- by Rory Ramsden
This is a big subject so I will give you a quick product launch marketing strategy overview . I’ll assume that you have picked your niche and have a product idea which you wish to develop.
#1 on your list of tasks is to verify that there really is demand for your product idea. In fact, you might be better off putting it on a shelf and forgetting about it until you have completed these two steps
- Market Research
- Competition Analysis
You will now have an in-depth understanding of how to position your new product so that you have the best chance of executing a super successful product launch so it’s time to refine your original idea and develop something that your market is eager to buy.
#2 on your list – Decide what you want out of your product launch. Define measurable goals. There is no point is saying you want to make a million bucks on your first product launch. You will fail. So set simple clearly defined targets. Do you want to boost the size of your list by 75%? Do 3 months turnover in 7 days? Position yourself as the expert in one high paying niche? Attract 10 quality joint venture partners? Be specific, be realistic and plan a series of launches each one with bigger goals.
#3 on your list – Start building momentum. Set up a landing page with a powerful lead magnet so that your niche targeted list grows quickly. If you have the budget available, then PPC advertising is probably the quickest way to make this happen. It’ll also give you the opportunity to test what works and what doesn’t so keep a careful eye on the metrics. A good CTR will mean you’re on to something. – Consider promoting a competitor’s product: This will tell you whether there are buyers out there and it will also get you on their radar
#4 on your list – Mine your assets. This is the first essential step to creating a killer offer. Make a list of existing digital products that you have on your hard drive that can be re-purposed and bundled with your new product. Note that these assets have to be relevant and supportive. The aim is to make it as easy as possible for your prospects to become buyers.
#5 on your list – Now you’ve done the spade work, it’s time to define the ‘core myth’ that will run through your product launch like a golden thread. Choose a structure – the ‘hometown boy who makes good’ or the ‘The heroes journey’ – At first glance , this may appear to be about you, the struggles you have been through, how you found success and why you are doing this product launch but the sub-plot is all about your prospects and the pain they are in.
#6 on your list –What type of product launch will you execute?
- Seed Launch
- Beta Launch
- Internal Launch
- Quick Launch – sometimes called a Fire Sale –
- Friction Free Launch
- External Launch
The one you chose is dependent on where you are in the product launch cycle. I always recommend that clients start with a seed launch even if they are sure that they have a laser targeted product. You will engage the market and surface questions that you may not have thought of.
#7 on your list – This is where it gets exciting. This is where you do your product launch planning. Start off with 3 pre-launch events. What will they be? Video? Tele-seminar? Ground breaking pdf reports that shifts the markets perception of reality? These are the big pieces. Push the Free-Line. Give away really valuable content. This may seem counter intuitive but remember Hollywood movie trailers are clips of the best segments of the movie…
The difference between this content and other give-aways out there is that this all happens during the fixed period of time (= pre-launch) before the shopping cart opens (= launch day). During pre-launch and the launch week, your product launch manager will pull over 20 different triggers proven to increase conversion rates. Some of these play out in the email sequence…others in the pre-launch content.
#8 on your list – Now just do it? Easy to say. Not so simple to execute.
There are lots of moving parts in a successful product launch so you may need some help. Help focusing on the important issues. Help with your product marketing strategy. Help optimizing the product launch process. Help deciding where to go from here.
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