A guide to successful product launches – for product managers
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TLDR
The LAUNCH framework, created by James Whitman, offers a complete approach to successful product launches. It has six main parts: Listen to your clients, Assess the opportunity, Unify the team, Navigate the launch, Control the risks, and Hone the process. This framework helps solve common problems in product launches by encouraging teamwork, constant improvement, and strategic planning. By using the LAUNCH framework, companies can improve how they bring products to market, reduce launch failures, and make their product launch processes better over time.
The LAUNCH Framework
Launching a new product successfully is a big challenge for many companies. More than half of B2B product launches don’t reach their financial goals. This shows that companies need a well-planned approach to product launches. The LAUNCH framework, developed by James Whitman, helps organizations bring new products to market more effectively.
In this article, we’ll explore the LAUNCH framework in detail. We’ll provide insights and practical tips for product managers and leaders who want to improve their launch strategies. We’ll cover each part of the framework, discuss common challenges, and offer best practices for putting it into action.
Understanding the LAUNCH Framework
The LAUNCH framework has six main parts:
* L – Listen to your clients
* A – Assess the opportunity
* U – Unify the team
* N – Navigate the launch
* C – Control the risks
* H – Hone the process
Each part deals with specific aspects of the product launch process, providing a complete approach to launch management. Let’s explore each element in detail.
1. Listen to Your Clients
Listening to clients effectively is the foundation of successful product launches. Many companies struggle with this step, falling into common traps that can derail their launch efforts.
Common mistakes in client listening:
* Not talking to enough clients
* Only focusing on the happiest clients
* Relying on outdated experience
* Building features for just one specific client
To avoid these mistakes, companies should use best practices for client listening:
Best Practice
Description
Involve product leaders in client interactions
Follow Bloomberg’s approach of having product leaders participate directly in client meetings and discussions
Create a sales cabinet
Form a group of experienced salespeople to help with early product design and provide market insights
Set up regular client feedback systems
Create organized ways to gather and analyze client feedback throughout the product development process
By making client listening a priority, companies can make sure their products meet market needs and solve real customer problems.
Example: Bloomberg’s Approach to Client Listening
Bloomberg, a financial software and media company, has an effective way of listening to clients. They make product leaders part of their service model. Once a year, clients get to meet with a senior product manager to discuss their priorities. This approach has several benefits:
* It gives product managers direct access to client feedback
* It helps build stronger relationships with clients
* It allows product managers to gather insights from many different clients
* It makes it easier for product managers to get time with clients, without having to go through the sales team
This method helps Bloomberg create products that truly meet their clients’ needs.
2. Assess the Opportunity
