Go To Market
In this Lesson
[Day 23/30: Product Manager to CEO 30 Day Challenge] When you're launching a new product or service, it's important to have a clear plan for how you're going to get the word out. Marketing, branding and positioning are all essential to the success of a product launch. Without a clear vision for how your new product or service will be positioned in the market, it's impossible to know what promotional tactics will be most effective.
This is where a well written distribution strategy becomes valuable, for how your business will sell its product or service. It's crucial to creating a successful product because it helps you determine what kind of marketing and branding you'll use, as well as how you'll position your offering in the market.
You can use your distribution plan to determine what channels you'll use to sell your products or services, which markets you'll focus on, and how much inventory you'll need to stock at any given time or whether this even matters in case you offer a software product. It should also include information about the pricing model that makes most sense for your company's goals, whether that means offering discounts or charging full price.
When it comes to marketing and branding, your distribution plan should outline how you plan on reaching out to potential customers through different channels (like social media or television advertising). You should also consider whether it makes sense for someone outside of your company (like an agency) to handle these aspects of your business instead.
As far as positioning goes, this means figuring out what role each element plays in telling customers about the value proposition behind your product or service—and how those elements fit together into one cohesive message that makes sense from all angles.
[Day 24/30: Product Manager to CEO 30 Day Challenge] There's a reason we call it "reporting and analytics." Reporting is about the past, and analytics is about the future. Analytics helps you predict what will happen in the future and make decisions accordingly, while reporting helps you understand what happened in the past. What's the best way to be sure your product and campaigns are meeting your goals?
The answer is to create a reporting system that will help you monitor in real time how your product and campaigns are performing. The first step is to get a clear understanding of what it is you're trying to measure.
- What does success look like for this campaign?
- What does success look like for this product?
Once you have an idea of what success looks like, then it's time to figure out what metrics you need to track. And here's where things get tricky—because there are so many different ways in which data can be collected, analyzed, and presented!
Most common tools we recommend for Reporting:
1. Google Analytics (GA)
2. Facebook Pixel
3. Segment
4. Intercom
5. Mixpanel
Which ever set of tools you use, make sure to do the below:
Build a dashboard that allows you to capture raw data such as website/app visits, downloads, Click through rate, session drop offs, user flows and most importantly revenue.
Build an Insights dashboard that helps you draw insights such as cohort analysis, retention, customer lifetime value, customer acquisition cost, MAUs, WAUs, DAUs.
