Strategy

 

PRODUCT MARKETING STRATEGY

 

YOUR NEW PRODUCT LAUNCH TEMPLATE


DEVELOP A PRODUCT LAUNCH MARKETING STRATEGY

 

Introduction

 

Developing a product marketing strategy to launch a new product into your niche is quick and easy to do if you have a template with which you can work. It helps to do detailed research and planning as well as set achievable goals.

 

I’ve created this template to help get you started. So begin by gathering the information required for each section in the template. As you gather that information, you may notice gaps that need to be filled.

 

Remember that this detailed launch plan is critical to your success. The more you can anticipate, the more you will be ready for those curve balls that will inevitably come your way from unexpected directions.

 

Developing a Product Launch Marketing Strategy is an essential first step in putting together your new product launch.  Here’s a bullet point, working outline to get you going…

 

Part 1 – MARKET RESEARCH – Competition AnalysisDoing a S.W.O.T. analysis on your competition

 

Much is made about knowing the people in your market and building your avatar but little is spoken about competition analysis. This part of your primary research so here’s what to do…

 

  • Analyze their websites – Look at their in-bound links
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  • Consider the similarities and differences. Anything missing?
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  • Do they advertise? How often? What Keywords? How much do they spend? CTR?
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  • What is their story?
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  • How strong is their offer?
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  • How refined is their sales funnel? If necessary, buy the product to find out
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  • How do competitors position themselves?
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  • Which niche within a niche are they focused on?
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  • What are their market shares?

 

Get answers to these questions because they will help you to fine-tune your ‘big idea’…

 

Part 2 – MARKET RESEARCH – Create an Avatar

 

OK, now that you know a lot about what your competitors are up to and in the process found out how they are making their money, now is the time to do all the research you can on the people in your core market.

 

Your product needs to be tightly focused on these people and them alone

 

You need to know all the usual demographic details but also just as importantly you need their psychographics too.

 

What keeps them awake at night? What makes them mad? What are the 3 things that they are really being challenged by? What particular ‘language’ do they use?

 

Each ‘tribe’ has its own language. The in-crowd use it. You need to use it if your message is to resonate with them. If you cannot create a picture of your ‘virtual’ ideal client to pin on the wall above your desk, then you need to go back and do some more research…

 

Part 3 – PRODUCT POSITIONING – Your Big Idea

 

What it is…

  • Explain your unique mechanism that makes your product ‘different’ and ‘sets it apart’ from the competition
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  • It is vital that you position your product or service by making a big bold promise in 140 characters or less
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  • This has nothing to do with price and everything to do with offering a new approach to solve an old problem

 

How…

  • If you’re new in the niche, identify the most active forums then ask this question… I’m trying to build the ultimate list of questions that people in the ……. (niche) have
  • Note the language (phraseology) and list real wants & deeper feeling Download The Launch Systems Tool Box

 

Part 4 – YOUR LAUNCH GOAL – What is the single most important outcome you want from your launch

 

It is essential that you have a way of measuring your success and it is clearly defined before you implement your product launch marketing strategy. The goal you select depends on whether this will be your first launch or nth.

 

Here are some to choose from…

 

  • Create a triangle of trust with your niche market (like, trust & respect)
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  • Optimize your systems and metrics
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  • Attract joint venture partners
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  • Create a bigger prospect list
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  • Create a list of warm and responsive buyers
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  • Boost your email open rate
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  • Make a lot of money
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  • Attract more business opportunities

 

Note that ‘make a lot of money’ is only one option on the list and it’s near the bottom. Building a long-term business requires cash but your new product launch can deliver a lot more than that…

 

Part 5 – CREATING YOUR CORE MYTHYour Launch Story

 

This is not your sales letter or even your sales video. It is the basis upon which they and your email sequences are built. In fact, this is the myth that will run through your launch sequence like a golden thread.

 

It will encourage your prospects to empathize with you because it will show them that you understand their challenges, speak their ‘language’ and know what keeps them awake at night.

 

It will stir their emotions by showing that your product quickly and easily gives them their most desired outcomes and provides proof upon proof that it really can work for them and that you are the real deal.

 

And it’s all written in the ‘language or phraseology that people in your niche use. They expect it. If you want them to treat you as one of them, part of their tribe and the go-to guy who has the solutions to their problems, you’d better use the words that they use.

 

That doesn’t mean that you have to talk up a storm.

 

You’ve seen marketers who do and probably just pass them by on the other side of the street

 

Once you breath life into your own special voice, you can attract and hold your tribe’s interest – even their trust

 

Remember that the whole story is based on your ‘big idea’ and the craving that your niche most desires to get fixed

 

It’s all about the ‘hometown boy who makes good’ or the ‘clueless guy who by some miracle stumbles upon the holy-grail’ or even the ‘outsider who gets a sneak peek behind the velvet curtain’ and then there’s… ‘The heroes journey’

 

Part 6 – BUILD MOMENTUM –

 

Create a Blog – This is where you get to demonstrate your depth of knowledge. Then build your credibility and authority.

 

  • Buy a keyword rich URL
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  • Post regular and consistently high quality articles
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  • Set up a lead capture page
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  • Create a lead magnet which has real perceived value to your market
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  • Integrate your blog with as many social media channels as you can
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  • Stimulate blog comments by giving something of high perceived value away

 

Part 6 – BUILD MOMENTUM – List Building on Steroids

 

You’ve heard the phrase “The money is in the list” …  It’s a lie!  The key to your success is the warmth of your relationship with the people on your list.

 

So be prepared … No … Do as much as you can to offer such amazing value that you always get what your prospects perceive to be the short end of the deal.

 

Staging tele-seminars allows your prospects to get a sense of ‘who you are’. They can hear your voice… ask questions and hear how you respond to others. They build credibility and opt-ins like crazy

 

  • Set up a series of tele-seminars by inviting acknowledged experts to be guest speakers (authors, bloggers, journalists)
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  • Ensure that you prepare well so that you can pack as much value into a 60min session as possible – Offer an edited transcript

  • Drive traffic at the registration page

 

Part 6 – BUILD MOMENTUM – Work on Your Proof Elements

 

The more layers of proof you build one on top of another, the more your prospects will believe in you. Without that belief, they are never going to get off the fence and buy your product or service however much value you have built in to your offer are

 

  • There are a total of 23 in the Proof Series
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  • The more you tightly pack in to your launch the better
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  • Remember the more that you can establish your credibility and authority the more trust your prospects will have in you.  There is a straight and clear relationship between that trust, cart abandonment and the price your prospects are willing to pay

 

Part 7 – ASSEMBLE YOUR LAUNCH TEAM – Identify Your Key In-House Launch Team Members

 

What are your core competencies? …Identify these and outsource the rest

 

Remember you are assembling a launch team NOT outsourcing tasks… Which of these do you need help with?

 

  • Tech support
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  • Product Support
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  • Copy-writing
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  • Proof Reading
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  • Case Study and Testimonials
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  • Video Production and Editing
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  • Product Champion
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  • JV management
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  • Strategy and Tactics

 

Part 7 – ASSEMBLE YOUR LAUNCH TEAM – Identify Key External Launch Support Personnel

 

This is important… You may be so focused on developments inside your business that you forget to tell those important people outside it but still vital to it what is about to happen… Your new product launch

 

Your bank manager or merchant account provider may be surprised by the unusual amount of money passing through your account… And suspend it pending further investigation!

 

Leaving you with a major cash flow headache… unable to pay your fulfillment house, unable to pay your affiliates, unable to pay your joint venture partners

 

The trust and authority that you worked so hard to build up will be gone in the blink of an eye… You will be left with your head in your hands saying….

 

“If only, I had taken the time to… insert list here …”

 

Part 8 – YOUR OFFERMine Your Assets

 

Before you can alchemize an overwhelming offer you need to dig deep to identify relevant products and services that you can bundle with your core product to add massive perceived value.

 

Assemble an overwhelming offer

 

Bundle these assets into your offer. It should be so compelling that your prospects cannot possibly imagine how, in your wildest dreams, you could give so much away for so little. The price they have to pay to get this amazing value is therefore is a no-brainer.

 

Understanding the value staircase

 

This is all about the price you can charge. If your price is too low, your buyers will not value it highly. You will be leaving money on the table. The level you choose depends on the credibility and authority that you have established… and whether your launch story truly resonates with your core market.

 

Pricing Strategy

 

Is that a ‘One-Pay’ with a special bonus as a reward for paying up front? …Or A ‘Three-Pay’ …Or can the buyer pay ‘Monthly’…Make it easy for your customer to pay in the most convenient way.

 

Risk Reversal

 

Now you have to take 100% of the risk of buying your product or service away from your prospect so that when he buys it, he is taking zero risk. If you were a bricks-and-mortar business, he could come and find you but you’re online so you may not even be in the same hemisphere.

 

Your guarantee

 

Finally, your guarantee comes into play. 30 days is common… 90 days is better. 12 months really puts your customer at ease.  The longer it is, the less likely you are to get returns. Note… How you have chosen to deliver your product is relevant.

 

Part 9 – LEGAL – Compliance to FTC Guidelines

 

Compliance should not be a problem for you. In fact you should look upon the publication of the FTC Guidelines as a very welcome effort to rid the world wide web of

 

All the unscrupulous rip-off merchants preying on the desperate and the gullible

 

Legal health check of your offer documents

 

That is not to say, that as a straight dealing guy or gal, you should not take the legal aspects of your online business seriously because you should. Googling specialist internet marketing lawyers would be a good place to start if you don’t have one in your digital Rolodex.

 

Part 10 – YOUR PRE-LAUNCH SEQUENCE –  Which modalities will you use?

 

This decision should be a easy because you know your avatar – your ideal client – so well now. You know his major sense, be that – visual, auditory, kinesthetic or gustatory – so picking whether to use video, podcasts, special reports, or a long copy sales letter should be a no-brainer

 

Assemble the necessary content

 

To support your sequence of events, you need content, guest experts for tele-seminars, testimonials, personal recommendations, scripts, email sequences and much more. It all has to be organized and properly sequenced whilst you are in the ‘Building Momentum Mode’.

 

Copywriting


This is a key role in your pre-launch armory. Impressive videos don’t just happen. There is a myth that says you no longer need to be able to write a long copy sales letter. It’s rubbish. You do. But it has to be re-purposed as a script… it’s the job for an expert.

 

Part 11 – YOUR BETA LAUNCH

 

Segment your list

 

You’ve assembled your pre-launch material, overcome all the technical challenges and are ready to take the next step. Your beta-launch will be done to a segment of your list. It’s a test only. You want to find out whether all your systems are working like a well-oiled Swiss watch. Trust me… There will be a lot of improvements to make, surveys to run and feedback to consider and implement

 

Test & refine your sales funnel

 

During this phase you will be split testing landing pages, op-in magnets, sales videos, email head lines, email copy and comment bait + a schedule of other items too long to mention here.

 

Metrics


During this process, you will be watching your metrics like a hawk to leverage your results to the maximum. The one key metric is – what is the value of each customer on my list?

 

Part 12 – YOUR INTERNAL LAUNCH

 

Launch to your full list

 

Once you’re satisfied that your sales funnel has now become a greased slide – it may not be a Ferrari yet – you move to phase 2: Your internal launch. This will be profitable to say the least. You do not have to share the revenue with JV partners so everything you make is yours to keep after paying overheads. Many marketers never go past this point. They grow their lists because each launch attracts people. They get noticed…

 

Test and refine your sales funnel

 

You continue to optimize and refine your systems, your copy and your pages. You now have good base data to use as ‘controls’.

 

Metrics

 

Your metrics are improving. You are squeezing a higher percentage of conversions out of the same number of prospects. The value of each customer is rising !

 

Part 13 – ASSEMBLE YOUR JOINT VENTURE PARTNERS

 

Do you need a JV Manager ?

 

By now, you will have attracted JV partners and affiliates who will have noticed your launch and mailed you seeking to promote your product. How? … They’ll be on your list just like you should be on theirs. Remember your ‘Competition Analysis’? The question is do you need a  JV Manager to wrangle your JV list and get the best out of them?

 

Quality or Quantity ?

 

80% of your sales will come from a maximum of 20% of your JVs. You’ll never know who will be successful in advance. Is it a process of weeding out the ones who don’t mail for you or should you be making it easier for them to do so?

 

JV incentive program

 

To really build buzz and ignite that competitive streak in your JVs, an incentive program is a must. Regular mails highlighting the winners and the loser sparks fierce determination to win the star prize…

 

Part 14 – YOUR EXTERNAL LAUNCH

 

This is the big one… Two in fact!

 

When you do a big external launch with lots of JVs, you are effectively running two launches consecutively. One to your prospects and one to your JVs and affiliates.

 

Every dollar you take in revenue will be shared 50/50 as a minimum with your partners. It’s worth considering making special deals with marketers with super large lists who want to promote for you just so you can build your list … And to build your credibility by having them giving you personal recommendations. This builds your authority too.

 

So YES… You will be impressed by the revenue your launch drops into your bank account but don’t be surprised to find that your share will be 25% + Not forgetting that 25% of a much larger pie is nice to have …

 

And you will attract business offers that you never considered would be within your reach. Be warned… Don’t plat fast and loose with your hard won credibility and authority

 

Part 15 – STICK STRATEGIES

 

What stick strategies have you put in place?

 

So you’ve closed your shopping cart. Now is the time to count the money… Right?

 

Wrong… Now is the time that the real work begins.

 

Buyers remorse may start to kick in. Your new found customers may suddenly be having second thoughts. This is where your stick strategies start to work.

 

Unannounced bonuses, email sequences, special quick start webinars, one-to-one calls and more. You may even consider announcing exclusive new content that will be released just after your money-back-guarantee period ends.

 

Membership sites have to keep these surprise gifts coming to boost their retention rates beyond the 90-day drop off point.

 

Part 16 – DELIVERABLES

 

If you are delivering hard goods, is your fulfillment house ready? It had better be… !

 

And then there are the deliverables. Remember in Part 6 – Assembling your launch team, I talked about a ‘product champion’. This is where he earns his money…

 

Your product has to be ready and in the best shape it’s ever been. You could have been refining it based on feedback on your launch blog right up to the moment that your cart opened.

 

So it’s good to know you have the right fulfillment house on your team. Some people like to get hard goods delivered to their doors when they buy online. Others want to start immediately with digital content. You may decide to deliver part in one way part in another.

 

How you choose to deliver is based on your competition analysis and your avatar.

 

Part 17 –  CUSTOMER SUPPORT

 

Probably the most undervalued part of your launch team…

 

It shouldn’t be. It could be a profit centre , done right. Your customer support team should be highly valued. How they deal with the challenges that your customers are facing will say a lot about you and your business.

 

If you have made an error of judgment, the best thing to do is to face facts. Remember, when you are in a hole the best action to take is to try and get out as fast as you can, not continue digging.

 

If customer-support do their job well, a critic could turn into a lifetime supporter who will defend you through thick and thin. They will recommend you to their friends and they will buy from you again.

 

Your credibility and authority are at stake here.

 

Conclusion

 

What we see is, actually, a matter of perception. What your customer sees is, also, a matter of perception — his perception. Know your customer’s needs, desires and wants.

 

Have you bought everything you ever wanted?  Have you bought everything you ever needed?

 

Of course, not… But, I bet you have bought something that you wanted because of its perceived benefits and then, later, justified that by saying you needed it because… and then reeled off a long list of features… The key to a successful product launch is to engage your prospects in the conversation.

 

There are a lot of moving parts in a product launch. It helps to have a structure into which they all fit so that everyone on your launch team can see how they will impact other areas.

 

This product marketing strategy is not intended to be exhaustive. There are certainly pieces that have been left out in the interest of keeping it concise.

 

However, there is enough information to allow you to execute a small internal launch by your self. You will be able to…

 

Drive more sales and profits

 

Product launch marketing campaigns have been used successfully to drive millions of dollars in sales across all kinds of markets. Such exceptional sales results arise from the right balance of awareness, interest, anticipation and desire creation, combined with answering pre-sales questions and objections effectively.

 

Get started quickly

 

Using this product marketing strategy you can set up and get going fast as it provides a structure in which you can simply define your goals and then fill-in-the-blanks

 

Stay organized and in control

 

This product marketing strategy leads you through all tasks and puts your entire campaign at your fingertips in an organized way.

 

– Know what to do, why, and when to do it

 

This Step-by-step template shows you the important marketing tasks launch campaign sequence content development, and much more.

 

No software hassles

 

No software to install. Never have to upgrade.

 

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