- by Rory Ramsden
So I’ve been concentrating recently on the product marketing strategy you should use to get the best return on investment from a new product launch.
But what if you have an existing product or service ?
How can you squeeze every dime of profit from it and make that product a long term earner for your company?
Well, Let’s assume that…
- You have launched your product once at least;
- That therefore you have an optimized sales funnel
- That you have all the associated email sequences in an auto-responder
- And that you have the metrics to prove opt-in subscriber value
Here’s what you can do…
- The Perpetual Launch
After every launch you should seek feedback from your customers and clients. Get their opinions. Find out what they liked and what could be improved. Then improve the product in those areas and re-launch it again to the people on your list who did not buy last time. Take the opportunity to thank your existing customers by giving them a special upgrade offer. “So you bought version 1.0 now upgrade to version 2.0 for this special price with new improved benefits that.…”
- Fire Sale
This is a great tactic. It’s quick and easy to pull off because it’s got built in scarcity. Take the existing product with no changes or upgrades and offer it to the segment of your list that did not buy last time. Timing is everything here. So is the scarcity element. The reason you are running the fire sale is also crucial. It could be because you just received a surprise tax bill which has to be paid within 7 days … or … because you’ve just bought a car for your son who is off to college and the insurance has just doubled … or … because your daughter has just announced her engagement and the wedding is going to cost a fortune. The reasons are many but they must have a built in scarcity element.
- JV Promotions
So you have your sales funnel and all the necessary email sequences. Invite a potential joint venture partner to do an internal launch to his list. You can show him your metrics so he knows he will make money and just as importantly you will build your list and ‘test’ the quality of the JV partner too. What level would you put him at? Does he warrant that special deal he was asking you to give him?… And you make money
- Cross Promotions
If you’ve ever been to Amazon to buy a book you will know that they do this all the time but this tactic is slightly different. Say you have a list of customers who have bought product A and your evergreen stand alone product, product B, is complimentary with its own list of buyers. Then offer product A to list B and vice versa.
Integrating your existing product into the sales funnel of another product which could either be yours or indeed somebody elses. It could be an up-sell, cross-sell or a down-sell but it must support the core product and be relevant to it. So if, for instance, your customer bought a camera, offer him a camera stand or a camera bag. Be creative and open-minded. Approach another marketer in your niche and cross promote each others products.
on – Upsells/Cross Sells
- Integration marketing – Thank You Pages
The difference between this tactic and the previous one is that cross-sells etc happen as part of the order optimization process before the cart closes. Integrating your product onto ‘Thank you Pages” is after the fact. So many marketers fail to really leverage the value of these pages it is unbelievable. Here you have a new customer who has just bought a product. Strike while the iron is hot any offer him or her the opportunity to add a useful add-on. You can do this on your ‘thank you pages’ or those of other marketers.
- Coupon Sales
This works on whether you have an email list or a list of mobile phone numbers. Simply drop your ever-green product promotion into the existing auto-reponder sequence that you send your prospects. The best is to drive them at a pre-recorded webinar. This could be a one off or a sequence that offers valuable content and pivots, in the end, to selling the existing product. The key is that the prospects gets a discount by using the coupon code provided.
Note: You can drive traffic at this webinar sequence by advertising, affiliate promotions, email marketing of mobile marketing. It can therefore be a constant source of income month in month out.
Using this product marketing strategy you can extract the maximum return on your investment and ensure that your existing products continue to pay their way. This is the secret to building a long term business without having to constantly develop new ideas.
If you have used any of these tactics or indeed have a similar tactic that you’ve tried and that would be a useful addition to this list, just take a couple of minutes to tell me about it in a comment below.
- How To Do a Huge Product Launch
- Social Media’s Impact on the Sales Funnel
- 3 Tips for Cross-Selling and Upselling Success
- Warming Up Your List… Building a Relationship
- Packing a Powerful Punch…