A medical technology company was launching an important new product in North America. There were a number of competitors in the market and they had to be prepared to quickly adjust pricing and support options. In the past they had relied on focus groups to collect these insights but the feedback was too slow and expensive to collect.
The product team focused on their direct sales reps, distributors and internal customer support teams. The product launch plan included communication to these stakeholders about how important their voices would be in a successful product launch.
The real time client and competitive feedback in the Launch Loop was invaluable allowing the product team to iterate quickly on pricing and support options. It was a huge surprise for the product team when the stakeholders even offered and debated solutions for the market response.
Launch Loop Results!
The Launch Loop was highly valued because …
it enabled the product team to be responsive to the market and deliver changes quickly.
the project stakeholders felt their insights were valued and, as a result, were far more engaged and “bought-in” to implementing the changes because they were part of the process.
the product team’s agility and responsiveness was key in hitting their sales targets faster than planned.