How can you keep track of launch risks?

While traditional advice suggests accounting for every possible risk, I believe that focusing too much on potential negatives can stifle innovation. It's important to manage risks, but we shouldn't let fear of what could go wrong prevent us from pushing boundaries and trying new things.

The absolute best way to uncover a launch risk is by conducting what's called a pre-mortem. The idea is to imagine you're in the future and your launch has already failed. What were the reasons for failure? As an example, "The team didn't comminicate the release schedeule, causing a conflict with other launches." This helps you be specific and realistic about the risks.

To monitor launch risks effectively, create a detailed risk register outlining technical, operational, market, and regulatory risks. Prioritize risks based on severity and likelihood, assigning responsibility for mitigation. Regularly review and update the risk register, conducting assessments at key milestones. Implement contingency plans for high-priority risks. Monitor indicators and gather stakeholder feedback to detect emerging risks. Foster open communication within the team to ensure awareness and document lessons for future improvements. This proactive approach anticipates and addresses issues, ensuring a smoother launch.

Many times, we forget that there can be risks in a product launch, and that's why it's important to be aware that defining your risks is important too. Even more so, we need to define action protocols if they occur. In my experience, what I try to do is approach the teams involved and ask them from their perspective what risks they would envision and how we can prevent them from happening. If they do happen, how can we mitigate them? This helps me avoid having a biased opinion, and, with each team's insights, it gives me a closer perspective on what I should pay attention to in the product launch.

If you have launched products before, you should have documentation on the possible risks that occurred or were considered. In case you don't, after conducting your research with each part of the team, it's time to perform the task and analyze each one on the list impartially. Each risk should include the variables of impact and probability of occurrence, and thereby prioritize them. With this, a better perspective can be gained, allowing an evaluation of which risks can be assumed or controlled, and which ones definitely require a decision to eliminate them altogether.

One thing i've found helpful is tailoring mitigation strategies to the specific nature of each risk. For example, for technical risks, rigorous testing protocols might be the key, while for market-related risks, deep analysis and flexible marketing strategies could be more effective.

As you define your launch metrics, you must also define metrics for risks. Sometimes, you may not have enough resources to address all potential fronts, so you should try to simplify it as much as possible and have a way to find out promptly if you are facing one of the risks on your list. It's important to coordinate effective communication with the team during the launch, and that the corresponding action protocols are understood.

Communicating risks is not something I see as a final step; it should be an ongoing task before and during the launch. It is crucial to keep the team aligned at every stage of a product, from its conception, development, and launch. This ensures there are "guardians" from all perspectives, thus guaranteeing success. That's why I believe the article is mistaken in viewing communication as the last step; it should genuinely be a constant task that you must uphold, and as a Product Manager, you bear that responsibility.

There are countless possibilities on this topic and I will list a few: Take advantage of cutting-edge predictive analysis tools to constantly examine the business scenario in search of possible disruptors and risks for your launch. Adopt agile methodologies that prioritize rapid iterations and continuous risk assessment, enabling rapid adjustments in response to dynamic market conditions. Foster a culture of innovation within your team by encouraging unconventional thinking and challenging assumptions to proactively address and overcome potential disruptors at your launch. In general: don't limit yourself to the traditional.

Keeping track of launch risks is all about being proactive and organized, its tough but it has to be done. I use a risk register (in Jira) where I list all potential risks, assess their impact and likelihood, and categorize them. This helps in prioritizing which risks need immediate attention. Regular team meetings are key for discussing these risks and updating the register. I also make sure to communicate these risks clearly to all stakeholders, so everyone's on the same page. This approach not only helps in mitigating risks but also prepares the team for any unforeseen challenges during the launch.