- by Rory Ramsden
When doing a product launch, your primary goal is to exceed your prospect’s expectations by helping them get what they want and improving their lives in the process.
Acquiring new customers is the single most expensive activity for any business. So it makes sense to boost the value that each existing customer adds to your business and have them love you for it. That way, you can afford to pay more for new ones and beat your competition in the process.
Here’s one thing to be very sure of. If your your product launch marketing strategy does not allow clients to buy what they want from you however much they would like to, they will buy it from a competitor… and you will lose them for ever
So many marketers look at each sale as a one off event – once the deal is done, it’s over, and it’s off to do another with a new customer. That is an insane way to do business
You are leaving a load of your money on the table and walking away from a pretty big chunk of profits. In fact, you are condemning your business to struggle for survival.
Why?… Because your customers want to buy more than the one product or service you sold them.
You owe it to them and to yourself to provide a full range of tightly focused supporting offers during your product launch. You just have to identify what they want to buy and then give them the opportunity to buy it. Just think, what else are they struggling with ?
Here are 3 ways to do it…
#1. Up-sells & Down-sells
When a customer buys a burger, they are instantly offered the opportunity of customizing their order by adding cheese, bacon, fries, mayo, ketchup, a drink or any number of other relevant and supporting options to put with it.
If you buy a new Ipad, you immediately want to buy a case to protect your pride-and-joy and then a range of Apps to add to it
These up-sell and down-sell tactics are put to work by every major brand from Amazon to Walmart. Your customers expect them. In fact, they may even demand them. There’s nothing sleazy about them if you use them ethically.
Statistics on upsells vary wildly, but many suggest that between 30-60% of your customers will go for the upsell when it’s offered at about 60% of the regular price. A 40% price cut seems like a lot, but think about how much of your typical purchase profit is eaten up in the cost of acquiring a new customer. You don’t have to cut the price 40%, though, that’s just one option.
#2. Cross-sells and Associated Products
When you book a flight, you can also buy travel insurance, book a hotel, hire a car and much more. Your product launch sales funnel must be set up in the same way. Integrating other associated products that are relevant and help your customers buy what they want will boost your top line sales and your profits
#3. Back-End Sales
When your customer is happily consuming his first purchase, offer him the opportunity of getting on your launch list for another relevant product. If you don’t have one in-house, then do a product launch for an affiliate offer.
He may have bought the ‘starter pack’ now is the time to move him up the value staircase by offering him more advanced products that he will now enjoy.
Set out to serve your customers better by offering them a complete package that they can pick-n-mix in a way that has real value to them.
Instead of a customer being worth $100 to you, maybe they’re now worth $160 – and they’re more likely to buy from you again in the future. That’s boosting customer value by 60% and making it easier for you to compete for new prospects
if you’re not doing this – or planning to do it immediately – you will lose your best customers and leave massive amounts of money on the table
So when designing your product launch marketing strategy think about what else you can add to the mix that is relevant. What else are they struggling with? How can you help your prospects get what they want ? How can you solve their other associated problems?
It doesn’t have to be complicated – think of one thing, right now, and offer it to your existing customers.
If you don’t know how to do this, ask me in the comments. I’ll respond or contact us now