3 Simple Steps to Your First Product Launch Success

St Emillion Grand Cru Classe Sells at a Premium Price

St Emillion Grand Cru Classe Sells at a Premium Price

 

Don’t be daunted by the idea of doing a product launch. It’s not rocket science

 

These are the 3 basic necessities

 

First, find a group of buyers with money to spend
Second, find the spot in your competitors’ product line where they are weakest
Third, create a product that resonates with your market and sell it at a premium price

 

First Find The Right Audience

 

It costs almost as much to create a cheap bottle as it does to create an expensive one. A st.Emillion Grand Cru Classe sells for 10 times the amount of a bottle of plonk so if you want to make the maximum return on your investment from your product launch it makes sense to find a market full of people who will naturally buy the most expensive products.

 


They do not consider cheap products. They only want the best. They believe that by buying at top dollar they are far more likely to get what they are looking for. And they are generally right. Having invested in a premium product, they are much more likely to consume it and the least likely to complain or return it.
Focus your market research on the 20% of your niche with 80% of the money and you are setting yourself up for long term success

 

Second, Know Your Competition

 

Sun Tzu, the ancient chinese warrior-sage, said that you must know your enemy. Doing a thorough SWAT analysis of your competition will help you position your product so that it stands the biggest chance of success.

 

Knowing your competition allows you to innovate and come up with an original idea that sets you apart. Being on the bleeding edge with a proven product or service sets you apart from your competitors and makes you a thought leader in your segment of the market.

 

 

Being in this position is a very powerful place to be. You are seen as the authority, the trusted adviser. With this expert status everyone turns to you for the solution. As such, you can can charge premium prices and have your clients thank you for the opportunity to buy from you

 

 

Third, Create a Product That Resonates With Your Market and Sell it at a Premium Price


Now you have completed steps 1 and 2, it’s time to start zeroing your product in on your avatar’s core frustrations. For very feature your product might have there has to be a benefit. After all, your clients have only one question in mind and that is

 

“What will it do for me ?”

 

They won’t care about you orĀ  your beloved product if it does not fulfill their desires. People buy things because they want them not because they need them. The bigger the desire, the more they will pay so make sure that your product resonates with your market and you will get the best ROI possible.

 

These are the 3 keys to product launch success

 


The number of sophisticated tactics that you build into your product launch marketing strategy count for nothing if you have not got these three steps nailed. Your long term success depends on you getting the basics right first. Rushing to market with a poorly thought through offer will lead to disappointment. Guaranteed


Preparation is where the product launch battle is won or lost. Sun Tzu may have lived more 2 millenniums ago but his teachings are just as relevant today as they were then.
Have you got something to add ? Leave a comment below and tell me what I have left out….

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Rory Ramsden