- by Rory Ramsden
If you’re planning a new product launch this year remember that for every iPad, there are scores of other products that bomb in their respective markets
Now, I’m sure that you will do all in your power to avoid such a thing happening to you. But, just in case, you need a little reassurance, here are two golden rules that guarantee success.
Golden Rule #1: Validate Your Market
Before you waste a ton of time and energy developing your new
product, take the time to validate that really there are buyers out there.
The holy grail in innovations these days is to come up with a revolutionary product that disrupts the status quo and transforms the markets perception of reality whilst delivering a healthy return on investment for you.
The quickest way to verify that you have stumbled on to a group of buyers desperate to press $100 bills into your hands is to drive traffic at a landing page and test the CTR on a variety of lead magnets until you find your winner – the one that resonates the most strongly – then invite the people on your list to join you on a series of webinars where you deliver valuable content on that subject and elicit questions from your audience
These questions will give you powerful insights that will verify your market research and help you develop your product. To be absolutely sure, run a survey of attendees to verify your results
Golden Rule #2 – Minimize The Risk/Returns Ratio
Your core market has to instantly ‘get’ the value that your product has to offer. If not, your hosed.
Ultimately, your prospects may be left sitting on the fence because the risk entailed in buying your product or service is too high in relation to the returns – benefits – that it has to offer. It is crucial that you reduce these risks to a minimum
If the value of your service to the buyer is disproportionately higher than the money they paid for it then you are onto a winner. This is about niche selection. 20% of your market will have 80% of the money. This is the sweet spot on which to focus your product launch.
The idea you believe to be a winner almost certainly won’t be. So don’t back your hunches, ask your market for answers. They will be happy to help especially if you are prepared to get on the phone with them and really drill down to surface what their genuine and pressing frustrations really are.
You will then have very clear and verifiable ideas to take forward into your product development stage.
Next, do a seed product launch to a segment of your mailing list. This is a test launch to optimize your systems and conversions. With these metrics in hand, you will know for sure that you have a winner on your hands and can move forward with confidence.
Never plan on just one product launch. Think in terms of a sequence, each building on the power of the last and boosting your ROI as a result.
Need some help ? Contact us now and book a free 30 minute product launch blueprint phone consultation