bus110 launch plan
DESCRIPTION
How to build a launch plan for your product or service. Presented as a guest lecturer in Rashmi Menon's Stanford Continuing Education Course: BUS 110: How to Start Your Business: From Idea to Business PlanTRANSCRIPT
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Business 110
How to Build Launch Plan
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Starting Place
• Great product launches start with 3 raw ingredients
1. Initial Product 2. Target Customer 3. Personas
Marketing Funnel
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Initial Product
Not the ultimate product or the best product Def. The minimal product needed to get a specific target audience to buy and like the product “enough” to recommend it to others
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For Launch Purposes
• Product needs to be defined against multiple dimensions – 4Ps
– Product – Price – Positioning / Promotion – Place (distribution strategy)
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Pricing
• Example – Mama Cass – Food truck – 2 sliders for $8.00, 3 sliders for $12.00
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Positioning / Promotion
• “In a city glutted with food trucks it can be hard to carve out a niche” – NYTimes – Gourmet Vietnamese – Initial promotion focused on food critics who
covered street food scene + traditional restaurant critics
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Place
• Food truck w/ set travel schedule as detailed on website
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Target Customer
• Who you expect to buy your product first and why
Convenience
• Age 25-54 • Primarily Male • Higher Salaries • Multi-taskers • On the go • Goal Oriented
Young Foodies
• Age 18 -25 • Mixed Gender • Budget • Trendsetters • Educated
Soccer Moms
• Age 20-40 • Primarily Female • Secondary Ed • Hold Family Dear • Tech Savvy • First to go home
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Personas
• Description that makes the target customer “come alive” – for you to stay focused on while developing your marketing plan
– Ideally based on market research – i.e. talking to potential customers
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Personas
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Take all this raw input
• Market Planning – Initial Product – Target Customer – Personas
Marketing Funnel
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Marketing Funnel
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Launch Planning
• What levers do we have to get people into the top of the funnel – Touchpoints, Influencers
• What are some of the barriers we expect to encounter and how can we overcome them – Inertia, Near Substitutes, Direct Competition
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Launch Plan
– Venue – Press/Influencer strategy – Beta & Seeding strategy – Content Marketing strategy
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Venue
• Where/When You Launch – If you are launching into an existing market,
often it is best to launch at someone else’s event
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Press/Influencer Strategy
• 4 main categories of press/influencers – Press, Bloggers, Analysts, Mavens
• Your launch plan needs to… – Identifying who these people are /how best to reach
them – Target dates as to when you will brief them – Think through the tools each group will need so they
can market you
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Beta Plan & Seeding Strategy
• Beta Plan – Identify when you will beta – Whether an invite will be needed – Who will get invites to distribute
• Seeding Strategy – Identify who you will seed and why – How many seed units you will need – Consider ethical norms with press vs. channel
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Content Marketing Strategy
• Identify the content you will create – Website, Facebook page, YouTube channel, Twitter page,
LinkedIn page – these are basics and are expected
• Beyond the basics – what content do you need to create that will serve as a magnet for potential customers? – Distribution plan for the content – How you will make that content findable – How you plan to reuse / leverage that content in multiple ways – Call to action – what you want people to do after they get your
content
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Par>ng Words
• About OpenMarketing
– Marketing-driven Business Strategy – Content Marketing + Inbound Marketing