Abstract
Vik Venkatraman John Wiley & Sons, Inc., Hoboken, New Jersey, USA, 2011, $26.95, Hardback, 254pp, ISBN: 978-0-470-63845-3
Do you want a road map to a successful product launch? Then you may want to follow the suggestions in an entertaining book by Vik Venkatraman. In the words of the author: Many products fail not because product launchers are not intelligent or not hard-working, or because the products they created were bad or faulty. Rather, it is most likely because the product launchers didn’t plan properly, didn’t design the product as well as they could, and didn’t go to market in the most effective way. They didn’t know who the key players were, so they spread their resources thin trying to work on everything, and trying to spend money on all different channels.
This practical book draws from the author’s experiences and personal lessons learned while trying to get a product from concept to shelf effectively and on a dime. The author is a well-respected entrepreneur, former brand manager for Red Bull and management consultant with Deloitte Consulting and American Express.
The book is divided into three sections: Development, Launch and Rollout. Through each of the steps taking us from an idea to the marketplace, the author refers the reader to ‘The Inspired Method’, a novel approach that is designed and described as a methodology to build new relationships and help make fully informed decisions. Another unique feature of the book is the liberal use of practical exercises throughout the various chapters. Some exercises are more involved than others, but all reinforce lessons learned in order to help the reader avoid common mistakes.
In the Development section of the book, the author discusses ways to refine an initial idea or concept such that it takes the shape of a product. For example, the author recommends a mind-mapping exercise that involves laying out all your thoughts about your product – essentially mapping out your interests and skills as a way to help you think about what you bring to the table. Before finally settling on your product, the author also describes how to utilize Web-based tools to review the different proposed selling points by cross-checking them against customer demand.
In the Launch section, the author discusses involving your customer in your packaging design process and what steps to take before deciding to employ professional help. Tips are also given with regard to creating a prototype and ensuring successful first production runs to help standardize your product, understand your costs and focus on building a brand.
In the Rollout section, the author again refers to the use of ‘The Inspired Method’, this time as a way of selecting a relationship with distributors and getting your product on the shelf. Other topics covered include suggestions on building a sustainable promotional strategy and raising finance from banks, venture capitalists, grant programmes and other investors.
Inspired! is an easy-to-read road map for a successful product launch. I recommend this book as a step-by-step practical guide for budding entrepreneurs, innovators and anyone who has a great idea they want to market.
North American Editor, Journal of Medical Marketing: Device, Diagnostic and Pharmaceutical Marketing