THE LAUNCH FORMULA
Fifteen years of quantitative data science research has found that the success or failure of new products launches is highly predictive.
By utilising data science tools, combined with The Launch Formula and lived expertise, mid-tier and corporate innovators have the ability to substantially increase their probabilities of success of launching new innovative products and services.
THE LAUNCH FORMULA
Fifteen years of quantitative data science research has found that the success or failure of new products launches is highly predictive.
By utilising data science tools, combined with The Launch Formula and lived expertise, mid-tier and corporate innovators have the ability to substantially increase their probabilities of success of launching new innovative products and services.
Click on a validation point to learn more.
PRESENTS
Concept or Idea
- Who do we think is the target market?
- How big is the market potential?
- Who do we think are the competitors?
- What is the Job to be Done?
- What business model is best?
- What does the roadmap look like?
- What assumptions need to be tested?
- How much will it cost to get to market?
- Is it worth pursuing?
- Establish initial corporate structures
- What is the exit strategy?
Business Case
- Know the market
- Ideally using data science
- Validate market entry target; market size; market incumbency; market competitors
- Statistically validate and know how and where you’re hoping to compete
- Market qualitative research – interviews with target market reps
- Commercialisation mapping in detail
- Commercialisation expenditure budgets
- Revenue modelling and projection
Technical Proof of Concept
- Can we prove at the lowest cost that your product/service can be built and work?
- Can it do the job well enough for market entry?
- What will it cost to manufacture or deliver?
- Can we deliver at a lower cost than current options?
- What did we learn?
Minimum Viable Product
- Construct to do specific MVP brief
- Subject matter experts to test
- Early Adopter Program (testing potential market adopters)
- Strategy development for market entry
- Refining business model
- Legal documentation
- Brand development
- IP registrations
- Deeper research
- Refining Job to be Done
- Marketing strategy and collateral preparation
- Consolidating corporate structures
Early Adopters
- Learning from Early Adopters
- Validating emotional and social jobs to inform product development and marketing
- Validating product acceptance
- Validating features
- Learning of new jobs or features
- Informing key marketing messages
- Informing product development to improved performance
- Preparing marketing strategy for early innovator market phase
- Validating pricing models
Early Innovators
- Validating adoption to early innovator phase
- Developing to improve product performance
- Consolidating revenue streams
- Preparing marketing strategy for Early Majority Market Phase
- Researching channel market opportunities
- Beginning to research and expand market segment entries
- Exploring further innovative business modelling
- Strategy reviews and refinement
- Reviewing competitors’ bases of competition
- Implementation of stronger risk and governance
Early Majority Market
- Review of competitive forces and refinement of bases of competition
- Expansion into global markets (as per early innovator phase)
- Consolidation of enterprise value
- Potential for exploring exit strategy options (partial or full)
- Expansion of product offerings
- Global brand building
- Corporatisation of company structures
Majority Market
- Volume based marketing
- Improving customer onboarding (speed and customer experience)
- Expansion of market segments
- Improving product performance
- Continued innovation of product and models
- Development of channel market adoption and execution
- Strong brand building according to Jobs to be Done
- Countering competitor responses
- PR, industry awards and market industry promotions
- Stronger financial forecasting
- Maturing of ongoing R&D
- Maturing of internal operations, HR and governance