Planning Your Launch

One Sentence Description

Before you launch, you need a strong one sentence description that clearly communicates your vision and value proposition. A clear idea is the best foundation for growth. Some things to keep in mind when crafting this one-sentence pitch:

  • Lead with what, not why
  • Remove marketing speak and business jargon. Write as you talk.
  • Keep it succinct

Here are some examples of one sentence descriptions that Kibo used for the launch of its degree program back in 2022.

Kibo

❓ Think about the product or service that you are launching. What is your one-line description? Post it in the padlet below.

Objectives and Success Metrics

When planning your product launch journey, it's essential to define clear objectives and establish measurable success metrics. Objectives provide a roadmap for your launch, guiding your efforts and ensuring alignment with your overall goals. Success metrics are the yardsticks by which you'll measure the effectiveness of your launch. They provide tangible indicators of progress and help evaluate whether your launch objectives have been achieved.

Some objectives could be:

  • Achieving a certain number of product sign-ups or pre-orders.
  • Securing partnerships or collaborations with other businesses or organizations.
  • Gaining media coverage or recognition for your startup and its launch.
  • Generating revenue or securing funding to fuel further growth.

Some success metrics could include:

  • Number of sign-ups or pre-orders received.
  • Amount of revenue generated during the launch phase.
  • Engagement metrics such as website traffic, social media interactions, and email open rates.
  • Feedback and satisfaction ratings from early adopters or beta testers.

As you prepare for your launch, having clear objectives and success metrics will help you launch with purpose and enable you to focus your resources on activities that will help you achieve your objectives.

Creating Your Launch Plan

A well-crafted launch plan is the cornerstone of a successful launch. It should outline the strategic approach, tactics, and activities necessary to introduce your product to the market effectively. Your launch plan should encompass the entire lifecycle of the launch, from pre-launch preparations to post-launch evaluations.

Key components of a launch plan include:

  • Launch objective and success metrics
  • Target audience identification: Define your ideal customer profile and tailor your messaging and strategies accordingly.
  • Marketing and promotional strategies: Determine the channels and tactics you'll use to create awareness and generate excitement around your product.
  • Sales and distribution plan: Outline how you'll make your product available to customers, whether through online platforms, retail stores, or other distribution channels.
  • Launch timeline and milestones: Create a timeline with specific tasks and deadlines for each stage of the launch process. Budget allocation: Effectively allocate resources to support various aspects of your launch plan, including marketing, production, and distribution.

You should have some of this information from the user research, business model canvas, and MVP testing results you completed over the last few weeks of the course. The launch plan is really about synthesizing everything and deciding exactly how you want to introduce more people to your product.

How to Handle the Risks and Challenges of Launching

It is essential to anticipate and prepare for potential challenges and risks that may arise during your product launch.

Common challenges include:

  • Limited resources and funding constraints.
  • Balancing academic commitments with entrepreneurial pursuits.
  • Navigating legal and regulatory compliance.
  • Overcoming skepticism or skepticism from potential customers or investors.
  • Managing expectations and addressing unforeseen setbacks or delays.

To mitigate these challenges and risks effectively, consider:

  • Testing and iterating on your product idea with minimal resources.
  • Seeking mentorship and guidance from experienced entrepreneurs and your instructors (Don't forget to attend office hours!).
  • Prioritizing tasks and focusing on high-impact activities that align with your startup's objectives.
  • Building a support network of peers, mentors, and industry professionals who can provide advice, feedback, and encouragement.
  • Embracing failure as a natural part of the entrepreneurial journey and learning from setbacks to refine your approach and strategy.