MBA860 How to Re-Launch a Product P2

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Hey O welcome to the Hunter MBA show, the business podcast that gives you the tools, the strategies, the steps, the tips, the resources to build the business you want. Every week we deliver a deep dive lesson from the real world to get you where you need to be. As always, I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar MBA and webinar Ninja. And today's episode is part two of our two part lesson on how to relaunch your product. If you have not listened to part one of this lesson, pause this episode right now and listen to part one. It's important you listen to part one first. If you're all listened up, then let's get going. In part one I share with you. We at Webinar Ninja are going through a launch right now, so I'm essentially sharing the steps to our launch plan in this two part lesson. In part one we covered the pre pre launch. This is where we did all the planning and scripting to make sure our pre launch, our launch and our post launch go smoothly. Today we're going to be covering those other three phases, the pre launch launch and post launch. Again, just a quick reminder, we've created a nifty free downloadable guide that goes along with this two part lesson it's called the Complete Product Launch Guide and you can get it@100mba.net launch guide. Now, in each of the four phases of the launch, we have a set of to dos. Now in part one of this lesson we covered the pre Pre launch to DOS that totaled 9. Again, the bulk of the hard work is done then, but there's plenty to do in the three other phases. The pre launch is where you go live on a lot of the emails and the tasks you put together in the pre pre launch. The launch is where you make your offer available and track your progress towards your launch goal. Remember, we set a launch goal in part one of this lesson. This happens in the pre pre launch and in the post launch. We capitalize on the momentum of the launch to turn warm leads and late comers into customers. This is where we actually tip over the edge to reach our launch goal. And again, in each of these phases there's a set of to dos. I'll be sharing them with you in today's lesson. So let's get down to business. All right, let's jump into phase two of the launch. The pre launch. Now don't let the name pre launch fool you. This is where the launch actually begins. Your offer or new product is not available just yet, but this is where the excitement begins. This is where you begin your sizzle. For example, when Apple launches a new iPhone the day they reveal it and they have that grand keynote, it's not the day that the phone is actually available for sale. They usually accept pre orders a few days later. The whole point of the pre launch is to create an event, a buzz around your new product. This is why we give the pre launch the time it needs. I like to give it a week, a week of pre launch before we actually open the doors and allow people to buy the product. In this week I slowly reveal more information and add more value to the audience. And as we lead up to launch day. Now, before we get into all the to do's of phase two pre launch, a word about running a special deal for the launch. I personally think you should create some sort of incentive for your audience to buy during the launch. Create some sort of special offer. Now this can be a discounted price, a great price that is not normally offered, and after the launch the price will be at a higher rate. Or you can include a bonus that will only be available to those who buy during the launch. This, this can be an accessory. This could be an extra option. This can even be cosmetic like a special edition cover. To your book or a different color palette option for a software. Or it could be a supplemental course. The point here is that we're incentivizing people to buy during the launch to create more buzz. All right, so let's get into the to DOS of the pre launch. To do number one, you're gonna go live on your launch page. Remember that launch page we created in the pre pre launch? This is where you collect all your opt ins, all the people that are going to be interested in your new product. Up to this point, this page is unpublished. It's not available to the public. Now you're making it public. You're letting people know, hey, this is coming in a week. You can put a countdown timer if you like, you could put a video on that page like we mentioned. But the point here is that you're letting people know. If you want more information, if you want to learn more about this new product, if you want to learn how this product can help you, and if you want to add more value by giving more instruction around that idea about that topic. Like for example, for us, we're gonna be giving a lot of great value about how to do better at webinars, how to get better attendees, not just more attendees, but better attendees. How to man the webinar on your own. You don't need somebody along with you if you do it right. How to field questions, how to put together your webinar. You get the point. We're encouraging people to sign up for all that great value on the launch page. So we're gonna make that page live. Now to do number two, we're gonna send that pre scripted email where we ask our current list members, people that are on our list, to share the launch page with their friends. Now obviously we can't send this email until the launch page is live. So this is to do number two. So again, we scripted an email telling your existing list, hey guys, I'm launching this product. I need your help. Spread the word. Spread the word. Tell your friends and family to head on over to this launch page for more information. So, so hit send on that email to do number three. In to do number three, we're gonna turn on automation for the four email opt ins that happen on the launch page. Remember, people sign up on the launch page, they get an instant email that says, hey, thanks for joining this list. Here's some value. Here's a little bit about the product. That's email number one. But we have three other emails in that four email sequence. And what we're gonna do is set up an automation. Now these emails were already scripted in the pre, pre launch. Now we just gotta make sure that they go out properly. What we wanna do here is that when people sign up for that launch page, they'll automatically get these emails. Now creating this automation sequence is quite easy. You can do with any email marketing provider. Today one of our sponsors is Constant Contact. They're giving away a free month of free trial so you can check them out. This basically automatically sends. Now again you're gonna want that first email to be sent as soon as they subscribe, as soon as they sign up on that launch page. It's sort of like a confirmation email and their first goodie, their first piece of value. And then you want to schedule the rest to go out throughout launch week. I like to schedule these emails to spread out about seven days during my pre launch with the last email being scheduled on launch day with the offer and the call to action to take people up on the launch offer. All right, to do number four is a final check, a final inspection of your product and I make sure your product actually delivers. You want to go through the whole product, whether there's a course, an ebook, a software, a physical product like a T shirt, it doesn't matter. You got to make sure that the experience of purchasing this product works. That means you're going to have to make a test sale where you buy your own product to make sure the process is flawless, even if there are no mistakes. Look at how you can improve that process to make it more efficient. Your last chance to make sure that everybody is happy on launch day. All right, to do number five, the final to do in the pre launch, two days before launch day, check your progress towards your launch goal. Are you on track? Is there anything you can do to promote your launch page more? Whether it's Facebook ads, podcast appearances, guest blogging, what can you do to get closer to your goal? You have to track your progress. How far out are you from reaching your goal? Remember in part one we talked about reverse engineering your goal to understand how many opt ins you need in order to know how many sales you're gonna be able to have depending on how well you convert. So before you launch, two days before you launch, you want to make sure that you're tracking your progress. Are you on track? Are you ahead of schedule? Are you behind schedule? So before you launch, two days before you launch, you want to check your progress, any last efforts you can do to make sure you're on track. So before your launch Two days before your launch, you want to check your progress and see if there's anything you can do to make sure you're on track. All right, let's move into phase three. Launch. Okay, it's launch time. It's time to sell. This is the time where you actually reveal your product and you open it up for sale. You open up the car. This is a lot of fun, a lot of excitement. Launch day is great. It's tiring, but it is so much fun. Now, before we get into the to do's, know that you've pretty much done everything you can at this point to make sure you've had a good launch. So you're gonna have to try to enjoy yourself a little bit. There are a few tweaks and things you can do to improve your results and we'll talk about that during this phase as well as the post launch. But pretty much 80% of your success depends on everything you've done up to this point. So knowing that, enjoy launch, make it a party, even if you're just in your home office. Get some pizzas, put some music on, enjoy the day. To do number one, you're going to email your list, your existing list and your launch list and let them know the new product and offer is available. You may have had this as a sequence email. If you haven't, make sure you send that out. It's live. Make sure you have a call to action. Tell them where they can buy the product, tell them the bonuses they're getting, tell them the special offer, tell them when the offer is going to be over. Create some sort of urgency here. Tell them why this is so revolutionary and how it's going to help them and solve their problem in a specific area. All right. To do number two, send a second email on the second day to your launch lists. Again, launch lists, existing lists. Some people don't check their email every single day, so they may miss the first one. Make sure day two, you send it out now. Depending on how long your launch is, some people do three days, four days. Personally, I like to do a three day launch, but what I like to do on the last day of the launch and this is to do number three, is hold a Q and a webinar on that last day to answer any questions about the product or the process of buying this product or anything you want to make sure that you're an open book and you can answer any questions. So invite everybody on your list, say, hey, we're doing an open Q and A and you may Want to even incentivize them. Tell them you're going to give a free gift to those who join that Q and A. And remember, this is question and answer. You're going to answer any questions about the product. You may want to spend 15 minutes giving a quick demo at the start of the product. Doesn't matter if it's a physical product or a soft product, software or course. Show them inside the course area. Show them the software. After 15 minutes of demo, let them ask as many questions as they like and answer every single one of them. Make sure they know the offer. You can put the offer right into the webinar page with Webinar Ninja Shameless Plug. If you want to use webinar Ninja to run this Q and A webinar, we also have a separate questions area so it doesn't get lost in the chat with. But this is a great way to wrap up the launch with a Q and A because some people really want to buy. They have a few questions, they have a few rebuttals that they have, and they just wanted those answered. And most of them are pretty easy to answer. And it's an easy way to convert somebody into a customer. So I highly recommend you run a Q and a webinar on the last day of your launch. And then to do number four, send the last email to get the launch deal. Whether that's just a few hours before it's all over, like three hours to go. This gives people that sense of urgency. I gotta get the launch deal now. And that's pretty much all the to do's for the launch. Just a quick note, when it comes to launch, if you're on a small team where you don't have like a customer service manager where you're handling all the customer service tickets, you gotta be on top of customer service during the launch. Make sure people's questions are answered. Make sure that they feel comfortable and supported when they buy. Because people talk. People will say, hey, their customer service is great. You should definitely buy this product. So customer service is so important during the launch. Make sure that your response time is super on point. You may even want to hire somebody for launch to help you out, even if it's just temporarily. But when people get an answer instantly from their email or within the hour, they can really tell that they made the right choice purchasing from you, that you're going to take care of them. That kind of seals the deal and it really helps you, you know, lower your refund rate and your churn. If you have A reoccurring revenue stream or reoccurring membership.

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All right, the final phase of the launch process is the post launch. The whole point of the post launch is to capitalize on the momentum of the launch and those who missed the launch offer. Now we've launched so many products in the past and believe me, as soon as the launch is over, there are so many emails that come in from people that say, oh, I missed it, I just saw these emails now, I'm really sorry, is there any way I can get this offer that's low hanging fruit, that's an easy conversion to sale and this is what we're going to do in the post launch. I like to do a post launch offer that's not as good as the launch offer, but it's still a good offer. It's still better than retail price, but it's only good for 48 hours after the launch. So this is an alternative offer that happens for 48 hours after the launch is over. Again, this offer can be a discount. Now if you had a discount in the launch, then it's not going to be as big of a discount. It could be a bonus. A different bonus point here is that it's still a deal. Not as good as the launch deal, but better than retail price. So let's go through the to dos. There's three to do's in the post launch to do. Number one is send an email to all non customers, people that did not buy during the launch. An easy way to find out who is your customer? Easy way to find out who did not buy is to just go to your payment processor and export everybody who's bought during that launch deal, create an Excel sheet and then upload that list to your email marketing software like Constant Contact. And then when you send that email just say everybody except these people. You create a segment basically and you tell the email marketing software that I want to send everybody on my list except those people that are on this list because they bought. So that's to do number one. To do number two is send a last email to non customers the day after. So this is the second day, this is the end of the 48 hours. Maybe you want to do the last two hours and just say, hey, here's the post launch deal. Sorry you missed the launch deal, but here's a special little deal that's still better than if you just bought it straight from our sales page. And of course you're going to want to reply to everybody who's emailed you and said hey, I missed the offer. Is there anything you could do for me? This is what you could do for them. The post launch offer. All right. And finally to do number three, the last to do is evaluate. How did the launch go? Did you hit your goal? By how much did you miss your goal or by how much did you exceed it? You need to evaluate now that the launch is all said and done. Now your business is still going right? You're still selling the product, but the launch was an exciting time and you had a goal. Now a note about launch goals. It's always better to aim higher than lower with your goals. Here's a little secret. I don't like hitting my goals. If I've hit my goals, that means it wasn't ambitious enough. You need to shoot higher. So even if you didn't hit that goal, you just missed it. That's a good sign. That means you are stretching yourself. Be content that you put in all the work and did the best you can with your launch. If you go through all the steps, all the to do's that we've covered in this two part lesson, you should be good to go. You have a detailed launch plan now a plan I wish I had. One I've searched for and haven't found. So I created for you. And don't forget we created that nifty free downloadable guide that goes along with this two part lesson. It's called the Complete Product Launch Guide and you can get it for free over@100mba.net launch guide all right, that wraps up today's lesson. That wraps up today's episode. Thank you so much for listening. If you love the show, do us a favor and leave us an itunes rating and review. We want to hear from you. It takes two seconds even if you just hit subscribe and give us a star rating. We really appreciate it. But if you can write us a little message to in the review, that'd be great as well. If you want to learn more about how to leave us a review, just go to 100- MBA-NET SHOW. All the instructions are right there. Or you could just search us on itunes. Just write the $100 MBA. If you just write $100 will show up $sign 100 and just click the button that says give a review. Thank you so much in advance for that. We really appreciate it. Now that your product is launched or relaunched in our case. What now? Well, this business still keeps on going. You got to still serve your customers. You got to get new customers. You got to continue to market. You have to have a marketing plan. And in my experience over the years in business, there's really only one marketing that works. In this day and age, business has changed tremendously over time. But there's one way to market that really moves the needle. It's not a quick solution. It's not going to get you millions of customers overnight, but it's a marketing solution that works. I'm going to share it with you and how to do it in next week's episode. So tune in for that hit subscribe so you get it all automatically. All right, that's it for me today, guys. But before I go, I want to leave you with this. Launching a product is a long process. You know, we're working on our launch process, and we're two months out from actually releasing webinar Ninja 5.0. It's a lot of work. It's a lot of stress. It's a lot of excitement. So make sure you make it a priority to get enough sleep to eat right and to get in some exercise. This is hard because you're really busy and you're crunching on time. I know that. I know how I feel. But you got to make a priority so you don't neglect your body, so you don't get sick, so don't get tired. If you're out of order, it's going to be really hard for you to actually launch on time. Take care of yourself. Take care of your health while you're in this process. All right, I'll check you in Monday's episode. I'll see you then. Take care. Of.

ADP knows anything can change the world of work. Like what if a blocked shipping port caused a worldwide coffee shortage? Suddenly, businesses are scrambling to manage an increasingly drowsy workforce. Productivity slips 20% just due to the extended time it takes to conduct a job interview while yawning. Anything can change the world of work. From HR to payroll. ADP helps businesses take on the next anything. ADP always designing for people.