- by Rory Ramsden
There are a lot of moving parts in a product launch so there is a tendency for people to over complicate things. That’s why I’m going to go over the pieces that simply must be right before you hit that launch button.
Reconcile yourself that you will never get all the parts of your product launch 100% right. Perfection is paralysis remember. Take action. Just Do it. The whole product launch process is built to be forgiving so even if you get 80% wrong, the 20% you get right will still make you more money than you would have made by using any other product marketing strategy.
#1 on the list of must-haves for a sucessfull launch is a strong product that offers real value to your core market. Here’s a list of core elements…
- There’s a hungry crowd
- With money to spend
- Who ‘get’ the Value instinctively
- Because it delivers clearly defined benefits
- That are quick & easy to achieve
- It offers you a strong ROI (information products are ideal)
If your product does not tick all of these boxes, you’re bound to be disappointed. Hoping for the best is not a product marketing strategy that has proven successful over time. So lets take a closer look at each one of these
#1 Product-Launch Necessity: There’s a hungry crowd
You are certainly on to a winner if your market research tells you that the people in your core market are desperate for the solution that your product provides.
- Have you confirmed your findings by running a survey?
- Or organized a series of Tele-seminars that have engaged your audience?
- Or beta tested a small group with positive results?
Verify your market research. You must be able to verify the facts to a skeptical 3rd party. To do this make case studies – video, audio, special reports – This is all part of building a package of convincing proof elements to use during you product launch sequence.
Tip: If the response wasn’t so great, find out why and optimize your product now.
#2 Product-Launch Necessity: With money to spend
So there’s a hungry crowd but how much money have they got ? Your market research should tell you that your prospects are high earners. Easpecially in these troubled times.
Tip: 20% of your market will have 80% of the disposable income – That’s your core target market
#3 Product-Launch Necessity: Who ‘get’ the Value instinctively
If you’re in the B2B market, what is the Risk to Returns ratio? If you intend to sell a high ticket product then your customer must immediately ‘get’ its value because his ROI will be disproportionately large in relation to his investment. Remember that every potential customer is always asking himself “Why shouldn’t I buy this product“. Making the Risk to Returns Ratio very small will transform his thinking to ” I cannot afford not to buy this. It’s an opportunity I can’t let slip“
Tip: Businesses with a high net new-client value are your core target market –
#4 Product-Launch Necessity: Because it delivers clearly defined benefits
These benefits must reflect the hopes and dreams of the people in your core market. Your case studies show people who have taken action and benefited because of it. They can give you a list of benefits they achieved.
Tip: Making the Risk to Returns Ratio very small will ensure that more customers will take action, benefit and become raving fans.
#5 Product-Launch Necessity: That are quick & easy to achieve
Think of it this way. Most of us want to lose weight. And everybody knows this goal can be accomplished by diet and exercise – but how many of us want to take that route? We want a magic pill or an easy button. If your product looks like too much work it ain’t gunna sell. It’s just that simple.
#6 Product-Launch Necessity: It offers you a strong ROI
You want your product to have a high price and good margins for two reasons. There’s the obvious one – more money. The less obvious one is that it will be extremely difficult to get large numbers of high quality Joint Venture partners on board if your product doesn’t have this make up. So what do you do if this isn’t the case? Here’s one suggestion. Make an information product to accompany it. You can write it yourself if you’re the expert. You can interview experts if you’re not. If you add some powerful special value in this way you can overcome this problem.
So those are the pre-requisites for a kick-ass product. Now your product launch parachute is certain to be with you when you push the launch button. To
find out more about what a series of product launches could do for you click here.
If you’re serious about transforming your business prospects in 2011, all you have to do is complete this simple survey and I’ll get back to you to fix a time when we can hop on the phone to discuss your plans in more detail.
I’d love to hear your thoughts on what else you think is critical in a product so please comment below.
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