MBA859 How to Re-Launch a Product P1

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Hey O welcome to the $100 MBA show, the business podcast that helps you build the business you've always wanted with our Deep Dive lessons every week. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the $100 MBA and webinar Ninja. At some point in your business, you will relaunch a product or service. Yes, relaunch. A lot of people talk about launching a product, but not a lot of people talk about relaunching it, which is more common than launching. When we first create our offering, we try to see if we have an actual proof of concept. We actually see that people want our product or service. Are people actually willing to spend their hard earned money to buy your product? Once that is established and you have sales under your belt, that proves you should keep moving forward. So your next step is to improve upon the product. Right now that you've got all this great feedback you've gotten from your first group of customers, it's time to relaunch. So the first launch, the launch is when people actually had the chance to buy your product. But the relaunch is actually a little bit more important now that you refined it and you're going to relaunch it over and over again. But how? That's what this two part Deep Dive lesson is all about. Today's episode is part one and part two will air next week. We're going to cover everything, what to consider, how to build buzz, excitement and anticipation and how to do it again and again. Because again, you're going to be relaunching over and over Right. You're going to reiterate your product. How do you re educate your current and potential customers? And most of all, what are the clear steps of launching? Every time you launch, what are those steps? You see, I've not seen a clear step by step guide to how to launch a product till this day. I mean, do a Google search. Either it's not specific enough or it's too detailed with mind maps and confusing flowcharts. Luckily, we've launched products countless times and have a huge launch coming up in a couple of months. Our soon to be released webinar Software, webinar ninja 5.0. So I'm in the thick of it right now. So that's good news for you because I'll be sharing my plan with you in these episodes. So settle in because in today's episode part one of this two part lesson, I'll going to begin to give you the launch plan I've always wanted to be given to me. So let's get into it. Let's get down to business. All right, guys, I want to really emphasize the fact that relaunches are a whole lot more important and common than first time launches. You're going to be doing these launches over and over as you improve your product. I mean, look at the big players like Apple. They've launched the iPhone nine times already and every time it's exciting and it's a success. Now for most of us, we don't have Apple level product recognition. So in a way that's a good thing for you. In a big way actually, because when you relaunch, you have the chance to create excitement because there's a whole lot of people that haven't heard of you yet. They're just discovering you now during the relaunch. This is why the number one rule of relaunching is this. It took me a while to get this in my head, but you really should drill this in. Launch as if it's the first time, every time. Again, the most important thing to remember is launch as if it's the first time every time. So every time you relaunch a product, you have to treat it as if you're launching it for the first time. The same kind of excitement, the same kind of anticipation, the same kind of delivery. Because it's the first time for most people. Most people out in the world haven't heard of you yet. So when they see your launch or relaunch for this product, purpose of this lesson, they're going to be like, oh, I've Never heard of these people. It's new to them. So when you relaunch, you need to focus on the new. Don't harp on the history of the product. What you want to really focus on is what's new with the product. For example, when Apple launched the iPhone 7, did they focus on the fact that you can pinch and zoom photos? No, that's old news. The phone still does that, but they don't talk about that. The focus is on the new features, like being water resistant and a new second camera on the iPhone 7. Plus an improved battery life. Here's another example. Us at Webinar Ninja, we're going through a relaunch right now. We're actually planning our relaunch because we're launching a new software in a couple months. We're going to be focusing on the innovations that 5.0 offers. How our software will not only improve the way you run and attend webinars, but how it sets a new standard. This is important because we all want to be part of a winning team. People want to be a part of the cutting edge fomo. Fear of missing out also applies to products. So again, the most important rule is launch as if you're launching for the first time. Talk about your innovations, what's new with the product, how it's gonna change their life in this particular way. Alright, now that we've established that, I'm gonna break down all the practical steps you need for your launch. I'm gonna be calling it a launch from now on because we said you gotta treat your relaunch like it's a launch, like the first launch. Now the plan I'm gonna be sharing with you, this is exactly what we've done in the past and what we're doing at Webinar Ninja with our launch. There are four phases when planning your launch. There's the pre pre launch, the pre launch, the launch and the post launch. Each phase has a set of to dos. These are to dos that I have prescribed for our team for me, Nicole, everybody who works at the Webinar Ninja team, each phase has a set of to do's. These are a set of to do's that I have prescribed for each phase that different people on the team are going to do. But we have to get them done. And I will lay out all of these to do's for you. Now we've created a nifty free downloadable guide that goes along with this two part lesson, this week's lesson and next week's lesson. It's called the Complete product launch guide and you can get it at 100mba.net launch guide all right, let's begin with phase one, the pre pre launch. This is where most of your work is going to be done. The vast majority of your work is going to be happening here. The pre pre launch is where all the planning and all the legwork is done so your pre launch and launch go smoothly. This is why today's episode is dedicated to only the pre pre launch. The other three phases will be covered in part two of this lesson next week. But trust me, there's a lot that we're going to cover in today's lesson with the pre pre launch and it's going to help you have a great launch. So let's jump into. To do number one of phase one, the first thing you have to do is set your launch goal. I say goal and not goals plural because it's a whole lot easier to plan and implement a launch when you have a single goal. This goal can be a number of sales or a dollar figure like $30,000. But it has to be measurable so you can work backwards towards your goal. For example, let me do some math for you so you can see what I'm talking about. If your goal is to earn $30,000 with your launch and each sale is worth $300, then you need 300 sales to hit your goal. We're not done yet here. So in order to have 300 sales, you need at least 6,000 potential customers. You can email if you're going to convert at 5%. 5% is pretty good. It's not great. It's not 10%, which is incredible, but 5% is achievable. But it's a little bit of a challenge. And 5% of 6,000. 6,000 emails is 300. So again, if 5% of 6,000 people you email buy your product, that's 300 sales, which equals $30,000 if each sales were $300. So what does this mean? This means you need to grow your list to a solid 6,000 people in the pre launch phase so you can hit your goal. And we're going to talk about that later in next week's episode. But the point here is, is that you have to have a goal so you can work backwards so you can know that you can achieve it. So if this is my case, I'm like, I want to earn $30,000 with my launch. I know exactly what I have to do. I know that in that pre launch phase, I have to grow my list to at least 6,000 people, more the merrier, because it's going to help my chances of hitting that goal. Because if I don't convert exactly 5%, if I have more emails, it's going to help me. Now remember, these are not just random emails. These are strong leads, people that are interested in what you offer. And we'll talk about how you're going to cultivate that interest and how to get people to opt into your list based on that interest. But step one to do number one in phase one is to set your launch goal. What are you trying to do with this launch? What's the goal? All right, to do number two, set a launch date and a pre launch date. This is just as important as a launch goal. You need a deadline. You need to know when you're launching. Now, there's going to be some factors involved in terms of your launch date. You want to set your launch date first, then your pre launch date. What are those factors? Well, is your product ready? Have you completed the product? Whether it's an informational product like a course or a book, you need to make sure the product is ready before launch. Right? And if it's completely attainable in your hands, like a course or book, you should set that launch date to push you to make sure you finish that product in time. But if you're selling something like software, like us, setting a launch date is not an exact science because software is not an exact science. You don't know exactly when you're going to be able to launch because you don't know when the product is going to be finished. Timelines are constantly being stretched. And then after it's actually finished, it needs to be tested and you need to make sure that, you know, you clean out as many bugs as possible. But that doesn't negate the fact you have to set a launch date. Now remember, when you're setting this launch date, you really should try to make it as public as possible. So if you have software, if you're selling software and you're not really sure, then you're gonna have to delay the announcement of the launch a little bit until you know for sure. Okay, we have enough time to make this happen. But set a launch date and then you'll set a pre launch date. Now, depending on how long you want to sizzle for, to, you know, build excitement, you want to set a date that's a few days before launch. For me, I like to do a week between pre launch and launch, so seven days. So I literally just mark the calendar a week before launch. So, for example, if my launch date is April 8th, then April 1st will be my prelaunch date. What's the significance of the pre launch? Well, the pre launch is when you start telling your email subscribers about the launch. Tell me about to get ready. Something is coming and you start giving them more and more information. We'll talk about that when we get to that phase. But to do, set your launch date and pre launch date, all right, to do number three, and that's survey your audience. Now, as you get ready to launch your product, you want to make some tweaks to make sure your product is a good fit for your audience, that you're actually listening to your audience and delivering what they want. Now, the first thing that surveying your audience does is it gives you some really good information about your audience so you know how to serve them and how to create a better product for them. But number two, it creates a little bit of buzz, a little bit of anticipation and you can tell them, hey, we're going to be relaunching our product really soon. We want to get some feedback to make sure that we deliver the best offering. Please fill out this survey and we really appreciate your feedback. So the point here is that you're letting them know that their feedback is going to be used, that you're using this feedback for a better product too. It tells them, hey, you're coming out with something pretty exciting and you could be a part of it. So this gets people to buy in before you're actually even launching. It gets them interested in what you're doing. So whatever size your email list is, send them this survey. And it doesn't have to be long. It could be four or five questions pertaining around the preference of features or how they like to use your product. You can even share the survey on social media. A tool that we use for surveys is called Survey Gizmo. It's really, really cool, really easy to use. It's got a lot of features. You should check them out. All right, so to do number three, survey audience, prime the pump. Let them know something's coming and get their feedback. Once you get your survey results back, you've analyzed the data. To do number four is to email your existing audience. You can also use social media if you want, but email is the strongest thing. You should definitely do email and you should email them that you're launching something, announce that, hey, this is coming. You don't have to give a lot of details. This is still pre, pre launch. This is not pre launch. So you want to write a very short email, a short message and say, hey, we're working on something and we're going to be launching it vaguely around this time. You don't have to say the exact launch date, but what you're doing here is letting them know something's coming. And you're actually making a statement, you're making an announcement. So announce to your audience that you are launching something soon. Now, you can email this to potential customers, people that are not customers yet, as well as your existing customers, because they can tell other people, let them know that you're working on something and something's coming. All right, to do number five, I told you there's a lot to do in the pre, pre, launch. But to do number five is create a launch page. You want to create a single page on your website that's dedicated to the launch. The purpose of this page is to educate, to create buzz, and to build your launch email list. This page is not really for your customers. It's for those who are not customers yet. And there'll be some great information here for your current customers or customers that are on your email list. But the purpose really is to build the list from people that don't know you yet so you can get more people on your list so you can launch to them. So what goes on this page? This is a simple page explaining the problem your product solves and how it solves it. You can use video if you like. We like to use video because it communicates a lot more in a shorter period of time. And people tend to share videos more than posts or texts. Doesn't have to be fancy. It could be a screen capture. You can use your webcam, or you can invest a little bit and do a actual talking head video with a little bit of production value. But the video should really educate, should help people in some form. That video should help them improve their golf swing in some way. So on the page you're going to ask for their email address in exchange for more value and more info about the launch, about the new product that's coming out. Again, you're going to give them more value about the subject matter you're all about. So for us, it would be webinars, how to improve on webinars, how to have a better experience on webinars, how to get more attendees, and how our software will help you do all these things and solve these problems. So that's it. It's a simple page, explains the problem you solve, how you solve it, and it educates them. It lets them know that you're an authority. You can use text or you can use video and you have to have an opt in something on that page that collects emails and puts them on an email list. Use any kind of email marketing provider. We like ActiveCampaign. There's a lot of options out there. ConvertKit is great as well if you're on a budget. Mailchimp is free for the first 2000 email subscribers, so use Mailchimp and they can help you out.

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All right guys, we're up to to do number six. To do number six is that we're gonna script an email. We're not gonna send it yet because it's not pre launch yet. We're just doing the legwork right now. Now, this email is for your existing list and you're gonna ask the people on your list to share that launch page you created. What you're trying to do here is you want to ask and use the fact that you have a relationship with your existing audience to tell them to hey, can you tell other people about this launch, people that are not on this list? Now again, we're just scripting here because that launch page you're creating, it's not public yet because we haven't launched it. It's not pre launch yet. And just to clarify, that launch page is going to be used during the pre launch because we're creating buzz, we're collecting email addresses so when we do launch, we have more people to email. So right now we're scripting this email saying, hey, we're launching a new version of our product. This is what it is. It's gonna be super exciting. Here are all the benefits, here are the problems they solve, and we want your help in this launch. Can you click this button and share on social media or forward? Friend sharing on social is probably the best because it's the easiest and it's probably the one that's going to spread the most. It's a lot easier to share with a hundred friends on Facebook rather than email a hundred people. So add some social share buttons at the bottom of that email. So you want to draft that inside your email campaign software like Mailchimp or ActiveCampaign or whatever you use. All right, more scripting in to do number seven, we're going to script four emails. Now, these four emails are going to be sharing the value and more information about your product that, that you promised on your launch page. Now, people, when they opt into that page, they give their email address. They're expecting you to give them more value. Teach them more about how you're going to solve their problems or their problem, right? And that's going to be a series of emails. I like to do four emails. So these emails will go out to the people that opt into the launch page, and the emails will also go to your existing list so they understand what's happening, they learn more about the product. Now, what you want to do in these emails, each of them is you want to break down these emails and make sure you're giving value and talking about your product. So let me give an example with email number one. For webinar Ninja, we're going to talk about how to get more attendees on your webinar. And it's going to be a whole instructional video about how to get more attendees and have a packed house on your next webinar. About 75%. Through the video, I'm going to talk about how our new software is going to help you do just that. How not only this technique, but the software itself, the product itself is also going to solve this problem. So I'm focusing on solving a problem that people have with webinars. I'm going to do the same thing with email number two and three, solving another. A different problem, another problem on email number three. In email number four, I'm going to talk about the whole product, it's like a demo. And how this will improve your experience with webinars. Now, there's two ways to do this. You can put the value and all the information right inside the email, or you can keep the email short and link them to a page on your website. You can create a page on their website with all that information. And you may want to put a video if you're using video. And that way it's a shorter email. They click on the link, they go to the page, and there's a whole lot more you can do with a website page. It could look a lot better, but that's to do number seven, scripting those four emails for the launch. Again, the people that opt into the launch page get this as well as your existing email list. All right, let's move on to, to do number eight. We're still in the pre pre launch phase, guys. I told you there's a lot of work here, but it's going to make your life a whole lot easier later on when you do the pre launch, the launch and the post launch. All right, to do number eight is to decide on launch partners terms and to contact them. Now. You don't have to do this. It's not a must. You don't have to have launch partners. You don't have to team up with people and give them affiliate commission. You don't have to do this. This is optional. People launch without launch partners all the time. But if you do want to do this, this is when to do it in the pre pre launch. Who are these partners going to be? Are they going to be one or two people? Is it going to be 10 people? Who's a good match? Who has an audience that you want to get in front of? Then you're going to decide on the terms. How much commission are they going to earn? Are they going to get 20%, 30%? Are they going to get a flat fee for every sale? Are you going to give them something if they actually opt in and give you a lead? You got to decide on the terms and you know, present those terms to these partners, these potential partners, and I say contact them. You got to make sure that you actually seal the deal and say, hey, you know, I'd like to have you as a partner in this launch. These are the terms. What do you think this is the time to contact them and get an agreement. Now if you're going to do to do number eight, you're going to have to do to do number nine, which is script partner emails for the Launch, you're going to want to give your launch partners some affiliate links, links so they can track their sales and be accredited to them. You're going to want to give your launch partners special affiliate links so you both the affiliate and yourself can track sales and that you can know what should be accredited to them. There's a lot of tools out there that can do this for you, but one that I found that's really, really good is lead dyno. That's d y n o.com leaddyno.com so what I want to do here in this to do number nine is script the emails you want your partners to send out. You want to minimize as much work as possible for your partners. Now obviously they can edit these emails if they like, but I like to send them at least three emails. Now the purpose of these three emails is just to get them to go to that launch page. You want them to opt in. You want those people from another audience to get on your list. And these are just three series of emails talking about the product, talking about the value you offer and a link to that page. Now again, that link to that page will be an affiliate link. It's going to go to that same page. But lead dyno will show you how to do that. But that way if those people opt into your list, they're tracked all the way through. And if they buy eventually on launch day or during the launch, your affiliate will be accredited for it and they can track that. But I want to remind you that to do number eight and nine, deciding on launch partners and then scripting their emails and doing the whole lead dyno thing, optional, you don't have to do it if you don't want to do it. Yes, it will help you create more buzz, yes, it will create more leads and help you grow your email list. But again, you have to remember in exchange you're going to have to give them some sort of commission. So remember that and remember that with your launch goal. If your launch goal is $30,000, factor in how much you're going to have to pay out in terms of affiliate commission. Guys, that wraps up the pre pre launch phase. There's a lot I know you may want to review it. And remember, you can download our complete product launch guide over@100mba.net LaunchGuide Guys, you need to tune in in next week's episode where we do part two of this lesson where we go through the pre launch phase, the launch and the post launch. We've covered a lot of ground A lot has been taken care of in this first lesson, but we're gonna take it home in next week's lesson. Thank you so much for listening to the $100 MBA show. Guys, a quick announcement. Tomorrow we have a very special bonus episode. Make sure you hit subscribe so you get it automatically. We have John Lee Dumas from Entrepreneur on Fire and he's gonna be teaching a guest teacher lesson on how to master productivity, discipline and focus. Something we all need if we're gonna be successful as entrepreneurs. This is gonna be an incredible, incredible lesson. And make sure you tune tomorrow. It's going to be special. All right, that wraps up today's lesson. Thank you so much for tuning in, for leaving us iTunes rating and reviews for subscribing to the show. But before I go, I want to leave you with this. Launching is a lot of work. It's a lot of work, but it's important for you to get started early. Get as much work as you can early. So when you're actually, you know, getting through the point where you're pre launching and launching, it's not so much work. You've done everything in the pre, pre launch. That's why you want to start your pre, pre launch really early. It's never too early, maybe even a few months early. It's fine. We've already started our pre, pre launch and we're gonna be launching in about two months. It's also important to get that stuff out of the way because you're gonna get really busy when it comes closer to the launch. When you're just finalizing your product and you're finishing things up, you're gonna be really heads down working. So you wanna make sure the bulk of your launch work is done. So get it done as early as possible, get started as early as possible and thank me later. All right, I'll check you in tomorrow's episode. John Lee Dumas Guest teacher lesson and then I'll see you in part two of this lesson next Monday. Check you then. Take care.

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