![\"Product](\"https:\/\/plaky.com\/blog\/wp-content\/uploads\/2022\/09\/Product-launch-cover-3.png\")
<\/figure>\n<\/div>\n\n\nWhat is a product launch? <\/h2>\n\n\n\n
A product launch is the process of bringing a new product or service to the market. <\/strong><\/p>\n\n\n\n The main goal of the product launch process is to:<\/p>\n\n\n\n If you succeed, you will ultimately make sales and earn a profit.<\/p>\n\n\n\n When launching your product, you can rely on 1 of the 2 main types of product launch strategies:<\/p>\n\n\n\n Create a detailed product launch strategy and achieve all your goals. Try Plaky by CAKE.com for free!<\/p>\n Though every product launch process varies depending on the product type, there are some general steps to follow to stay on track.<\/p>\n\n\n\n So, if you\u2019re not sure where to start, we suggest the following 7 steps. Of course, you can always alter or add something to adjust the process to your needs.<\/p>\n\n\n The very first step is to create a product launch roadmap \u2014 a visual display of your plan<\/strong>. <\/p>\n\n\n\n The product launch roadmap should contain the broader plans and goals of the launch. Don\u2019t bother with the details yet \u2014 there will be time for that in the following steps.<\/p>\n\n\n\n This roadmap will help you manage the entire product launch process, from the pre-launch to the post-launch stage. <\/p>\n\n\n\n It will also keep all teams and team members aligned, starting from the product and development teams all the way to the marketing and sales teams.<\/p>\n\n\n\n Since launching a product is a complex process, you\u2019ll probably want to save some valuable time on making the roadmap from scratch. <\/p>\n\n\n\n To do this, you can use a pre-made product launch template, such as the one available in Plaky<\/a> by CAKE.com<\/a>, our project management software<\/a>.<\/p>\n\n\n\n Get our product launch template<\/a><\/p>\n\n\n\n To better illustrate what the product launch roadmap looks like \u2014 here\u2019s an example:<\/p>\n\n\n In the example above, you can see how you can easily organize different tasks into groups (e.g. Q1, Q2) and add customizable fields, such as:<\/p>\n\n\n\n \ud83d\udca1 Plaky Pro Tip<\/strong><\/p>\n\n\n\n If you\u2019re looking for more examples of different product roadmaps that don\u2019t necessarily focus on the launch, check out this article:<\/p>\n\n\n\n Another great addition to your product launch planning process is \u2014 a checklist.<\/p>\n\n\n\n This simple way of keeping track of the launch is more effective than it initially appears. <\/p>\n\n\n\n Using a checklist works wonders as you can easily tick the task you\u2019ve done and move on to the next one<\/strong> \u2014 without getting overwhelmed by too much information at a time. <\/p>\n\n\n\n The biggest advantage of using a checklist for a product launch is that you can include a wide variety of tasks in it, whether simple or complex, e.g.:<\/p>\n\n\n\n \u2705 \u201cEnter the due date for the \u2018design website\u2019 task in Plaky\u201d <\/em>or<\/p>\n\n\n\n \u2705 \u201cFinish website design\u201d<\/em>.<\/p>\n\n\n\n Here\u2019s a free checklist template<\/a> you can use throughout your product launch:<\/p>\n\n\n Get our product launch checklist template<\/a><\/p>\n\n\n\n Pre-launch marketing is a must since it\u2019s your chance to create hype around the upcoming product as well as test different marketing channels. <\/p>\n\n\n\n Gathering feedback about the product in advance will also help you make any necessary changes before the final product launch. <\/p>\n\n\n\n Pre-launch marketing strategies can include:<\/p>\n\n\n\n Altogether, pre-launch marketing will prepare the target audience for the launch by creating a sense of curiosity. Plus, it\u2019s likely to create a waiting list of your first paying customers.<\/p>\n\n\n\n And it really doesn’t have to be anything too complicated. Even a simple countdown timer on your website or social media page coupled with compelling copy could raise anticipation and create some seriously positive buzz around your upcoming product.<\/p>\n\n\n\n Another important step in launching a new product on the market is setting clear goals. <\/p>\n\n\n\n Without defining S.M.A.R.T. goals<\/a>, it will be harder for you to reach your desired outcomes, as you\u2019ll end up aimlessly wandering through the vast market. So, be sure to set both long-term and short-term goals. <\/p>\n\n\n\n When it comes to different goal types, they can be:<\/p>\n\n\n\n Whichever the case, it\u2019s always good to know exactly what you want to achieve and where you want to see your product in the future.<\/p>\n\n\n\n Track your goals with Plaky<\/a><\/p>\n\n\n\n When deciding which distribution channels to use, you can rely on market research, which will provide you with data on how target customers buy similar products.<\/p>\n\n\n\n Decide how you\u2019ll distribute your product depending on the market and your target audience\u2019s preferences. There are 2 ways to do it:<\/p>\n\n\n\n The decision will mainly depend on the size of your business. <\/p>\n\n\n\n Usually, smaller companies opt for direct distribution channels as those allow them to have a closer relationship with their customers. This type of distribution is perfect for software companies or small-scale manufacturers, for example. <\/p>\n\n\n\n On the other hand, larger companies often use more complex, indirect distribution channels, such as:<\/p>\n\n\n\n Indirect distribution is well suited for companies with mass production, such as clothing or cosmetics companies.<\/p>\n\n\n\n Now, the time has finally<\/em> come for you to launch your product! <\/p>\n\n\n\n However, this step doesn\u2019t just cover the moment the product is launched, but also the days and weeks that follow.<\/p>\n\n\n\n You should focus on maintaining the excitement about the release for as long as possible \u2014 usually through marketing. <\/p>\n\n\n\n For example, a proven way to keep people interested during the product launch is to use social media. <\/p>\n\n\n\n Here are some marketing tips to help you at the execution stage of a new product launch:<\/p>\n\n\n\n After all, the longer the buzz \u2014 the better the sales<\/strong>.<\/p>\n\n\n\n The post-launch stage is everything that happens after you\u2019ve launched the product<\/strong>. <\/p>\n\n\n\n It includes tracking both how well your product has been received by the target audience \u2014 and the objectives you\u2019ve met as a company. <\/p>\n\n\n\n You can measure the performance of your product launch using metrics specific to your product.<\/p>\n\n\n\n Apart from measuring success, the post-launch stage includes a range of other activities, such as: <\/p>\n\n\n\n Organize all your product launch activities with ease and never lose sight of the finish line. Try Plaky by CAKE.com today!<\/p>\n Since more and more people shop online these days, you should absolutely be present online and try to grab a piece of this booming market. <\/p>\n\n\n\n While you should still do everything we mentioned above, here are some additional steps to help you successfully launch a new product online:<\/p>\n\n\n\n Along with those 7 steps, here are a few additional practices that\u2019ll polish your strategy and bring it to the point of perfection.<\/p>\n\n\n You should treat the product launch as equally important as any other part of the product\u2019s life, such as the concept creation or the development stage.<\/p>\n\n\n\n Paying extra attention to the product launch stage and how you manage it directly influences the product\u2019s success or failure, as it is the one that calls for the heaviest investment. <\/p>\n\n\n\n \ud83d\udca1 Plaky Pro Tip<\/strong><\/p>\n\n\n\n Find out more about the stages of the product development process and how to measure its success in the post below:<\/p>\n\n\n\n Having a step-by-step product launch strategy plan from the very beginning will help both team members and stakeholders stay aligned with what you plan to achieve.<\/p>\n\n\n\n A good way to plan the launch is to use pre-made product roadmap templates, such as the one by Plaky we offered above, or simply rely on product launch checklists. <\/p>\n\n\n\n Whichever option you choose, it\u2019ll surely pay off since planning helps you minimize any potential hurdles and leads to success.<\/p>\n\n\n\n Create a product launch plan in Plaky<\/a><\/p>\n\n\n\n Though having a plan is crucial for success, there\u2019s no better plan than a flexible one. After all, life isn\u2019t perfect, and therefore, can\u2019t be planned in detail in advance. <\/p>\n\n\n\n So \u2014 have a plan, but be prepared to change it if<\/em> and when necessary. <\/p>\n\n\n\n Assembling a strong team is a must if you want your product launch to be a success. <\/p>\n\n\n\n Try to build a team that\u2019s both experienced and willing to collaborate. Choose product managers<\/a> and team leaders with special care, as they are usually the glue that brings the team together, both in the good and in the difficult times. <\/p>\n\n\n\n Also, support your team and provide them with the necessary training so that they can be prepared for any challenge that awaits them. <\/p>\n\n\n\n Good timing is a critical factor in determining the product launch\u2019s success. After all, you\u2019ve only got one chance to launch your product \u2014 so you should pay extra attention to choosing the right launch date.<\/p>\n\n\n\n Make sure to launch your product when:<\/p>\n\n\n\n When it comes to the marketing you do in the pre-launch stage \u2014 you can think of creative ways to grab your customers\u2019 attention and somehow stir their imagination. <\/p>\n\n\n\n Mystery has always been a powerful marketing strategy to engage customers and emotionally connect them to your brand. <\/p>\n\n\n\n So, why not let them guess<\/em> what new product\/feature is being released based on clever marketing? <\/p>\n\n\n\n Make them struggle a bit, thinking: \u201cWhat\u2019s all the hype about?\u201d<\/em>, \u201cWhat\u2019s the secret?\u201d<\/em>, and \u201cWhat could it be?\u201d<\/em><\/p>\n\n\n\n Just as Stephen Brown says in his article on retromarketing<\/a>: \u201cTorment your customers (they\u2019ll love it)<\/em>\u201d.<\/p>\n\n\n\n\n Develop your product launch strategy and track your results all in one place. Try Plaky by CAKE.com today!<\/p>\n Any good product launch plan should also come with a system to measure its success.<\/p>\n\n\n\n Metrics of success, also known as key performance indicators (KPIs)<\/a>, are an important part of your product launch strategy as they help you understand how your product is performing. This gives you a chance to further improve:<\/p>\n\n\n\n You should choose your KPIs with care \u2014 each new product is unique, hence it has unique KPIs. <\/p>\n\n\n\n Here are some examples of KPIs common for all new product launches.<\/p>\n\n\n\n Keeping track of the signup numbers during your pre-launch campaign is important, as it gives you some information on how your product launch is likely to perform beforehand. <\/p>\n\n\n\n Plus, you can assemble a waiting list of leads that might become your paying customers. <\/p>\n\n\n\n Keeping track of the website traffic will give you some insight into the organic vs. paid traffic your product\u2019s website is getting from search engines. <\/p>\n\n\n\n This information will allow you to assess your content quality and improve it if necessary. <\/p>\n\n\n\n The social media traffic metric is used for analyzing engagement rates of your social media content across different platforms (e.g., videos, podcasts, posts, etc.), as well as the reach you acquire on social media. <\/p>\n\n\n\n As social media is one of the most powerful marketing tools at the moment, you should devote special attention to this metric. <\/p>\n\n\n\n Lead generation measures the number of new leads (i.e., prospects) who\u2019ll potentially become paying customers. <\/p>\n\n\n\n Generating leads is especially useful during the pre-launch as it allows you to predict customer rates. <\/p>\n\n\n\n You can also measure the number of leads who turn into paying customers \u2014 this process is called conversion. <\/p>\n\n\n\n To do this, you can calculate the exact percentage of customers that came from your website, social media platforms, or your other marketing efforts. <\/p>\n\n\n\n Here\u2019s a simple conversion rate formula:<\/p>\n\n\n\n Conversion rate percentage = Conversions \u00f7 Total number of visitors \u00d7 100<\/em><\/p>\n\n\n\n 15% conversion rate = 15 conversions \u00f7 100 website visits \u00d7 100<\/em><\/p>\n<\/div><\/div>\n\n\n\n The email open rate tracks the number of users who opened your emails, compared to the total number of people you sent them to.<\/p>\n\n\n\n Here\u2019s an example of a simple email open rate formula:<\/p>\n\n\n\n Open email rate = Number of opened emails \u00f7 number of delivered emails \u00d7 100<\/em><\/p>\n\n\n\n 20% open email rate = 200 opened emails \u00f7 1000 delivered emails \u00d7 100<\/em><\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n The clickthrough rate calculates the number of clicks you got on a specific link compared to the total number of users who viewed your email campaign.<\/p>\n\n\n\n Use this simple formula to calculate the CTR:<\/p>\n\n\n\n CTR = Number of clicks \u00f7 number of opened emails \u00d7 100<\/em><\/p>\n\n\n\n 15% CTR = 30 clicks \u00f7 200 opened emails \u00d7 100 <\/em><\/p>\n<\/div><\/div>\n<\/div><\/div>\n\n\n\n This may be one of the most important KPIs, regardless of the type of product you\u2019re looking to launch. <\/p>\n\n\n\n Before diving into the realization of your launch plan, think about some strategic budgeting methods<\/a> to keep your launch costs under control. <\/p>\n\n\n\n Also, you\u2019ll need to calculate how much you\u2019ve invested compared to what you\u2019ve earned to determine if your launch has been financially successful. <\/p>\n\n\n\n \ud83d\udca1 Plaky Pro Tip<\/strong><\/p>\n\n\n\n Do you want to learn how to avoid cost overruns? Read our article: <\/p>\n\n\n\n The customer retention rate tracks the percentage of the existing customers who remain with you after a certain period.<\/p>\n\n\n\n This can help you understand what keeps your existing customers loyal to your company, as opposed to what causes them to leave.<\/p>\n\n\n\n To calculate the customer retention rate, you must:<\/p>\n\n\n\n It sounds complicated, but it\u2019s actually really simple. Here is an example to help you understand it:<\/p>\n\n\n\n (1200 customers at the end of January \u2013 300 newly acquired customers) \u00f7 1,000 customers you had at the beginning of January \u00d7 100 = 90% retention<\/em><\/p>\n\n\n\n The primary goal of a product launch is usually to promote the product and drive sales to bring profit to the company.<\/p>\n\n\n\n However, making money isn\u2019t the only<\/em> thing that determines if a product launch is successful.<\/p>\n\n\n\n Some other possible outcomes of a successful product launch, besides an immediate increase in revenue, include:<\/p>\n\n\n\n These outcomes have a direct influence on building trust with your target customers<\/strong>, which indirectly drives sales in the long run.<\/p>\n\n\n\n That said, even when launches are not profit-oriented at first glance, don\u2019t be tricked into thinking that they\u2019re pointless.<\/p>\n\n\n\n Whether directly or indirectly, successful product launches will <\/em>drive sales.<\/p>\n\n\n\n So, if you\u2019ve chosen the right target audience, and your product is solid \u2014 you\u2019ll most likely pick the fruits of your labor and enjoy a growing revenue in due time. <\/p>\n\n\n\n Just be patient. <\/p>\n\n\n\n\n Don't settle for average results. Plan a successful product launch in Plaky by CAKE.com.<\/p>\n If you want to organize your product launch to perfection, you need project management software to help you. <\/p>\n\n\n\n With our PM tool, Plaky, you can create a simple, yet visually effective checklist. Just add tasks with the status field and (optionally) assignee, and you\u2019re good to go. <\/p>\n\n\n\n Try Plaky for free<\/a><\/p>\n\n\n What makes Plaky a great solution for tracking product launches is that you can keep all information relevant to the product in one place: checklist, roadmap, product launch goals \u2014 you name it.<\/p>\n\n\n\n You can create a separate board for each of them and keep them in the same folder. This way, all the information related to a particular product will be in the same place but still well organized and easy to navigate. <\/p>\n\n\n\n What\u2019s more, all of Plaky\u2019s boards are completely customizable, allowing you and your team to:<\/p>\n\n\n\n Plus, Plaky\u2019s robust item cards help you keep related information neatly together, even on task level. For example, you can add files to item cards<\/strong> to enhance file-sharing throughout your product launch \u2014 and keep all documents in one centralized hub.<\/p>\n\n\n\n There\u2019s also a comments section<\/a> in every item card, where you can leave comments, @mention team members, and react to their updates<\/strong> to give feedback or ask for assistance quickly. <\/p>\n\n\n Most importantly, Plaky by CAKE.com offers a secure space for all your product plans.\u00a0<\/p>\n\n\n\n You already know that if information about your new product leaks before its launch, it could have catastrophic consequences<\/strong>. So, you must ensure that all your work is protected \u2014 no exceptions.<\/p>\n\n\n\n Luckily, Plaky has passwordless authentication, which means it’s inherently secure \u2014 no password = no password theft<\/strong>. Plus, you don\u2019t have to rely on your employees to think of strong passwords (and remember them!). Instead, you can all log in with an OTP (one-time password) that\u2019ll be sent to your email. <\/p>\n\n\n\n In addition, Plaky is SOC 2 Type 2 and ISO\/IEC 27001:2013 certified, as well as GDPR compliant. So, your data is safely stored at all times. <\/p>\n\n\n And guess what? Scalability isn\u2019t an issue either<\/strong>.<\/p>\n\n\n\n As your projects and launches become bigger and greater, Plaky provides you with all the tools you need for sustainable growth. <\/p>\n\n\n\n In fact, Plaky enables you to create boards for your projects, customize them to your business needs, and share them with an unlimited number of users \u2014 even on its free plan. <\/p>\n\n\n\n And for advanced features and limit-free product launches, Plaky has 2 other paid plans<\/a> that are sure to meet and exceed your expectations. <\/p>\n\n\n\n\n
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![\"Plaky](\"https:\/\/plaky.com\/blog\/wp-content\/themes\/cake-blog\/theme\/images\/banners\/default@2x.png)
\n <\/picture>\n <\/div>\n<\/div>\n\n\n \n\n\n\nHow to launch a product successfully in 7 steps<\/h2>\n\n\n\n
![\"7](\"https:\/\/plaky.com\/blog\/wp-content\/uploads\/2022\/09\/7-steps-of-a-product-launch-process-1024x614.png\")
#1 Create a product launch roadmap<\/h3>\n\n\n\n
![\"Product](\"https:\/\/plaky.com\/blog\/wp-content\/uploads\/2022\/09\/Product-launch-roadmap-in-Plaky.png\")
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#2 Track the launch process with a product launch checklist<\/h3>\n\n\n\n
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#3 Engage in some pre-launch marketing <\/h3>\n\n\n\n
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#4 Set your product launch goals <\/h3>\n\n\n\n
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#5 Define your distribution channels <\/h3>\n\n\n\n
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#6 Launch the product<\/h3>\n\n\n\n
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#7 Complete post-launch activities<\/h3>\n\n\n\n
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![\"Plaky](\"https:\/\/plaky.com\/blog\/wp-content\/themes\/cake-blog\/theme\/images\/banners\/landing-2@2x.png)
\n <\/picture>\n <\/div>\n<\/div>\n\n\n \n\n\n\nBonus: How to launch a new product online<\/h3>\n\n\n\n
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Best practices for managing a successful product launch <\/h2>\n\n\n\n
![\"Product](\"https:\/\/plaky.com\/blog\/wp-content\/uploads\/2022\/09\/Product-launch-best-practices-1024x895.png\")
#1 Treat your product launch as a separate stage of product development<\/h3>\n\n\n\n
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#2 Have a launch plan from the beginning<\/h3>\n\n\n\n
#3 Don\u2019t carve your plan in stone<\/h3>\n\n\n\n
#4 Build an experienced and motivated product launch team<\/h3>\n\n\n\n
#5 Pay attention to timing <\/h3>\n\n\n\n
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#6 Add a touch of mystery to your product launch marketing<\/h3>\n\n\n\n
![\"Plaky](\"https:\/\/plaky.com\/blog\/wp-content\/themes\/cake-blog\/theme\/images\/banners\/landing-4@2x.png)
\n <\/picture>\n <\/div>\n<\/div>\n\n\n \n\n\n\nHow to measure a product launch\u2019s success<\/h2>\n\n\n\n
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#1 Pre-launch signups<\/h3>\n\n\n\n
#2 Website traffic <\/h3>\n\n\n\n
#3 Social media traffic<\/h3>\n\n\n\n
#4 Lead generation<\/h3>\n\n\n\n
#5 Conversion rate <\/h3>\n\n\n\n
#6 Email open rate<\/h3>\n\n\n\n
#7 Clickthrough rate (CTR)<\/h3>\n\n\n\n
#8 Costs and revenues<\/h3>\n\n\n\n
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#9 Customer retention rate<\/h3>\n\n\n\n
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What makes a product launch successful?<\/h2>\n\n\n\n
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![\"Plaky](\"https:\/\/plaky.com\/blog\/wp-content\/themes\/cake-blog\/theme\/images\/banners\/landing-3@2x.png)
\n <\/picture>\n <\/div>\n<\/div>\n\n\n \n\n\n\nLaunch every product successfully with Plaky\u00a0by CAKE.com<\/h2>\n\n\n\n
![\"Product](\"https:\/\/plaky.com\/blog\/wp-content\/uploads\/2022\/09\/Product-checklist-in-Plaky-1.png\")
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