responsible for developing the go-to-market strategy and the launch plan that supports the strategy.
Question
Posted by
Irit Gillath
at
2008-08-22 06:03 PM
You said know your buyers which are not the existing customers. If your sales team hasn't show the new solution as it has not been launch to customers how can you find these new customers and get them to talk to you?
Finding buyers that are not customers
Posted by
David Daniels
at
2008-08-25 01:13 PM
If your organization has invested in the development of a new product it seems reasonable to expect that there is at least a user buyer that is the target for the product. You should have a general understanding of this user buyer and the kind of company they work for.
With this basic information you can use a variety of tools (like ZapData or InfoUSA) to pull lists of potential user buyers. The next step is to pick up the phone and call them. It's a lot like cold calling (and all the anxiety that goes with it), but you will be amazed at how many people will talk with you if they don't believe they are being sold to.
Another great way to find potential buyers is to go to a conference where your buyers are likely to congregate. Walk around and talk with people and you will develop a stronger understanding of your buyers, their problems and they buying cycle.
With this basic information you can use a variety of tools (like ZapData or InfoUSA) to pull lists of potential user buyers. The next step is to pick up the phone and call them. It's a lot like cold calling (and all the anxiety that goes with it), but you will be amazed at how many people will talk with you if they don't believe they are being sold to.
Another great way to find potential buyers is to go to a conference where your buyers are likely to congregate. Walk around and talk with people and you will develop a stronger understanding of your buyers, their problems and they buying cycle.
Difference
Posted by
Ritu Jain
at
2008-08-22 06:03 PM
What is the difference between a customer and a buyer?
Difference between Buyers and Customers
Posted by
David Daniels
at
2008-08-25 01:13 PM
A Buyer is someone who has not already done business with your company.
Question
Posted by
Debbie Sibala
at
2008-08-22 06:03 PM
What if you cannot sell the product until launch date due to FDA requirements? What do you do in the "Help Sales Close Early Deals" step to accomplish the same results?
Can't help sales close early deals
Posted by
David Daniels
at
2008-08-25 01:13 PM
Great point. I'm not fully versed on the restrictions of selling a pre-FDA approved product. If you think that Helping Sales Close Early Deals can kick start sales, you will want to have a list of potential customers lined up in preparation for FDA approval. Once the FDA approves the product for sale you'll be ready and can work with your "Kevin".
I can only imagine there is a lot of pressure to do a product launch once FDA approval is announced, so you want to stage as much as you can within the restrictions set forth by the FDA.
I can only imagine there is a lot of pressure to do a product launch once FDA approval is announced, so you want to stage as much as you can within the restrictions set forth by the FDA.
What would you recommend
Posted by
Mark Roberts
at
2008-08-22 06:03 PM
we launched 8 months ago, sales are not what they need to be, what would you reccomend? 120 days then relaunch?
Product sales aren't what they should be
Posted by
David Daniels
at
2008-08-25 01:13 PM
The first thing to do is gain insight about what is going right and what is going wrong. The best tool you have for that is Win/Loss Analysis.
Start by reviewing the customers you won. Then review the deals you lost and call them up. Ask open-ended questions to understand what happened. Be objective and don't include the salesman. Your goal is to learn something you don't already know and to identify patterns.
It would be virtually impossible for me to make any recommendations other than Win/Loss Analysis at this stage.
Once you have the insights gained from the Win/Loss Analysis you can regroup and make adjustments to impact sales.
Start by reviewing the customers you won. Then review the deals you lost and call them up. Ask open-ended questions to understand what happened. Be objective and don't include the salesman. Your goal is to learn something you don't already know and to identify patterns.
It would be virtually impossible for me to make any recommendations other than Win/Loss Analysis at this stage.
Once you have the insights gained from the Win/Loss Analysis you can regroup and make adjustments to impact sales.
The Mechanics
Posted by
Ross Perry
at
2008-08-22 06:03 PM
The mechanics of moving through a launch sound great. But these depend upon research on the buyer. How do you recommend obtaining this buyer information?
Obtaining buyer information
Posted by
David Daniels
at
2008-08-25 01:13 PM
Simple put, you have to talk with them. You won't learn anything about buyers by sitting in meetings within the walls of your company.
Go to conferences where your buyers are likely to attend. Go to trade shows and walk the trade show floor, striking up conversations with people. Their badges will tell you their name, title and who they work for.
Read the publications that your buyers are likely to read. What are the hot topics?
Call the executive director of the organization that your buyers are likely to belong to. You will be surprised at how much information she can provide.
Go to conferences where your buyers are likely to attend. Go to trade shows and walk the trade show floor, striking up conversations with people. Their badges will tell you their name, title and who they work for.
Read the publications that your buyers are likely to read. What are the hot topics?
Call the executive director of the organization that your buyers are likely to belong to. You will be surprised at how much information she can provide.
Piloting Products
Posted by
Chad Gramling
at
2008-08-22 06:03 PM
Please talk about your thoughts on Piloting products/services before a general launch.
Piloting products/services before product launch
Posted by
David Daniels
at
2008-08-25 01:13 PM
Any feedback you can get about your product prior the the launch date is far better than waiting until after launch. You can get a better understanding of your product's strengths and weaknesses from your buyer's perspective.
The only caution is using existing customers in this process. They will give you lots of information on using criteria but little about buying criteria, which is the insight you want to give to Sales.
The only caution is using existing customers in this process. They will give you lots of information on using criteria but little about buying criteria, which is the insight you want to give to Sales.
Sales Velocity Approach
Posted by
Anthony Alegrete
at
2008-08-22 06:03 PM
Is the sales velocity approach one would also use with channels? In our orginization certain things are not allowed to be communicated like competition, WIN/Loss. We generally don't have access to thier customers and they can be selling cometitor products.
Sales Velocity for indirect channels
Posted by
David Daniels
at
2008-08-25 01:18 PM
The Sales Velocity approach is very applicable to channels. In many ways the problem is the same. You need to gain mind share to a level where the salesperson believes they will make more money from your product.
Agreed, Win/Loss with channel partners can be tricky if not downright impossible. No channel partner wants a vendor to find out they were using one product as leverage to sell a competitor's product. But with time and the development of a good business relationship you can gain access to channel partner's customers to conduct Win/Loss Analysis.
Agreed, Win/Loss with channel partners can be tricky if not downright impossible. No channel partner wants a vendor to find out they were using one product as leverage to sell a competitor's product. But with time and the development of a good business relationship you can gain access to channel partner's customers to conduct Win/Loss Analysis.
What Parts Can I Share
Posted by
Jeff Prellwitz
at
2008-08-22 06:03 PM
I have our sales team coming into the office - what parts can i share with them from this presentation - i have 90 minutes for feature presentation, demo and questions?
Sharing the Sales Velocity presentation with Sales
Posted by
David Daniels
at
2008-08-25 02:37 PM
If your goal is build credibility with your sales team, I'm not sure I would share the presentation with them. The reason is that they wouldn't have the benefit of participating in the webinar and wouldn't have the appropriate context.
The risk is that if they don't like what they see, you could get shut down before you had a chance to take the first steps.
It sounds like the sales team is coming into the office with the expectation of seeing the sales PPT, demo, etc. If you can squeeze in some buyer insight that would be a solid first step. You might also use the opportunity to mingle with the sales guys to learn from them what they see as their priorities and if they are going to be focusing on your product to meet quota.
The risk is that if they don't like what they see, you could get shut down before you had a chance to take the first steps.
It sounds like the sales team is coming into the office with the expectation of seeing the sales PPT, demo, etc. If you can squeeze in some buyer insight that would be a solid first step. You might also use the opportunity to mingle with the sales guys to learn from them what they see as their priorities and if they are going to be focusing on your product to meet quota.
Encourage your Sales Force
Posted by
Cynthia Behr
at
2008-08-22 06:03 PM
How do you encourage your sales force if you can not have the product shown before launch?
Can't show the product to Sales before launch
Posted by
David Daniels
at
2008-08-25 02:37 PM
Let's make sure we're talking about product launch the same way.
Product Launch is the process of bringing a product to market in such a way that it generates sales velocity.
If you absolutely can't show them the product there are lots of other things you can do. Primarily educate them on the problem, the buyers, the buying criteria and the buying cycle. Take the situation that you can't show them the product as a reason to talk about buyers!
You will have to show them the product prior to the announcement date for sure. The last thing you want is a sales guy that is angry because his customer knows more about the new product than she does. Let's assume that's a week or so before the announcement date. Since you've already educated the sales team on the problem and the buyers - and you've built up excitement about what's coming - you can now tie the capabilities of the product to how the problem is solved.
Product Launch is the process of bringing a product to market in such a way that it generates sales velocity.
If you absolutely can't show them the product there are lots of other things you can do. Primarily educate them on the problem, the buyers, the buying criteria and the buying cycle. Take the situation that you can't show them the product as a reason to talk about buyers!
You will have to show them the product prior to the announcement date for sure. The last thing you want is a sales guy that is angry because his customer knows more about the new product than she does. Let's assume that's a week or so before the announcement date. Since you've already educated the sales team on the problem and the buyers - and you've built up excitement about what's coming - you can now tie the capabilities of the product to how the problem is solved.
Where Do I Start
Posted by
Kelly Hoople
at
2008-08-22 06:03 PM
How do we get a prospect to talk to us about loss analysis after they've turned down our offer? with whom is the win/loss analysis conducted? with the salesperson or the prospect who didn't buy? how to I learn these things about my buyers? Are these personal meetings? Where do I start with a list of prospective buyers?
Win/Loss challenges
Posted by
David Daniels
at
2008-08-25 02:37 PM
Great questions. The Win/Loss topic was addressed in slides 47-52. More detail about Win/Loss can be found in Roger Allison's webinar "The Eight Rules of Successful Win/Loss Analysis" and Barbara Nelson's "Why Are We Winning? Why Are We Losing?"
Win/Loss interviews should be personal meetings that are NEVER attended by a salesman. When a salesman is on the Win/Loss interview he will go into sales mode, which you don't want.
Win/Loss interviews can be conducted with any buyer in the buying cycle, as each will provide a different perspective on the process.
See my previous comment titled "Finding Buyers that are not Customers".
Win/Loss interviews should be personal meetings that are NEVER attended by a salesman. When a salesman is on the Win/Loss interview he will go into sales mode, which you don't want.
Win/Loss interviews can be conducted with any buyer in the buying cycle, as each will provide a different perspective on the process.
See my previous comment titled "Finding Buyers that are not Customers".
Channel Partners
Posted by
Sean Davidson
at
2008-08-22 06:03 PM
Does this all apply to channel partners?
See previous post on Sales Channels
Posted by
David Daniels
at
2008-08-25 02:37 PM
Yes, it does. See my previous comment titled "Sales Velocity for indirect channels"
Buyer Research
Posted by
Eric Slack
at
2008-08-22 06:03 PM
can you elaborate more on Buyer Research? we can contact customers but how do you reach 'potential buyers' from the Markeitng Dept?
More on Buyer Research...
Posted by
David Daniels
at
2008-08-25 02:37 PM
Marketing is the expert on the market yet often Sales will get very animated (I'm being kind) when Marketing wants to talk to potential Buyers.
The reaction is understandable if Sales believes that Marketing will screw up a sales opportunity. Rarely does this happen but it does take some finesse, particularly if this is new territory for you.
Start by coordinating your efforts with Sales. The last thing you want to be accused of is calling on a prospect that Sales is already engage with. Next, make it clear that as the experts on the market your job is to understand Buyers, their Buying Criteria and the Buying Cycle. Your goal is not to educate Buyers or to go into selling mode.
When the rare case occurs where a Buyer you are talking with wants to learn about products, refer them to Sales and get out of the picture. You don't want the Buyer to associate you with selling them.
Also, read my previous comment titled "Obtaining Buyer information".
The reaction is understandable if Sales believes that Marketing will screw up a sales opportunity. Rarely does this happen but it does take some finesse, particularly if this is new territory for you.
Start by coordinating your efforts with Sales. The last thing you want to be accused of is calling on a prospect that Sales is already engage with. Next, make it clear that as the experts on the market your job is to understand Buyers, their Buying Criteria and the Buying Cycle. Your goal is not to educate Buyers or to go into selling mode.
When the rare case occurs where a Buyer you are talking with wants to learn about products, refer them to Sales and get out of the picture. You don't want the Buyer to associate you with selling them.
Also, read my previous comment titled "Obtaining Buyer information".
Guidlines?
Posted by
MarvinHulshizer
at
2008-08-22 06:03 PM
Any guidelines on who to pick for win/loss analysis?
Who to pick for Win/Loss
Posted by
David Daniels
at
2008-08-25 02:37 PM
If you are referring to the individual within your company, pick someone who can be objective and has great communication skills. The person you want conducting the Win/Loss interview can't be someone who will go into sales mode or someone who is looking for what feature is missing.
If you are referring to Buyers, it's anyone who participated in the Buying Cycle.
If you are referring to Buyers, it's anyone who participated in the Buying Cycle.
Launching to Channels
Posted by
David Martin
at
2008-08-25 11:25 AM
I work 100% with alternate sales channels (including distributors) and the launch process (training and actual delivery of sales tools) is different than with direct sales. Do you have any content, ideas, recommended reading for the launch to channels?
Launching to Channels
Posted by
David Daniels
at
2008-08-26 03:25 PM
The requirements of rolling out to alternative sales channels may differ from the direct sales force but the fundamentals remain the same. It's all about mind share and a belief that they can make money with your product.
The challenge in delivering sales training to channels can be a big task if the channel is large, and will require you to plan accordingly. Using a web conferencing tool to deliver channel training and communication is very effective, and enables you efficiently reach every channel partner.
Much like your direct sale guy, you need to get your channel partners to believe they can make money. Educating them on the problem, the buyers and the buying criteria is just as important. If they feel they have to figure it out on their own, you risk losing their attention to another product with better market support.
For reading, you might find Larry Friedman's book "Go to Market Strategy" useful. Larry also wrote "The Channel Advantage".
The challenge in delivering sales training to channels can be a big task if the channel is large, and will require you to plan accordingly. Using a web conferencing tool to deliver channel training and communication is very effective, and enables you efficiently reach every channel partner.
Much like your direct sale guy, you need to get your channel partners to believe they can make money. Educating them on the problem, the buyers and the buying criteria is just as important. If they feel they have to figure it out on their own, you risk losing their attention to another product with better market support.
For reading, you might find Larry Friedman's book "Go to Market Strategy" useful. Larry also wrote "The Channel Advantage".
Structure?