There are several important factors that can determine the success or failure of a product launch, but where it can all come unhinged (whether you realize it at the time or not) is in the planning phase.
While you can get lucky and ‘wing’ your way to success, here are the keys to make sure you’re launch is a success.
Create a Plan
The biggest difference between those who go on to build successful businesses and those who don’t is whether or not the product fits into their overall signature system.
Will this product work as a lead magnet into your sales funnel?
Where will it lead your customers? What’s the next logical step for them once they’ve purchased this product?
Confirm your Market Research
For some, market research is simply the clamoring from their clients for the next missing piece.
For others, especially those just getting started it’s not so simple. You need to dig a little bit.
Ask yourself…
1) How is my product different from my competitor’s (or niche mates’) product?
2) What problem can I fix or solve for my client that they will be eager to pay for?
3) Is my market already flooded with similar products? If so, how can I make mine stand out?
The second question is the one that tanks most launches. You can have a brilliant idea or intention to serve a particular market, but if they don’t feel the need or are unwilling to spend money in this area of their lives, you’re out of luck!
Know the Competition
While I’m all for the concept of there being no competition, the fact remains that there are others in business, selling similar products or services to yours. Knowing who the successful ones are, and what they are doing can be a great shortcut for you. Look for the gaps in what’s being offered by your competitors. Don’t copy what they are doing, but look for the missing pieces and see if there is a need your product can fill.
Get Some Feedback
Market research alone is only half the job. You need to talk to real people too.
- Create a poll
- Interview some of your existing clients and see what they think about your idea
- Look through your most popular blog posts or articles and read through the comments
- Look at your competitor’s blogs posts and do the same
- Ask your list what they need help with
Pick a Name
Keep it simple. It doesn’t have to be snazzy or rhyme to be a big hit. Jeff Walker proved that with his “Product Launch Formula”. If possible, try to have your keywords in the title. It should be in your domain name and sales page name too. That will help bring you some organic search traffic that you wouldn’t ordinarily get.
Positioning
People spend so much time agonizing over the pricing of their product, but you also need to stop and think about your positioning and how the pricing will affect it.
Most people worry that they’re pricing is too high, when in reality a price that’s too low can be worse. A price that’s too low can damage the perceived value of your product or program.
The trick is to sell based on your product’s unique value. You don’t want to compete based on price.
I’ll be posting more about product launches over the next few weeks, including some juicy examples of launches gone sideways!
Your turn!
Do you have a product launch story to share? Any tips to add? Share them below in the comments.
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