Research-driven product launch strategies for GTM success

This article comes from Prak Swamy’s insightful discussion on our GTM FM podcast, check out the wisdom-packed episode here.

Ever wondered what makes or breaks a product launch in the world of PropTech?

As a product marketing manager with over five years of experience in the PropTech and real estate space, I've been at the forefront of numerous launches, and I can tell you one thing: research is the key to success.

From my time at Rentley, where we pioneered the software corridor space, to my current role at Hemline, a property management software startup, I've seen firsthand how crucial research is in shaping successful product launches.

So, let's dive into the world of research-driven product launches and explore how we can set ourselves up for success!

The role of research

When it comes to product launches, I really can't stress enough how important research is. It's truly the foundation that everything else is built upon!

Let me break it down further:

1. Understanding your target audience

First and foremost, you need to know who you're targeting.

In my experience, this has ranged from property managers and management companies, to small business owners and landlords. Research helps you identify your primary audience and understand their specific needs and pain points.

For example, when I was at Rentley, we focused on property managers for both single-family and multi-family properties.

We had to really dig deep to understand the different use cases and situations where our product could solve their pain points. This knowledge is invaluable when you're positioning your product and crafting your messaging.

2. Defining product positioning

Once you understand your audience, research plays a critical role in defining how you position your product and craft your messaging. It's not just about what your product does, but how it solves specific problems for your target audience.

I've found that conducting buyer research is crucial at this stage. We need to understand not just why someone might use our product, but why they would buy it.

This insight helps shape our value proposition and differentiates us from competitors.

3. Driving launches through channels

Research also informs how we drive our launches through different channels. Depending on your target audience and the nature of your product, you might need to use different approaches.

For B2B products with longer buying cycles, we might focus more on enabling our sales team and creating in-depth materials for each stage of the buying process.

For more B2C-oriented products, we might lean more towards product-led growth strategies and focus on quick adoption and user retention.

Key strategies for a successful GTM plan

Now that we've covered the importance of research, let's talk about some key strategies that can make or break your go-to-market plan.

🚀 Implementing a structured launch process

One of the most important things I've learned is the value of having a structured launch process.

At Rentley, we used what's called a Stage Gate process. This approach breaks down the launch into several stages, from initial ideation all the way through to implementation and enablement.

Having a clear process helps ensure that everyone is aligned and that we're covering all our bases. It also allows us to bring in the right stakeholders at the right time.

For example, in the early stages, we might work closely with product managers on ideation. As we move further along, we'll bring in sales, client success, and implementation teams to ensure they're fully enabled and ready for the launch.

🤝 Cross-functional collaboration and stakeholder alignment

Speaking of stakeholders, cross-functional collaboration is absolutely crucial for a successful launch. As a product marketing manager, I see myself as a partner to various teams across the organization.

In a sales-led organization, I work closely with the sales team to ensure they have everything they need to position and sell the product effectively. This might involve creating enablement materials, conducting training sessions, or even joining sales calls to gather insights.

But it doesn't stop there. Depending on the product and the stage of the launch, I might also be working closely with:

Client success: Enable them to upsell and inform existing clients about new solutions and functionality.
Implementation team: Critical in B2B contexts, where onboarding and implementation are key parts of the customer journey.
Finance and data science teams: Involve them when revamping pricing or launching features that will be sold within the product journey.

The key is to have regular touchpoints with these teams.

I used to run weekly go-to-market meetings, which were invaluable for keeping everyone aligned and addressing any blockers or issues quickly.

🛠️ Enabling sales teams with the right materials

For sales-led organizations, enabling your sales team is critical. They're on the front lines, interacting directly with potential customers, so they need to be fully equipped with the right knowledge and materials.

One approach I've found effective is creating a comprehensive sales playbook.

This is especially useful for annual sales kickoffs, where you can provide an intensive training on your persona, the buying journey, competitive landscape, and specific talking points.

The playbook might include:

Detailed persona information
Typical buying process and timeline
Key competitors and how we compare
Internal stakeholders and their roles
Talking points and objection handling

Remember, your sales team's feedback is invaluable. If they're getting positive reception on calls or if certain materials are working well, that's a good sign your launch is on the right track!

Measuring launch success

Of course, all this effort doesn't mean much if we can't measure our success. So, how do we know if our launch is actually working?

It's crucial to have a North Star metric that your entire company is working towards.

In B2B situations, this often revolves around metrics like average deal size or time to close. For B2C or product-led growth strategies, it might be about adoption rates or user retention.

Whatever your North Star is, it's important to break this down into specific, measurable goals for each team that also align with the company's overall goals.

We often use an OKR (Objectives and Key Results) process to do this, setting specific objectives for each half of the year (H1 and H2).

It's also really important to be flexible and ready to pivot based on how the market responds to your launch.

I've been in situations where we launched a product targeting both SMB and enterprise segments, only to find that we were getting much more traction in the SMB market.

In cases like this, don't be afraid to shift gears. We ended up refocusing our efforts on the SMB segment, adapting our messaging and materials to better suit their needs.

It's all about being responsive to what the market is telling you.

The importance of competitive intelligence

Last but not least, let's talk about competitive intelligence. Knowing your competitors is crucial for positioning your product effectively and staying ahead in the market.

Competitive intelligence can start with simple Google research, but it shouldn't stop there. Depending on your resources, you might use tools like Klue or Crayon to track competitors in real-time. These tools can help you monitor changes in pricing, features, and positioning.

Even if you don't have access to these tools, you can still stay on top of your competitive landscape.

I've found that sending out monthly competitive intelligence newsletters internally can be really effective. This keeps everyone in the organization informed about what our competitors are up to.

Competitive intelligence isn't just about knowing what others are doing – it's about using that information to refine your own positioning and messaging.

It can give you insights into how to differentiate your product, how to price effectively, and even potential gaps in the market that you can fill.

For sales teams, this information is gold. Creating and regularly updating battle cards with competitive information can give your sales team the edge they need in competitive situations.

Conclusion

Launching a product successfully is no small feat. It requires thorough research, careful planning, cross-functional collaboration, and a willingness to adapt based on market feedback.

As product marketing managers, we play a crucial role in bringing all these elements together.

By focusing on these areas spoken about in this article, you'll be well on your way to driving successful product launches that make a real impact in the market!