I am often asked … “How many different types of product launch are there?”
Quickly followed by… “Which type should I start with?”
So here are 4 different types of product launch to get you rolling..
- Seed Launch
This is the best one to start with because in the process your prospects help you create the product that you will later turn round and sell them. It is the perfect vehicle for building what I call the triangle of trust… credibility, authority and like-ability. In the process…
- The number of people on your list will grow
- The conversation develops will enable you to fully focus your product on the core market
- And as questions get asked you will discover the hidden objections that you can later answer in your pre-launch sequence
- Internal Launch
So called because you will only promote your product to the people on your list. … viz, Internally. This comes second in the sequence that you have planned in your product marketing strategy. The benefits are these…
- You can optimize your sales funnel
- Test different landing pages and email headlines
- Pay careful attention to your metrics
- And finally discover your visitor value
There’s no real need to move beyond this stage if you don’t want to. You keep 100% of the profits. No need to share them with joint venture partners or affiliates.
In any case don’t be in a hurry to go to the next stage. Take your time. Survey the people on your list to find out what they like and more importantly what can be improved. Make those improvements and do another. Wash, rinse and repeat until you have tuned the launch engine to your satisfaction
NB. You will attract joint venture partners who are keen to promote your product. Check them out thoroughly before you commit.
- External LaunchThis is the big one and the most stressful because you are in fact doing two launches at the same time.
- The first to the people on your launch list
- The second to your affiliates and joint venture partners.
That’s why you should spend time at stage 2. You want your launch engine running smoothly so that you can focus on motivating your partners by offering a big prize for the one who comes out on top.
They will expect 50% commission on their sales. In fact, if you have a top affiliate on board they even demand 75% and expect to get it.
Give it to them… You won’t make money but
- You will build you list very very fast
- You will build your authority and become a go-to person in your niche
- Down the road, business opportunities will come to you that you never dreamt possible
If you have chosen the right JVs, they will be fiercely protective of their credibility. They will be concerned with how much value you can bring to the their list. Do all you can to help them achieve their goals. Their list is the most important thing. You burn their list, and you burn your reputation, credibility, authority etc.
- Rolling Launch
Now you’re running on autopilot. The engine is purring along nicely. As you find new partners to promote for you so you can offer them the opportunity of using this money making machine – for that is what it now is – to bring incredible value to their people.
In effect, they will be doing an internal launch to their list. It should be hassle free and extend your reach even further.
The big take-aways are these
- Create a product marketing strategy that envisages a series of launches.
- Prepare well for your “big bang” external launch. They can get you into a lot of trouble.
- Be sure to build a strong relationship with the essential services you rely on to oil your cash flow wheels – Bank, merchant account, PayPal & Fulfillment House,
With one or more products at stage 4, you will have good cash flow as well as have taken your business to new and sustainable heights. That does not mean that you can relax. If your business is not growing it is dying.
Keep tweaking your offers, testing and growing your conversion rates and building new products based on the feedback you get from your surveys.
But most of all keep your product marketing strategy under constant review.
- This 12 Step Launch Strategy will Keep You on Track
- A Product Launch is a Bonus NoT a Business
- 7 Ways To Maximize The Profitability of an Existing Product
- Product Launch Marketing 101
- Standing on The Shoulders of Giants…