IP considerations and determining your storytelling strategy are key planning steps
No matter which platform or combination of platforms you use, you need a well-thought-out strategy before investing time and money into the launch.
BY JEREMY LOSAW
Are you ready to launch?
You cannot prototype forever. At some point, you have to launch the product you are working on and share it with the world.
This can be a nervy time for the inventor: the real test of whether the device can stand on its own in the marketplace, and whether people want to buy it. Because the launch has such high consequences, you must take the utmost care in preparation to ensure you have everything right.
From the preparation and making sure you have the right intellectual property protection to choosing the right platform that suits your product, there is a lot to consider.
This is the first of a two-part series that will provide key insights into having the best possible launch for you and your product. This part covers the preparation before considering a launch. Part 2 will focus on the nuts and bolts of how to maximize different launch platforms to generate the most traction in the marketplace.
What is a launch?
A product launch is the first time a product is shown to the world. Typically, the launch is timed when the product is ready to either be sold or pre-sold.
Launch too soon, and you risk your potential buyers being bored or fatigued from hearing and seeing the device by the time the product ships. Launch too late, and you risk a competitive product beating you to market and losing out on first mover advantage in the marketplace.
There are myriad ways to execute a product launch. Four that are common for most physical products: crowdfunding, trade shows, press releases and social media.
No matter which platform or combination of platforms you use, you need a well-thought-out strategy before investing time and money into the exercise. The two main pillars are protecting innovation and finding your story.
Are you protected?
Above all else, be sure you have some form of intellectual property protection before sharing your product on any platform.
Failure to do so may result in the product and the key features being ripped off or copied by someone else, leaving you with no recourse to force them to stop.
In a perfect world, this will come in the form of a utility patent that covers the important features of the product you have worked so hard to build. However, because it often takes years for a utility patent to fully issue, it is more practical to at least have a provisional patent application in place. This can be done quickly and provides the protection required to share the innovation.
To get the best value for this exercise, patents should be filed with the help of a lawyer or patent agent who can help ensure claims are written robustly and that you receive the maximum amount of protection. This process will cost thousands of dollars, so be prepared with enough cash.
There are certain instances when it is OK to launch without a patent. If your product is more of a craft where the competitive advantage is the hand or technique that produces the product, pursuing a patent may not be worth the effort.
Similarly, if the secret to your product is the software that runs on the device, you may choose to keep the software a trade secret. In this case, you can maintain control of the “secret sauce” and not bother with trying to file a patent.
It never hurts to spend a little money for a consultation with an attorney to determine the best strategy for you, even if you do not feel intellectual property protection is necessary.
4 storytelling genres
No matter how or what platforms you use to launch your product, the launch is about telling the story about your product and your brand.
Humans are emotional creatures and natural storytellers. We resonate more with a well-told story than with facts and figures.
For example, if you are selling a cleaning device, customers may prefer to hear about how your cleaning product will make it easier to keep their home free from viruses and give them time back to spend with their family, rather than hearing about how many square feet of coverage it will clean.
Presentation matters. It is worth investing in the time to have a carefully considered, succinct story.
Different genres of stories include the “origin story,” where there could be an interesting circumstance relating to how the product was born. There is the “finding your why” story, where you may have had some interesting life change that bore the seed for your product.
The “bad experience” story is one where you may have had a negative experience with a product—or a product did not exist to solve your problem—and use that as the crux of your narrative. Finally, there is the “problem-solution” scenario, where you may have recognized an unmet need and found a way to fill that void.
Each product and journey is different, but you will likely be able to spin your product story from one of these four genres.
Try the 3-question exercise
It can be difficult to hone in on your story and have it resonate with consumers. We build products to help other people, but also to make money to support our own needs and desires outside of industry. So it can be difficult to extract the real meat of a product story, especially when you have been in the depths of development.
A good technique to drill down to the core of your story is the three-question exercise, where you or someone you know asks you three times to tell you why you came up with your product. This forces you to go deep into the why.
Because we can tend to be guarded when answering questions, our first answers may be unrevealing, such as “I saw an opportunity in the market where I could make a profit.”
This may be truthful, but it is uninspired.
It is only after some repeated questioning that we allow ourselves to reveal our truth, such as: “My sister struggled as a wheelchair-bound child when we were growing up. It killed me that she could not get around the playground as easily as the rest of the family and experience the joy that the rest of us did. That experience has stayed with me my whole life.”
This answer can then be crafted through one of the four storytelling genres from above, from which you craft your product story and pitch for your launch.