So you have an idea for a product.
This product is new, and innovative and will change how people do specific tasks or make you a lot of money when it hits the market. For months you spend tons of time developing the product, making sure that it functions and fulfills its promise to the consumer, getting your first run created, and even having a fantastic marketing package ready to go.
You dream of how successful you will be. You have a website developed; you tell a few people about the product, and finally, you launch it and sit in front of your bank account waiting for people to flood it with cash. The day of availability comes, and your palms are sweaty, and your mouth is dry.
Then you hit the button to make it live and guess what? Nothing happens.
You wait an hour and still nothing. You wait an hour after that and even three hours after that and still…no sales.
Why isn’t anyone coming and buying this excellent product?
Don’t they realize that this product will solve all their problems and revolutionize their market?
No. They don’t.
This is why launching a product through an effective process is critical. Everyone who has a product needs to develop a profitable product launch strategy that will get people excited and expecting your product.
If you look at all the big brands, you see that they will get you excited about their product.
If you look at television, you will see advertisements for products such as movies which show you clips and even interview with the stars. These advertisements tell you that the film will launch on a specific date. They get people excited about the movie and the launch date.
When you tell people about a product, they will talk about it. When people talk about it, their imaginations run away with them, and the anticipation of seeing or getting that product in their hands grows.
They crave it and even plan their lives around getting that product.
This is what you need to do.
It would be best if you told everyone about your product, give them a reason to talk about it, and even get others to articulate your product hoping to increase their want and desire for that product.
In this guide, we will discuss product launches and why they are essential. We will talk about what you need to do to have a successful product launch, what things you need to avoid, and when you want to develop your launch to get the best results. When you finish this guide you will have a firm foundation for developing your product launches.
When you develop a product launch, you increase the eyeballs on your product or service on the day it goes live. Those who have executed successful product launches have made millions more than those who just put a product out there and hope it goes well.
What is a product launch?
Before we get into the nuts and bolts and this guide, we need to set up a foundation. When getting started in any business, people jump in and try something without first knowing what it is, how it works, and why it is needed to succeed. They essentially jump to product creation with first understanding their brand identity and identifying their unique selling proposition.
When starting a business or developing a product that you want to take to market, you need to put in a lot of work before it even gets into your customers’ hands. Now I can go into market research and see if there is even a market for your product, and I can go into learning the demographics of who may want to get your product, but that would be taking us in the wrong direction.
Over the years, people have tried hundreds if not thousands of ways to get their product out into the hands of hungry customers. You will see people standing out in front of buildings in funny costumes; spend hundreds of thousands of dollars on fancy advertising on television, radio, and even the Internet.
After all of their efforts, many of them fail to reach their intended markets.
Well, to be blunt, when most people release a product, they throw it out there in the hopes that people will see it and want to buy it (Which is rarely the case). When it comes to your product, you need to realize that you are competing with millions of other people trying to sell their products to the same people you want to reach.
With this much completion, you need to be different and take a slow and steady approach. You need to get your product out into the faces and in the minds of hungry customers and make them want it. This is why we do and need product launches.
So what exactly is a product launch?
In its simplest form, a product launch is the official opening day that your product is available.
If you look around, you will see that people are doing product launches all the time. You will see them in the summer when new movies are released to the market. You will see them from restaurants when they have a grand opening or when a new season comes around, and they have the new frozen treat or flavored beverage.
Why do you want to do a product launch?
When you do a product launch, you are building anticipation for your product or service. When you build up hype, you get people to talk about your product, and when people talk about your product, it is fresh in their minds.
When it is fresh in their mind, they wonder and even desire it. They envision what they will use your product for and what problem or desire it will fulfill.
Another excellent example of this is the launch of a new video game. When the holiday seasons come upon us, start watching the television and look for the ads.
At the bottom of the ads, look for the release dates for new video games. These are the product launch dates. When looking for product launch dates, you will see posters in the stores, ads in newspapers, billboards on the highway, and many more advertising methods that will wet prospective customers’ whistle.
Modeling your Product Launch
When you see an ad for a new product that is going to be launched you want to look at all of the aspects of the launch. You want to look at what day the launch will happen and why. You will want to see the history of launches of likeminded products and see what their sale success has been. You want to see what medium they are using to launch their product. Are they using the web, newspapers, magazines, television, signs or combinations? When do you see these ads and where are they placed?
When it comes to doing a product launch it is important to see what others have done in the past. You don’t want to try and reinvent the wheel. One major mistake that people make when launching a product is thinking that they know better than anyone else. They feel that if they just change this one thing or these small details that they will have more success.
The truth is that when you try to be creative in this aspect you are only hurting yourself and your success. Now you do want to be different and unique but you will do this in the benefits of your product and why it is better than your competition. You don’t want to mess with what works.
Setting up your launch plan
When it comes to your product launch you want to setup a launch plan. After you have done your completion research and see what others are doing you are able to develop your plan as it were in order to get the most bang for your launch.
The Time Period
When planning the launch of a product it is human nature to want to get the product out on the market as quickly as possible. This is counterproductive for a product launch and the development of genuine success in your business. With developing and launching a product you want to give yourself as much time to build up the hype as possible.
In releasing a product you want to cover some very important factors. These factors include but are not limited to the following.
- Revisions and improvements
When you focus on these points and aspects of your product and your product launch, you will increase your initial income. With product launches there is a very important aspect that I need to make you aware of. Products have a life-cycle. What I mean by this is that when a product is released, there is only a limited amount of time before it becomes stale or familiar. When this happens sales of that product will either level off or decline and eventually die. For this reason you want to get as many people to get your product when it is released as possible. So developing awareness for your product is so important.
When you develop awareness of your product you are testing the market. When people know about your product they will look at it and examine everything that will benefit them and their desires. When they realize your product and realize what it will do for them they will want to get it just out of curiosity. Therefore you want to move on to desire.
Desiring a product is the best way to get people seek you out and learn more about it. When someone wants a product they will seek it out and even try to communicate with you in order to get a free sample of the product. If you can give them a free sample you will want to do this even if it is just to get the world of mouth going about it.
When you give out a product and get feedback, you will be able to see what revisions and improvements that you can make to the product. When you can get this feedback from a select group of people who embody your customer, it is more likely that everyone will like it, hate it or desire an improvement to the product. If you can get this feedback, you will have a more successful launch than those who just assume what people want. This is the time to change your product so you can get the highest return on your investments.
Anticipation comes in when people talk about your product. When people have something tangible in their hands, they are more likely to form a stronger opinion of it. When they do this, they will talk to others and build up the anticipation for your product. The more people you have been expecting your product, the more people will try to get it on the day of launch.
Releasing the product is the greatest feeling in the world when done right. If you have followed the formula above the odds of getting the biggest return on your launch will increase. When releasing your product you want to make sure you have as many people as talking about it and building up the hype. You want to think of the product launch process like you telling two friends about a party who then tell two friends who tell two friends and so on. This exponential growth of word of mouth will leave no area of chance, and people will swarm to your product.
How long do you need for a product launch
You will want to give your launch as much time as possible. Experts say you should start planning your launch process the moment you know you have a stable and viable product. This will give you enough time to plan your launch, get your customer feedback, research your past successes and failures and build up a customer base that will whip out their credit cards and buy!
Building a customer base
With launching a product, the principal thing that you will want to focus on are the customers you are going to sell to. A major mistake that people make when developing and trying to sell a product is trying to sell it to everyone on the planet. This is not what you want to do. If you focus on trying to get into the minds and hearts of everyone, then you are just working too hard and will just be shouting into the wind with reaching your desired customers.
Earlier in this book, I talked about the life-cycle of a product. The next thing I want to talk about is the makeup of your desired customer. With a customer, they are as vast and different as the products you plan to sell. For a product, you need to look at many factors.
The first factor is the product targeted for? Is your product designed for men, women, or both? What age group are your customers? What is their economic status? How often will they need this product? What makes this product unique and desirable to this demographic? What similar products do these people purchase, and why?
With finding your ideal customer, you have a lot of factors to look at. Once you have a general picture of your customer, you want to talk to them and see what their trigger points are. Do they want your product and why? What changes in your product will hit their buy button? What reason should they trust your product over the product they are already using? What reason are you giving them to switch or even give your product a shot?
When you look at these factors, you can build a customer avatar. Once you know who you want, you will know your market and what will be the best way to reach them. Trying to sell to men, women, children, 00 to 100 years of age is too big of a task and will just leave you disappointed.
Let the market decide
When developing your customer base you want the market to decide. If you have done your tests and research and see that men are buying your product for women over women buying the product you will want to look at this trigger point. Why are these men buying this product? Is it because women are embarrassed and don’t want to be seen buying? Is it a larger product that women will use but men can lift or transport? Is your product being used by younger people than expected, and if so why and what can you do to increase the desirability for older people?
In developing your launch process, you need to know exactly who your customer is, what their trigger points are, what the benefits are and what you can do to improve them. You never want to tell the market what they want and if you do you will waste time, money and effort.
Developing the landing or squeeze page
The next step in the product launch process is to develop your promotional material and start building up your customer lists. One of the best and easiest ways to accomplish this is to develop a landing page or squeeze page. When you do this, you have a way to interact with your potential customers and give them a way to tell you they are interested in your product by giving you their contact information in the form of an e-mail address.
Landing Pages Vs Squeeze Pages
With Internet technology, the most effective form of digital real estate is the landing page or squeeze page. For these forms of technologies they are the same except for a few slight differences. First off, all a landing page is the page that your visitor lands on when visiting your website. It is the first page that people see and is what will give your visitors their first impression.
A squeeze page is just like a landing page, except a squeeze page has a web form on the page that asks the visitor for a name and e-mail address. When the visitor enters in their name and e-mail, they join a list of like-minded individuals who want to receive more information about the product or service.
What makes up a squeeze page or landing page?
Now that you know the difference, they can be interchangeable. So what makes up a squeeze page? Well, a squeeze page can be a very simple web page. In fact, the simpler your squeeze page is the more conversions or sign-ups you are likely to receive. When making or programming your squeeze page, you want to have a single purpose or call to action. You don’t want to bombard your visitor with too much information or give them too many choices. When you do this, they will lose focus on exactly what they were there for and they will lose your message.
In a squeeze page you want to have a powerful headline, a sub headline, a video, opt-in box and a button that the visitor will click in order to join your list which will be your one and only desired action. If you do more than this, then you will decrease your opt-in rate.
Offering a benefit
When designing your squeeze page you want to give your visitors a reason to give you their e-mail address. Many people call this a bribe. I like to refer to it as your chance to prove yourself as an authority in what you offer. The offer or item that you are giving to your visitors needs to be free and solve a problem. Many people like to give away a free report or an e-book. These are great, but you can do even better by offering something of higher value.
One of the best things that you can offer is a free course. Now I know what you are saying, you’re not a teacher and you don’t have time to teach people how to do things. Well, it doesn’t have to be complicated. In fact, the easier and less complicated your offer is the more likely people will opt-in to your list. The offer you have can be a simple video of you talking about your product or service, a pdf handout or to do sheet, daily tips and tricks or anything that offers value.
When your prospect opts-in to your list you want to keep them engaged. You want them to know the status of your product’s launch date, any developments of your product and maybe even send them a survey or poll on options you are considering adding to your product. Once you get people on your list you have your customer so it is now your turn to figure out who they are, what they want and develop something in order to get them to buy.