- by Rory Ramsden
Creating a new product or service is relatively easy. Ask your existing customers what they really really want but cannot find elsewhere. Launching this new product or service in to market, however, is the major part of the project, 80% of it in fact. Every day, entrepreneurs around the globe have great ideas for new products but very few actually reach their intended audience.
Why not… ?
Because they are not tightly focused on a very specific niche who have a real desire to have a problem solved and are prepared to pay good money to have someone do just that quickly and painlessly.
Here is the 5 step process that you should follow
Step #1. Study Your Competition – Taking a serious look at your competitors is crucial if you are going to successfully position your new product launch in such a way that it will get the maximum amount of traction in the minimum amount of time. Identify the companies who offer a product or service that is close to your idea.
Once you decide whom your competitors will be, review their marketing materials, including their ads, brochures and websites. Buy the products in question. Take them apart. Look under the hood of each one. Find out what are the common features, advantages and benefits and what is unique to each one. How does your idea stack up? What’s special about it? What can you bring to the market which is innovative and different and yet plays to your core strengths and true to your values?
Step #2. Target The Ideal Customer – A successful product launch is tightly focused on a very specific micro-niche. By doing this, the people in it will ‘get’ the value that you are offering without you having to spell it out. You have to understand what makes these people ‘tick’. You should be able to intuitively join the conversation going on inside their heads at the crucial point where pain meets urgency.
Step #3. Create a Core Concept – Armed with these 2 vital pieces of research, it’s time to create your core concept. Simply list all the features that your product or service will have. Then beside each one write the key advantage that that feature offers. In the third column, write the major benefit.
Now rank them in order of importance to your customers. The best way to do this is to ask them. A quick online survey should give you the answer. Now you’re in a position to write your core concept in 140 characters or less. This will be your key differentiator and your customers unique buying advantage.
Step #4. Define Your Marketing Strategy – Launching a new product requires that you develop a clear strategy with measurable goals. Key to this is the concept of executing one product launch after another. Your first will be a beta launch to a small select group. Second will be a launch to a bigger list of customers and third will be your major money spinning external launch to the whole niche using external partners to promote your killer offer to their lists.
Suppose want to market a low-cost workout device to prospects who can’t afford expensive gym memberships or high-priced home equipment. Doing an a laser focused product launch requires that you target the places on line where these people are most likely to hang out so that you can build a prospect list quickly.
Step #5. The Evergreen Launch – Once you have optimized your offer and refined your sales funnel, you will have a product launch sequence that you can almost put on autopilot. You will know what the value of each customer that opts in your list really is. It’s simple a matter of turning on a fire hose of traffic by buying PPC or Facebook advertising at a price that allows you a great margin.
No need to set a daily budget when you know that for every dollar you spend you will make 2.
When the returns begin to diminish, it’s time to introduce version 2.0. keeping a close eye on your analytics will allow you to spot the trend and be ready with the updated version or indeed to identify another product that you can cross promote to your existing customers.
You may be wondering how much hiring a product launch manager will cost and the quick answer is not as much as you might expect. Our aim is to structure a win-win sort of a deal with clients. We get paid when you get paid. That is we work on a percentage of the ‘pre-return’s gross’ revenue that your product launch makes. Naturally, you have to pay a fee to get on our calendar. We can only take on 2 or 3 clients per year so our time is valuable and we must know what our schedule is well in advance. It would be unfair on our other clients if we didn’t insist on this. Find out more by booking a free consultation with me now