Execute the Launch
At this point in the growth process, an initial business plan has been developed, upgraded, and approved by business leadership. The work completed to date also defines the nature of the commercialization focus. For example:
- If the intent is to bring a new product into an existing market, then the primary work is around launching the new product with an appropriate emphasis on marketing strategy.
- If the intent is to reposition an existing product capability (often with a new business model), then the focus of work is on developing a targeted market marketing strategy.
- If the intent is to enter a new market with a new product, then the emphasis is on developing both a targeted market marketing strategy and a new product launch.
The purpose of Targeted Market Commercialization Planning is to ready the organization to implement, by engaging the work that must be completed for effective commercialization. It is during this period that the team is expanded as required to do the necessary work of final product development, market testing as required, and obtaining the funding necessary to commercialize.
Develop a Commercialization Plan
The key element of this to develop a commercialization plan include
- Developing a Targeted Market Marketing Strategy: Who do you reach out to first? How do you position and communicate the innovation? What are your proof points specific to your value proposition claims? How do you set pricing and address push back?
- Field testing the upgraded product: How does the final product perform vs. those tested in the development phase? What adaptions must be the beta users make to utilize the product? How will you support the initial customer trials?
- Designing a new product launch: How does your launch plan compare to the best in class—the “devil in the details?” How will you handle setbacks? What are your measures for success?
- Obtaining leadership agreement to proceed to commercialization: How well you develop and communicate steps one through three.
Finally, think launch, not leak. Too many innovations tend to move forward slowly, adding cost, confusion, and early competition. If you work above is robust, then action orientation should be the cornerstone of your commercialization.
About the Author
Ron Sullivan is a Senior Partner at Breakthrough Marketing Technology. He has worked with many businesses on innovation, new product development processes, strategy, building new business models, channels and distribution, and pricing optimization. He has significant expertise in study design, data analysis, and market intelligence.