Planning your business or product launch

Planning your business or product launch

Whether you're launching a new business or a new product within an existing business, the New Year is a great time to do it. You can feel like you're starting with a clean slate and you might even be able to take advantage of customers' New Years resolutions.

Everybody knows that planning your launch is important, but too many leave things at that. They launch and go about their day-to-day business.

I'm sure you know you need to plan your goals, strategies and tactics, but have you thought about how you'll execute the tactics, measure your success, and adapt your plans based on results?

The thing is, if you don't work from a plan for how to execute you'll just be floating aimlessly around. Then, if you don't have a way to measure your success you won't know how well or poorly you're doing, and if you don't adapt based on results you're spinning your wheels at best or wasting a lot of money and time at worst.

You can track your results any way that suits you best, from just keeping a spreadsheet to calculating ROI through a marketing automation system. Either way, you need to set up each campaign (email, Facebook, newspaper advertising, referral, etc.) and the cost of the campaign; then you'll need to be able to track when a lead converts into a sale. That will allow you to calculate the ROI of each campaign: how much you made in relation to how much you invested. If you spent $100 and made $150 from a campaign, your ROI is 50% (profit divided by cost).

Your mantra should always be:

Goals • Strategy • Tactics • Execute • Measure • Adapt

Note that the first 3 are nouns - they're things you're planning to achieve and do - and the last 3 are verbs - they're actions you'll be taking to achieve your plan.

Example:

The noun part - you may want to sell x number of widgets; your strategy may be to target current customers who are already using a complimentary product, and your tactics may be to use Facebook remarketing and email marketing.

The verb part - you need to create and set up the Facebook ads and create and schedule the emails, then you need to track and record your sales, and make changes to your ads and emails based on results.

Of course, the example is way oversimplifying, but hopefully it helps you put into perspective what you need to do to give yourself the greatest chance of success.

Spend enough time on the nouns and the verbs will be a lot easier.

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