REAL TIME PRODUCT LAUNCH METRICS
You future = Your next new product. When would you like to know the reception of your new product in the market?
At the earliest. In Real Time.
Many companies let the product trickle through the market and wait for the reactions to flow back. By the time you hear back, it is already too late to adjust your marketing mix.
How about Real Time launch metrics for your latest products? Broken down by action stages required for product success?
The platform will have to co-opt the sales person across the market into this process – by gamifying the entire product launch process.
That will help the Product Manager track the new product’s progress every morning. Make real time changes to the strategy. Provide sales enablement inputs to the team to ensure launch velocity. That will also help the field team know where exactly they stand vs. their peers. They can pull in additional actions to accelerate their progress.
Stages of Action
The fully responsive platform can break the entire product launch process into a series of action stages. Now, assign Decision Makers to each sales person. The sales persons update the system on progress and feedback at every stage.
Let us assume the launch of a health care product. The challenge is to move the influencers across the stages and help them adopt the product. The stages could be as below:
The stages of action can be configured as per your launch plan.
Enable Sales: Key Assets
All key assets of the product are shared with the sales person through this platform – one area to look for all product collateral and videos.
Enable Sales: Product Training
Apart from the face to face training, the company would like to update the sales personnel on a “continuous learning basis”. The company will also like to assess the competency of the sales personnel through structured quizzes.
A certification can be initiated focused on this product. The platform allows the company to assess the knowledge of the field sales force on the new product – a critical ingredient of success.
As the sales person progresses through stages with a given customer, she reports it back into the platform.
Customer has a specific feedback? The Voice of the customer (Voice, Video or Text) can be uploaded for management review. The management team in the backend can constantly hear from the end customer.
The Product Velocity
The velocity of the product’s movement across stages can be easily calculated and compared against other similar product launches. The results can be summarised by the sales person, supervisor or the regional manager for review purposes.
The Performance Dashboard
The sales person, supervisor, regional manager know exactly where they stand with respect to their peers. This will put in pressure in the system for quick action.
The same dashboard is also available at the country level for the Product Manager –a real time tracker of the launch progress.
As teams make progress, they earn points (configurable points system). The entire sales team and the supervisor team are ranked by their progress in the super league. The top players get front page mention and walk away to glory.
A great way to reward and recognize the teams that make wonderful progress.
Bsharp Buzz enables social discussion on the product launch progress with the team. The team can put in their comments, questions and the Product Managers can curate the discussion.
Real Time Launch Metrics
Thus for the sales person, this platform will be an area to –
- Get informed, get trained, Give product feedback
- Provide the “Voice of the customer”
- Have discussions on the product launch with peers and learn how to accelerate the launch
- Know where they stand with respect to the peers in the organization
- Win recognition, rewards on the hard work and progress they make in the field
For the management, this is a tool to –
- Constantly inform, train the field team on the new product launch
- Listen to the voice of the customer
- Get real time metrics of the launch on the dimensions that matter
- Have ability to tune the product strategy in real time to ensure product success.
The metrics will help to understand the launch progress better. For example, the above chart 1. Average revenue 2. “Sample to Order” conversion rate by Surgeon type will help the company sharp focus their sample investment to maximise returns. This will also help them to fine tune their strategy for the under-performing segments.
The future of the organisation depends on the success of the new products introduced in the market. You need nifty sales enablement tools to ensure success.
Real time product launch metrics. Gamified field team engagement. Powered by Bsharp LaunchZapp.