Thursday, October 29, 2015

Seven tips on launching a product

I’ve been back a day now from the three-day Product Launch Formula (PLF) event in Phoenix.

I have to confess that the first day back was dedicated to just catching up on sleep and getting over the jet lag, with a quick sweep through my inbox.

So today is really my first opportunity to reflect and examine what I actually learned.

Some of the information shared wasn’t new to me, but it never hurts to have the messages
repeated.   Here are some of the pointers from the event.

1.         Know your audience
Much time was spent digging deep and accurately identifying who your target audience is – or your avatar - and their biggest source of pain.   As Jeff Walker pointed out, you need to know and understand this before you can work on your “uber-promise” as getting your offer right is critical.   

You also need to know and understand your why.  Why are you doing what you are doing?  What is your motivation? What does success look like to you?

2.         Be clear on the transformation and end result
Really it is more about the transformation you will create for your customer rather than the actual stuff you will provide that is important. It’s about looking at what will be the end result after purchasing your product or service.

3.         Build the relationship
The actual launch is broken down into sections – the pre-launch component is when you are building your list, providing useful content and building a relationship and trust with your potential customer.

4.         Share your story
One way to establish a rapport with your audience is to share your story so that they can see you’ve been there and understand their challenges.

5.         Tackle potential objections head on
Part of your process in developing your material is to think about and tackle any objections they may have against making the purchase.  In other words, deal with the elephant in the room.  Where possible, use external proof to counter the objections.   

6.         Develop sales videos
While it doesn’t have to be video, it could be webinars, podcasts, videos give your audience a chance to see you in action. Don’t make the pitch in the first video, this is more about setting the stage. 

It is in the second video that you can start to talk more about the offer, what it entails, any bonuses and a call to action to make the purchase.  Have a deadline and stick to it.

7.         Bonus bundles
In order to entice people to sign up and use your products and/or services, it is recommended that you come up with some extra bonuses that can be awarded when someone signs on.  Now it doesn’t always have to be something you’ve done yourself, it could be that you partner up with someone else.  In fact lining up joint venture partners makes sense and can really work in your favour.  Just remember it is reciprocal, so you have to be prepared to do your part too.

It was fascinating to hear from different entrepreneurs who’d used Jeff’s winning formula and some had an instant success on their hands.  Kudos to them for taking the plunge and investing the time, because this does take time, thought and planning.

It was a busy three days, with great speakers and the people attending were from all over the world, which is always fun as you learn what works and what doesn’t in other countries.

What was my highlight?  There were a couple.  The first was seeing the video about the school in Kenya that was built through World Teacher Aid and sponsored by the PLF group last year, and the second was meeting Jennie. 

Funnily enough the day before leaving for Phoenix, I had said at our Oakville breakfast meeting that one way I recruit new members is through attending conferences and I joked that whoever sits next to me, joins.  Well I didn’t lie – Jennie, who is from Toronto, is now one of our newest members in Company of WomenJ

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