- by Rory Ramsden
Here are 10 profitable ways to use your market research to focus your product launch but first a question…
Has this ever happened to you ?
You’re considering launching a new product or service. But you make the fatal mistake of overestimating your own powers of understanding and not taking full account of the views of the people in your core market.
Worse still… You skim through your market research believing you’ve got it all nailed.
Bottom line… You’re delusional
You soon pay the price. Wasting time, money and other resources chasing an impossible project
Your product launch crashes and burns.
If you recognize just a little bit of yourself in this over confident tom foolery then I’m here to tell you that there is hope for you and your product…
It’s called the launch systems toolbox
It’s all about getting your product to the launch pad by creating a solid foundation through market research
There are at least 10 ways that you can use it to validate your hunches
#1. Understand what your core audience is thinking – Lateral thinking will tell you pretty quickly what your tribe of prospects are thinking; What attitudes they have and what makes them feel good
#2. Know your competition – Do you think it would help you position your product if you got a good handle on the strengths and weaknesses of your competition? Now you can create a ‘unique mechanism’ that will differentiate your product launch from all the rest.
#3. Find out what keeps your prospects awake at night – Knowing your prospects worst nightmares will allow you to focus your product launch on the benefits you can offer them
#4. Use that special language they use – Every tribe, community or clique of whatever age group use idioms and phrases unique to them. Using these same special ‘identifiers’ in your product launch story will certainly help you to engage with them.
#5. Geo locate your market – Your market research will tell you where the majority of your core audience actually lives. This is a pretty cool insight when it comes to product fulfillment
#6. Does your avatar have money to spend – You’ve heard the 80/20 rule, right? 20% of the market have 80% of the money. Your market research will ensure that you focus your energies on launching a premium priced product and maximizing your ROI.
#7. Mental Triggers – Interestingly, you can use research to figure out which mental triggers will work best to motivate your people to take action. Succeeding here will ensure that they consume your product and become happy long term clients
#8 Create an overwhelming offer – Your product is one thing. Knowing what to bundle into your offer to make it irresistible is quite another. Taking the time to find out which bonuses will resonate the most is vital to boosting your top line sales without doing the same to your overheads.
#9. Metrics – Using simple A/B testing allows you to zero in your marketing messages to maximize your CTR – click through rates – Leveraging your metrics in this way is essential to boosting the number on the bottom line
#10. Price – Having a good handle on what price your market is currently paying for inferior products allows you to position yours against them, charge top dollar and have your new clients thank you for the privilege.
There’s no limit on how far you can drill down using market research to look deep into your avatar’s mind. Just keep digging until you hit pay dirt. That’s where you’ll find the gold mine that will guarantee your financial success.
Remember though, that the quickest way of ensuring your success is by first ensuring that your customers get what they want most badly.
Your product launch will surely be a winner if you focus on helping doing this
To get you going with some of this valuable research and apply it to how you market your business, I’ve just put together a brand new product you may want to go grab quickly.
The beauty of it is that it’s all done for you. We’ll put our highly developed proprietary resources at your disposal to ensure your launch story resonates with your customers and prospects.
We only open our doors once every 6 months to allow a select few new customers to take advantage of our exclusive services. It would be unfair to our existing clients if we took too many. We’re looking for quality not quantity.
So if you think that you may qualify, grab this opportunity now with both hands before you miss the boat. Contact us now