- by Rory Ramsden
Here are the 8 major components
Why are you about to give away the farm ? You have to have a reason. Use this to position yourself as your customer’s champion or reluctant hero who just cannot not make this innovative solution available to all those in desperate need of it. It just would not be ethical to withhold it.
Sell off the front foot. Just tell your customers the price. But put your offer in context first by quantifying the benefits it will deliver in monetary terms. Marvel at this cost/benefit comparison and don’t be afraid to charge top dollar. Price positions your product ensure that the best customers self select.
Time release content against monthly payments but your offer should encourage customers to buy in for longer periods. One year subscription would cost ‘x’ with the second year at 25% off and the third for just 60% off the second year price. Encourage payment in full in advance by offering free entry to your mastermind group, for instance.
4. Payment Terms
Offer several ways of paying. To encourage people to take the one-time payment option offer a special one-to-one consultation or something else with a very high perceived value.Realize that if you offer a 3 pay option you may not get the last payment so be ready to release a special bonus just after the 3rd payment is due.
5. Premium Structure
Stack the bonuses so they increase the perceived value of the product. Offer Silver, gold or platinum memberships each at a different price point. Some of your customers will only be interested in buying the best. So make sure that they get a ‘done-for-you’ option at a premium price
The longer the guarantee you offer the less perceived risk there is for the customers but the greater it is for your merchant account. What you finally decide on will be a trade off between the two
7. Urgency Premiums
Offer fast mover bonuses when your cart opens then add announced bonus midway through your launch period
8. Fulfillment Considerations
Adding a hard copy version of your product adds value. Some customers like to have a physical product in their hands be that a box set of CDs, workbooks, checklists. The more you add the greater the perceived value.
Putting all this together in one cohesive bundle is super important to the success of your product launch. Taking time to assemble the most powerful offer will maximize your conversions, multiply your profits, boost customer value and encourage JVs and affiliates to promote your offer.
Once you have the metrics and you know what each customer is worth to you, you will also know how much you can spend to acquire one. This is a key measure of your ability to compete.
Product launch marketing is probably the most effective way of delivering value to your customers and putting you at the forefront of your market
Got a question? Leave a comment below and tell us what you’re not sure about…