Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
Post the successful development of a product, the issue of launching the offering effectively starts troubling the developers and managers. Launching a product is about making it reach the right crowd at the right place.
Some of the subsets that are included in this domain of Product launch relate to 'starting with the volume production', 'planning and administering marketing activities', 'developing the required documentation', 'training sales force' and 'supporting the personnel', 'filling channels' and 'preparing to install' etc.
Looking at the fact that there are innumerable areas to be tamed, one senses that an effective management strategy to get over with all these fields is needed. One such methodology that can take care of the aspects involved in 'novel presentation of the offering' is BSC (Balanced Scorecard). This instrument has 'measurable phrases', the KPIs (Key Performance Indicators) brought together on it to be used in later times. The 'quantitative' approach promoted by this thought helps in counting the efforts. Numbers and values earn a lot of respect as one can neither suppress nor ignore their effect.
Consequently, this act of successfully launching a new offering can also be tackled with this.
Moving on such a statistical path brings several benefits like decreased time for both 'bringing the product to market' and 'drawing revenues'.
This is the actual scorecard with Product Launch Indicators and performance indicators. The performance indicators include: new product launch, financial perspective, sales revenue at the different stages of the new product's life cycle, profit margins at the different stages of the new product's life cycle, growth in the market share, cash flow following the launch of a new product, internal perspective, budget allocated to budget spent ratio, npd process (evaluated by the stakeholders), marketing mix (evaluated by the stakeholders), time allocated for the npd to time actually spent ratio, resource shortage, shortage/excess of a product, growth and development perspective, employees requiring advanced training with a view to np launch, new ideas for np suggested by the employees to new ideas accepted for product development and production ratio, number of successful launches to general number of launches made by the company ratio, customer perspective, number of complaints following the launch of the product, new product as perceived by the customers, increase in re-purchases following the launch .