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Welcome to Episode 20 of Mastermind.fm! In this episode, our resident masterminds Jean and James talk about product launches and what it takes to get traction for your new product. It’s a great listen for anyone thinking about launching a new product now or in the future, and it just might inspire the rest of us to get out there and build something! Hang out with us for a while and give it a listen!
This will be a multi-part discussion, so be sure to tune in next week for a follow-up episode. As always, show notes are below but treat yourself to the whole show with the audio!
Successfully launching a product
Assumptions: Starting a premium product to launch from ground zero. What do we need to get off the ground and where do we start?
Get a website/landing page live
This doesn’t have to be a big elaborate affair. Just lay out the basic value proposition for your product if nothing else. What is it? What does it do? Why do you need this product? Have a basic landing page so that you can, if nothing else, hand someone a url and say: check this out!
Having a landing page also gives you more control over how you talk about the product. Sales copy, product pages on other marketplaces, etc may not say everything you want to be said as you don’t have full control of the messaging. Your own landing page accomplishes this in exactly the way you want.
Some things to consider for your website/landing page:
- Professionally designed or professional theme
- Introduction to the product
- Screen shots
- Reviews and testimonials from people in your industry
- Email subscription option
Build a mailing list
You need to keep people in the loop, especially prior to launch. Building a mailing list gets you an audience that knows what the product is and that are ready to get more info when it launches. It gives you an interested, engaged audience that’s ready and willing to use your product. Build intrigue and interest by showing components of what you’re about to release, features, what it will do for people, etc.
Build a social media presence
Email isn’t the only vehicle for getting the word out about your product and getting people engaged. A growing number of people are more easily engaged via social media, especially twitter. Be a cheerleader for others, share their work, and actively engage with others. They’re likely to want to return the favor when you launch your product. Build relationships!
If you’re starting completely from scratch, follow great people inside your industry. Share their work frequently, comment, engage. Don’t just retweet, but talk about why the product you’re retweeting is awesome. It’s about being a good neighbor and building good will. People will see you, see that you’re a positive presence, and engage back. It takes time to build- don’t be discouraged and engage regularly in real time!
You need a dedicated support channel if there’s not already a suitable solution in your marketplace (if you’re launching in an existing marketplace). Groove and Helpscout are great examples of support solutions you can look into and implement before launch. For the user, all that’s required is sending an email. For you, there’s a dedicated, organized queue that you can easily log into even on the go!
Easy Digital Downloads +Software Licensing (premium addon) for digital products or WooCommerce for physical products both provide great mechanisms for making your product accessible. There is role crossover between the two, but they definitely specialize in their digital or physical spheres.
Paypal Standard comes packaged in Easy Digital Downloads, but you’ll need Paypal Express for recurring payment options. Recurring payments are a good thing for you. Check into and consider this option. Stripe will allow for credit card payments if you want to give customers greater payment flexibility.
Also: do your research on taxes early. Consult a lawyer or accountant if needed. There are often factors like out of state or VAT taxes that are easy to overlook in the beginning. There are easy solutions for tax considerations, but you need to plan for them in advance!