There’s been a lot of attention lately on innovation, agile development, NPD and product road mapping. All are critical to developing new products but all fail dramatically in fully understanding the product commercialization process.
Miss out on successfully launching your product and not only will you miss your targets, but you’ll struggle to be credible with future product launches with your field sales team and customers.
With that in mind, here’s a comprehensive checklist to make sure you are considering the many facets of the commercialization process.
Market Analysis
Purpose
Why are we looking at this product / service?
What is in it for us?
What is in it for the Channel?
What is in it for the End User?
Objectives
What do we hope to do?
What is the timing to carry out the goal(s)?
Strategy
How do we envision accomplishing this objective?
What are the short and long-term strategies?
What is the timeline for each strategy?
How will the product be positioned?
Impact on other products (cannibalization)?
What plants and markets?
Market Factors
What factors will help this product?
What factors prohibit us from meeting our goals?
What are the crucial market factors for this product?
Product
Requirements
What market research do we have to support product?
Define the channel and end-user(s) priorities
Define the market size and total opportunity for us
Feature/Benefits
Define strengths and weaknesses of proposed product
Positioning
How will product be positioned (high/medium/low-end)?
Who are the key targets for placement?
Who are the pull through targets?
What is our pricing strategies by channel?
Packaging
What is the product called?
How will it be packaged?
Production Plan
Clearly define production capabilities
Establish ordering procedures
Benchmarking
Have we benchmarked other competitors in the industry?
Have we benchmarked other manufacturers outside the industry?
Measures of Success
How will we measure progress?
What will be considered a success?
Timeline
Key dates for all product elements?
Develop an implementation roll out strategy 60/90/120 day
Sales Plan
Sales Forecast
What are the sales plan by Region/Nationally (in units and dollars)?
What are the seasonality/current trends?
Other Measures
Clear and tangible outcomes?
What is the total brand budget to support new product?
Selling Proposition
Sales
What is the value proposition at each level?
Channel Customer
End User
Brand Support
Brand Plan
Define the communication plan for end-user/ customers/field sales?
Ensure product included in other programs
Social Media
Link our social media efforts
Website updates
You Tube, Facebook, Blog, Twitter, Pinterest
Literature
Define literature requirements
Develop technical facts to support new product
Samples
Produce product samples as required
Selling Tools
Determine tools required to support business proposition
Define product displays requirements
Develop plan-o-grams for retail customers
Photography
Will product availability delay photography (and literature)?
Packaging
Determine artwork
Timeline
Coordination of brand support programs
Define schedule and key dates
Field Implementation
Implementation Plan
Coordination of channel, product marketing, and brand efforts
Define processes and tools required for implementation
Determine channel programs (target accounts/promotions)
Develop time line for field sales communication
Provide advanced communication (90 days) to Sales
Training
Establish internal and external product training schedule
(Field Sales/Customer Service/Channel Customers)
Training Vehicle
Develop training modules
Scorecard
Clear Outcomes
Follow-up review of business strategy after 90 days/6 months
Develop bail out strategy if not performing
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