How To Product Launch

When releasing a new product to the marketplace, one of the first questions asked is how to product launch. There have been many strategies and tactics used over the years, as marketing people have devised their own ways of doing things, but one that has been used repeated in many different guises and has stood the test of time is the Product Launch Formula.

This is a strategy that has been made popular by Jeff Walker who coined the term after taking what Hollywood and the movie industry were doing for decades. It is a strategy similar to what Apple uses when launching any of their products, and has generated great success with the iPad and the more recent iPhone 4 launches.

But what is this strategy to product launch that has generated billions of dollars for Apple with their products, and makes hundreds of millions of dollars worldwide for entrepreneurs and online marketers every year?

It can be simplified into 5 steps:

Create Or Find A List Of People Create A Compelling Story Around Your Product Give People An Amazing Sample Of Your Product Create An Event With Your Launch Date To Create Excitement Take The Product Off The Market To Increase Scarcity

Create Or Find A List Of People No matter how good your product is, unless you have someone who is interested in it, you are not going to get any sales. Building and having a list of customers and prospects is key to your success in a Product Launch. Now, you can start without having a list of your own. But you will need the help of others who do have lists who are willing to market your product to their list.

Create A Compelling Story Around Your Product When you talk to someone about your product, again, it does not matter how good your product is, if they are not engaged when you are talking about it, you will not get the sale. During a Prelaunch, you have to engage your prospects with a compelling story about you and/or your product. The story has to give them a sense of power, that they will achieve a certain result when they buy it, or that it is a lot harder to achieve that result if they do not have it.

In the case of Apple products, like the iPad, or iPhone, the compelling story is that the products are just the coolest products on the planet, and having them not only gives you technical excellence from Apple, but super cool status too. The same cannot be said for Microsoft products, but that is a totally different article.

Having a compelling story around your product increases the success of your Product Launch, as Steve Jobs has demonstrated time and time again, and multiplies the sales of your product many times over.

Give People An Amazing Sample Of Your Product Just like any movie release, give your prospects an amazing sample of your product. During a Prelaunch you will get samples of what is on offer, and for very good reason. Giving a sample allows people to experience what they are going to buy. By giving them something you generate reciprocity with them, which increases their potential to buy your product. And as with the best Hollywood blockbuster, you get your prelaunch content right, you will have a big pay day when you release it.

Create An Event With Your Launch Date To Create Excitement Staying on the Hollywood theme, every big movie has a release date. This is because they are creating an event around the release. Steve Jobs uses this same strategy to great effect too when Apple releases a new product. You will not see any other electronics company release a product anywhere near the date Apple is taking centre stage. When you have marked your date, you are blocking anyone else in your marketplace releasing on that date. You have the high ground and you are commanding that time. Making an event with your launch puts you and your product in the spotlight and amplifies the buzz around your products launch.

Take The Product Off The Market To Increase Scarcity One of the biggest tactics used in Product Launch Formula is taking the product off the market to create exclusivity and generate scarcity. By taking the product not available, you force the people on the fence to either buy, or not buy. The people who are tempted to buy are forced to purchase the product for risk of not having it. When something is available, and you then take it away, it triggers a reaction in the brain to want it. By taking something away that they had, or potentially had, makes it more valuable. Use this strategy with great caution, as it can backfire if used in excess or incorrectly.

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