Product Talks Meetup (17 Sep 2019) - How to Launch a Product by Kent Weathers
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Product Talks provides the community with an opportunity to learn from people in Sydney that are working on Product Management and have a keen interest in the topic. Kent Weathers is a leader with 15+ years experience bringing technology products to market. He founded a tech startup in the USA with 2 employees and scaled operations to a global, team of 60 in 3 countries before a successful exit. Today, he is Chief Operating Officer at Leadbolt in Sydney. ----- Kent shared a framework you can use to launch a product to the market with a significantly better chance of beating the odds, including lessons learned from multiple case studies that illustrate the importance of each key step along the journey to launch. He also explored what happens after the launch. Can you get a product back on track after a dud of a launch? ------ Join Product Talks on Meetup! https://www.meetup.com/ProductTalkSydney/
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Product Talks Meetup (17 Sep 2019) - How to Launch a Product by Kent Weathers
- 1. KENT WEATHERS Chief Operating Officer Leadbolt
- 2. Doug Evans
- 3. Can I really talk them into this?
- 5. • a Wi-Fi connected juicer • that uses single-serving packets of fruits and vegetables • sold exclusively by subscription • that would produce a perfect glass of fresh juice
- 6. • Ex-Army paratrooper • Began dating vegan girl • Opened Juice Restaurant • Insolvency led to sale of company and stores closed • The girl broke up with him • Could not find good juicer -> wanted juicer
- 7. $118.5 Million USD Kleiner Perkins Google Ventures Campbell Soup Company
- 11. $699 USD Retail Sale price
- 12. $750 USD Cost to Manufacture
- 13. © Ben Einstein, Bolt
- 14. © Ben Einstein, Bolt
- 15. © Ben Einstein, Bolt
- 16. © Ben Einstein, Bolt
- 17. © Ben Einstein, Bolt
- 18. © Ben Einstein, Bolt
- 19. © Ben Einstein, Bolt
- 20. • a Large aluminum frame that provides the core structure • 10 custom injection molded parts • 1 solenoid Motor and controller board • 2 stamped steel parts • 1 coil spring • 2 custom dowel pins • 4 bushings • 1 gear • Various screws, cables, connectors, glue, etc © Ben Einstein, Bolt
- 21. © Ben Einstein, Bolt
- 22. $699 USD Retail Sale price
- 23. Jeff Dunn
- 24. $699 USD Retail Sale price
- 25. $399 USD Retail Sale price
- 27. 2013 Founded 2014 Funding Rounds Begin ($118 M) March 2016 Launched At $699 October 2016 Jeff Dunn new CEO January 2017 Price Cut $399 March 2017 Doug Evans Raising $100 million more April 2017 Bloomberg Article September 2017 Juicero Shuts Down
- 42. 115,000 Before Elon left the stage
- 44. All-Time Automobile Launch Day Record Citroen’s DS (1955) 12,000
- 48. $9.6 billion Launch Week Estimated 13 million sold x Avg $736 per unit Apple iPhone 6s
- 52. KENT WEATHERS Chief Operating Officer Leadbolt
- 53. 40% New Product Failure Rate
- 54. 40% New Product Failure Rate
- 55. Consumer Goods 45% Consumer Services 45% Chemicals 44% Industrial Services 43% Technology 42% Software Services 39% Other Materials 39% Healthcare 36% Capital Goods 35% INDUSTRY PERCENT FAILURE NEW PRODUCT FAILURE RATE BY INDUSTRY George Castellion and Stephen k Markham – Journal of Product Innovation Management
- 56. Why Do New Products Fail? Inadequate customer research Lack of true customer benefit No clear product differentiation Lack of effective product marketing Poor design and execution
- 57. Why Do New Products Fail? Inadequate customer research Lack of true customer benefit No clear product differentiation Lack of effective product marketing Poor design and execution
- 58. RETIREDELIVERLAUNCHQUALIFYDEVELOPPLANCONCEIVE MANUFACTURING OPERATIONS COMMERCIALIZATION WITHDRAWAL GROWTH MATURITY DECLINE INTRODUCTION NEW PRODUCT DEVELEOPMENT / ACQUISITION AIPMM The Guide to the Product Management and Marketing Body of Knowledge
- 59. Steven Haines The Product Manager’s Desk Reference
- 61. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Inadequate customer research Lack of true customer benefit No clear product differentiation Lack of effective product marketing Poor design and execution
- 62. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Inadequate customer research Lack of true customer benefit No clear product differentiation Lack of effective product marketing Poor design and execution
- 63. YOU ARE HERE
- 65. YOU ARE HERE
- 75. 92 Books
- 76. $2,900+ Invested
- 79. IDEATE EXPLORE FOCUS IMMERSEDEFINE BUILD PREPARE LAUNCH PRODUCT STRATEGY & LIFECYCLE MANAGEMENT Essentials of Product Management
- 84. POST-LAUNCH PRODUCT MANAGEMENT NEW PRODUCT INTRODUCTION NEW PRODUCT PLANNING CONCEPT FEASIBILITY DEFINATION DEVELOPMENT LAUNCH GROWTH MATURITY DECLINE EXIT BREAK-EVENT POINT POSITIVE CASH FLOW 0 NEGATIVE CASH FLOW Steven Haines The Product Manager’s Desk Reference
- 85. POST-LAUNCH PRODUCT MANAGEMENT NEW PRODUCT INTRODUCTION NEW PRODUCT PLANNING CONCEPT FEASIBILITY DEFINATION DEVELOPMENT LAUNCH GROWTH MATURITY DECLINE EXIT BREAK-EVENT POINT POSITIVE CASH FLOW 0 NEGATIVE CASH FLOW Steven Haines The Product Manager’s Desk Reference
- 86. Steven Haines The Product Manager’s Desk Reference
- 88. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Working on Launch Plan
- 89. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Working on Launch Plan Target Customers Problem to Solve Personas USP Positioning Product Team Marketing Team Sales Team
- 90. Successful Launch Planning • All business documentation for the product is in the Launch Plan • Market segments • Value Proposition • Business Cases • Build the right Launch Team and get them on the same page. • Plan activities backwards from the Launch Date and set milestones. • Set Launch Goals and Metrics
- 91. EARLY (ARRANGE) MIDDLE (ACTIVATE) LATE (ANNOUNCE) • Get alignment on launch plan • Confirm market window • Synchronize all activities • Secure final dates and deliverables • Review all business documentation • Work with Development • Recheck and update business or market information • Validate Value Prop & positioning • Ensure Sales Team is ready • Plan launch events • Beta tests • Operations ready • Customer Service ready • Arrange Press • Sales Training • Customer Service Training • Testimonials • Ensure product is as desired • Regulatory approvals secured • Test ordering process • Recommend go/no go • Announce to market Steven Haines “The 3 A’s of the Product Launch”
- 92. EARLY (ARRANGE) MIDDLE (ACTIVATE) LATE (ANNOUNCE) • Get alignment on launch plan • Confirm market window • Synchronize all activities • Secure final dates and deliverables • Review all business documentation • Work with Development • Recheck and update business or market information • Validate Value Prop & positioning • Ensure Sales Team is ready • Plan launch events • Beta tests • Operations ready • Customer Service ready • Arrange Press • Sales Training • Customer Service Training • Testimonials • Ensure product is as desired • Regulatory approvals secured • Test ordering process • Recommend go/no go • Announce to market Steven Haines “The 3 A’s of the Product Launch”
- 93. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
- 94. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
- 95. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
- 96. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
- 97. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
- 98. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
- 99. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
- 100. Task OCT NOV DEC JAN FEB LAUNCH DATE TASK 5 TASK 4 TASK 3 TASK 2 TASK 1 START PROJECT
- 101. Launch Plan • Strategy • What are the product launch objectives? • What product launch strategy will meet those objectives? • What are the main customer needs that will be met? • What are the main product differentiators? • What is the competitive landscape? • What is the positioning and messaging strategy? • What is the market awareness and promotion strategy?
- 102. Launch Plan • Planning • Who should be involved in the product launch? • Who are the key stakeholders? • Whose approvals do we need? • Who are the assigned resourced by functional areas? • What is the allocated and approved budget for product launch? • What are the go-to-market activities in priority order?
- 103. Launch Plan • Execution • What are the timelines and major milestones? • Who is responsible for monitoring, tracking, and reporting? • How is launch effectiveness measured?
- 104. LAUNCH PLAN
- 105. ONE-PAGER • 100 Word Product Description: • Target Customer(s): • Positioning: • Unique Selling Proposition: • Top 3 Benefits to Target Customer: • Tag Line: • Pricing: • Availability: • Channels Being Used: • Competition • Top 3 FAQs:
- 108. Confirm the Market Window
- 109. Synchronize Documentation (Business Case, Marketing Plan, Launch Plan)
- 110. Review Market / Beta Tests
- 111. Provide adequate Sales Training
- 112. Align Sales Goals and Compensation
- 113. Marketing Collateral, Website, Promotions Ready
- 116. Operational Systems Ready (Ordering, Installing/Fulfilment, Support)
- 118. Launch Metrics Ready
- 120. Announce to the Market
- 124. Toyota Corolla: 44 Million Sony PlayStation: 450 Million Harry Potter: 500 Million Apple iPhone: 2.2 BILLION
- 130. Post-Launch Audit • Market window timing • Synchronization between Business Case and Launch Plan • Preparation of Sales and Marketing Material • Sales Training • Operational Readiness • Launch Metrics Achieved
- 131. Frequent Launch Issues • No clear market window for launch • Launch plans out of sync with original business case • Sales force is not ready to sell the product • Sales and Marketing collateral is incomplete • Sales training is not sufficient • Operational systems and/or infrastructure is not ready • Launch Metrics are missing or ignored • Overconfident estimates • Under allocated resources or budget
- 132. 80 70 60 50 40 30 20 10 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Marketing Support
- 133. 80 70 60 50 40 30 20 10 0 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Marketing Support
- 137. Exit Launch Phase Agree on Deliverables Go/No-Go Decision Run the Product Like a Business
- 138. TIME BUSINESSBENEFITS Development New Growth Maturity Decline Launch Product-Market Fit End of Life Highest Profit Margin Break-Even Point Highest Revenue Growth
- 139. 60,000,000 45,000,000 30,000,000 15,000,000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Introduction Growth Maturity Decline
- 140. October 22, 2019
- 141. October 22, 2019
- 150. 1998 Launched
- 153. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2002 - $990 in Netflix Stock @ $15 = 66 shares 2004 – Two-for One Stock Split = 132 shares 2015 – Seven-for-One Stock Split = 924 shares 2019 - $295 per share = $272,580 $271,590 Investment Gain 27,433% ROI 39.16% Annualized ROI
- 154. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2003 First Profit
- 155. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2003 First Profit 2005 Shipping 1 Million DVD’s per day The Netflix “Box”
- 158. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2003 First Profit 2005 Shipping 1 Million DVD’s per day 2007 Video on Demand via the Internet The Netflix “Box”
- 159. 1998 Launched 1999 Subscription Model 2000 Proposed Sale to Blockbuster 2002 IPO 2003 First Profit 2005 Shipping 1 Million DVD’s per day 2007 Video on Demand via the Internet 2011 The Failed Launch The Netflix “Box” 2005-2010
- 163. Stock Fell 50%
- 164. Announce DVD & Streaming plan split Announce Qwickster Brand Kill entire idea 2 Months 1 Months
- 165. “.. .not sure whether the plan to split the company had been presented to customer focus groups before it was made public…. …assumed it had been… …did not recall what those focus groups had said about the plan.” Reed Hastings, CEO Netflix
- 166. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT
- 169. 2019 DVD Subscribers 2.7 Million
- 170. 2019 DVD Revenue $200 Million USD
- 175. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Inadequate customer research Lack of true customer benefit No clear product differentiation Lack of effective product marketing Poor design and execution
- 176. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT
- 177. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT
- 178. IDEATE EXPLORE FOCUS IMMERSE DEFINE BUILD PREPARE LAUNCH INNOVATE DESIGN IMPLEMENT Working on Launch Plan
- 180. KENT WEATHERS Chief Operating Officer Leadbolt
- 181. Connect w/ Me On KENT WEATHERS Chief Operating Officer Leadbolt