- by Rory Ramsden
Imagine this… You’ve been working almost 24/7 for weeks pouring out gripping pre-launch content just like you planned in your product launch marketing strategy. You believe that you are so close to that million dollar pay day that you can almost taste it. Then you go LIVE and…
Nada, Nix, Nothing
It’s like someone just murdered your dream. You didn’t make one measly red cent
Where was Jeff Walker’s famous product launch parachute when you needed it most?
Well there’s nothing like the school of hard-knocks to fast track your learning experience. I can almost guarantee, that if your product launch bombs then it’s down to this simple formula:
Poor Market Research + Poor Competition Analysis
An Underwhelming offer + No Launch Conversation
Product Launch Failure
The key to a successful launch is to spend quality time at the very beginning before you have even developed the product or set your launch goals or even planned your strategy and tactics.
To create a solid launch pad, your market research has to be impeccable but without spending time on competition analysis you are still like a man with one leg trying to break the 4 minute mile.
If you don’t know your competition like you know your very closest friend, you will never be able to develop your ‘Big Idea’ and position your product successfully. You will never establish a bridgehead in the market place because your product will never be laser targeted on the point where your competition is weakest.
So it takes 2
- Market Research
- Competition Analysis
To enable you to…
- Create an offer that really resonates with the people in your core market
- Engage those people in your launch conversation
That’s the other 2… So how can you make 2 +2 = 5 or more?
When you get the first half of the equation right, the effect is not simple arithmetic. It’s compound arithmetic so let’s look at what your product launch market research should include.
Age, sex, income, marital status, kids or no kids, education,
What worries them so much that it wakes them up at 0400hrs ? What do they wear? Where do they live? What do they read? What special language do the use? – Create a composite picture of your ideal client
- Beta Testing
Never go large before you have tested & refined your product and sales funnel
- Feedback Survey
Always survey your beta testers to find out what works and what could be better
- Telephone Follow Up
Then follow up with a phone call to verify the survey findings. You’ll be amazed at what you learn that will help you to refined your product and your launch story even further
Now for the Competition analysis
- Marketing Strategy
Get on their mailing lists, buy their product, watch what they do and what they say, what keywords are they using? Look at their sales funnel, up-sells, cross sells and down sells, How has it changed over time
- Product Positioning
How have they positioned their product? Which segment of the market is it aimed at? Are they selling on price? How successful are they?
- Unique Mechanism
What makes their product different?
Now analyze your data and identify where each competitor is strongest. Is there an overlap? Where? What’s the difference?
Then look for their weaknesses. Is their a common weakness? What is it? How can you leverage these?
Armed with your analysis, now is the time to validate your suspicions. For that is all they are until you have integrated them into your market research and verified that your ideas are supported by the people who you believe form the core market.
I’m sure that you now understand that building momentum, engaging your audience and creating an overwhelming product launch offer will be simple when you have these facts at your fingertips.
Note: I said ‘simple’ because you will have a crystal clear vision of what you need to do. I did not say it would be ‘easy’
And NO this is not some dastardly re-working of George Orwell’s ‘Nineteen Eighty Four’. This is not some false dogma.
2+2 really does equal 5 or more in this context.
Developing a new product or re-purposing an old one for that matter is all about knowing your market and the players operating in it.
If you chose to tread the path to product launch success that I have shown you, you will not meet many people along the way. Less than 20% of your fellow marketers bother to do the ground work necessary to build a solid launch pad on which to base their future product launch marketing strategy.
Dare to be different and you will be closer to success than you have ever been
- 2 Simple Steps To Customer Engagement
- The Power of a Personal Recommendation
- Product Launch Marketing 101
- Are You My Ideal Product Launch Client?
- Creating An Overwhelming Offer… Value, Value, Value