Are we creating something that is a win for the client, a win for the community, a win for your entity?

When it is time to launch a new sales product to your team, the adrenaline of potential success can sometimes cloud the fundamentals of good decision-making. That’s why it’s vital to take a step back and examine a few critical factors before diving into the deep end of the pool.

During the recent Accelerate Local How-To Series, Jodelle Bailey, director of digital strategy and training, Sinclair Broadcast Group, and Robert Truman, vice president, Townsquare Media, offered a wealth of insights on the art and science of product management and leadership advice for go-to-market strategy. Drawing from their considerable experience, they share these takeaways so every team can successfully bring their next revenue-driving ideas to life.

Potential revenue and displacement

One must consider the potential revenue any new initiative can generate. It isn’t as simple, however, as looking at the revenue that the new product could bring. You also need to ask, “What am I displacing?” Is your new venture going to replace an existing revenue stream? It’s essential to keep in mind that every new project might mean saying goodbye to an existing one. Ensuring the new venture can at least match or exceed the current revenue is paramount.

Truman explains why we have to look at opportunity cost. “If there’s one thing to take away in the intangible things that we can’t really write down, it’s this — what am I displacing? Is that going to either be the same amount of revenue, or less, or even more than what we’re actually doing? And are we asking our team to do something that is going to completely take them off the regular course of business?”

Another best practice is conducting a thorough assessment of the time commitment to ensure that your team is prepared to take on the new project without being overwhelmed.

Who do you have? And what’s it going to take from a resource standpoint?

Robert Truman

“Besides the sales people, and maybe the leadership, who else is involved in executing? If you’re on the TV side, you’ve got a news department. If you’re on the radio side, you’ve got some content people. If you’re on the publishing side, you’ve got the publishers or reporters or anything that could be involved in executing? Who do you have? And what’s it going to take from a resource standpoint?” Truman explained.

“If it’s a good idea, then it’s a good idea,” she said. “If you’ve done all the assessments, and it’s properly rolled out, and you recognize that sometimes you have to take a test period. If it’s really working, then you decide, OK, what’s coming off the list.”

‘4 Wins’

Truman also believes in developing an innovative and dynamic strategy to create value for all stakeholders involved. At the heart of the “4 Wins” approach is the aim to create victories in four key areas: the client, the community, the entity and the sales department.

“Are we creating something that is a win for the client, a win for the community, a win for the sales department, and a win for your entity? A win for your entity could be whatever that means to you, ratings, promotion, circulation increase, etc. How do we take that idea and make some money and be a little bit different from our competitors in that market and then utilize what we can bring to the table,” said Truman.

Products, process and planning

Bailey and Truman illustrated the importance of reviewing all your products and your process when building an effective product rollout strategy. Consider what is already on your team’s plate and if the timing is right.

What is one of the biggest steps that you should never skip? Make sure you are planning for selling up.

Successful project implementation often requires internal approval. This can be an arduous process, but the importance of “managing for the next approval” cannot be overstated.

“Why is this a product or a project that you really want to do now? And then, when you’re allowed to do that, you’re managing for the next approval. If you make that successful, you’re going to have less resistance to do things in the future,” said Truman.

You got the approval, and now it’s time to get organized. It’s time to actually pull it off, right?

Jodelle Bailey

Proper planning and organization are also vital for a successful product rollout. You’ll need to identify stakeholders and deliverables and devise a robust support strategy.

Bailey preaches the importance of a product rollout plan. “We love to roll out products. But then, we never really think about it once we roll it out and the sales people have questions. Who’s in charge of helping them? Who’s going to be their support staff? Maybe it’s individuals that are taking the lead. Maybe it’s a team. Maybe it’s as simple as office hours for the next couple of weeks after launch, so they have a place where they can go and ask any questions and not feel intimidated. When preparing your product roll out plan, you should have everything identified along with stakeholders in a simple to read one-sheet so everyone is clear on expectations. 

There’s so much more to a rollout than just a sales deck. And it’s not just one deck. There are multiple materials needed for proper roll out.

Jodelle Bailey

In addition to a sales deck, it’s important to prepare a training deck to train your team on the new product or idea. This helps to ensure that everyone is on the same page and equipped to handle any customer queries or issues. Additional materials can include FAQs, internal newsletters and external samples to help sellers communicate with clients.

Product launch

Don’t forget the power of internal marketing efforts. Generating excitement and buy-in from your team can do wonders for the successful launch and acceptance of your new product.

“You need to sell this, sell the sizzle, get people excited about it,” explains Bailey. “We’re in marketing. Let’s market to our sellers. If these guys buy in, then it will be successful.”

Post-launch

Last, don’t forget about creating a post-launch plan. Launching a product is just the beginning. It is crucial to continually assess sales activity and gather feedback from your sales team. If the product is not gaining traction or objections arise, it is vital to address them promptly.

Conduct surveys to benchmark their favorite products and ask for qualitative feedback to understand their reasoning. Compare these preferences to actual sales and profit to identify consistencies and inconsistencies. Striving to have your newly launched product among the top favorites helps drive success.

“Data to me, even when it says your baby is ugly, is great data to have because then you’re able to tackle the problem,” explains Bailey.

Interested in hearing the whole session? Or wondering what other sessions you missed? Check out all the recordings from this year’s Accelerate Local How-To Series!

This post was written and edited by LMA staff, with assistance from artificial intelligence tools (ChatGPT-4).