Too often firms lack a structured product introduction process. Lack of process results in poor communication and lack of a unified message to the market. Worst-case, the wrong consumers are targeted resulting in wasted resources and failure to meet goals.

Typically the lack of a formal launch process also uncovers lack of metrics and a formalized post-launch review process. Remember, you can’t manage what you don’t measure. Sure, this is a cliché, but it is extremely important. You must have clear key performance indicators (KPIs) that align with overall goals and objectives for the new product.