Since I started doing product launches in 2007 (after grabbing Jeff Walker’s Product Launch Formula course), people have been asking me questions that basically boil down to this:
“I’m about to launch a new product (or service), but I’m not sure if I have created an offer that’s irresistible enough to convert. How can I improve my offer to make it irresistible, without spending a lot of time and money coming up with additional products or bonuses.”
Let’s use an example to demonstrate how you can do this easily and inexpensively.
Let’s say you’ve got a video training program that shows people how to launch their own product.
Your core program includes 10 videos that show how to find out what people want to buy, how to create the course content so it educates and inspires, how to create and implement a marketing system, and how to make sales of related products and services on the backend.
Now in the past, the goal has been to try to increase the value of a product by adding what they call ‘thud value’. That meant the more ‘stuff’ you included with your offer, the higher the perceived value you were offering.
And even now, a lot of people are tempted to throw in a range of additional, unrelated ‘bonus’ products or services, that while valuable in their own right, can distract your customers from the core outcome they are after, which is to launch a product or service of their own.
The problem is that these days, people have less time to go through all of that additional stuff. Most of us want to quickly learn shortcuts or ‘hacks’ we can use to get results fast.
So products with lots of moving parts, or that require a lot of time to consume or understand, are often seen as LESS valuable than products that help us get results quickly, with less time spent learning the ropes.
So to quickly increase the value of a product like this, without overwhelming your customers with irrelevant ‘stuff’ just because you are trying to add ‘thump value’, you should add components that complement the original, core training in some way.
Some product launch upgrade examples are:
- Transcripts and MP3 Audios – Some people prefer to read or listen to audio files while they are working out or travelling, so giving people all three types of content (video, audio, and written) is a proven way to add value, without spending a lot of additional time or money. Just have somebody convert your videos to audio, and transcribe your audios into PDF documents, and you’re all set.
- Checklists, Worksheets and Spreadsheets – Include these for each stage of the product launch process. Information is great, but when you add in “take action” tools to help people apply the information you are giving them, you are helping then achieve the result they are after more easily.
- Mind Maps – Because not everyone thinks about information in a linear way, some people can grasp a complex concept easier if it’s presented in the form of a mind map or flow chart.
- Personal Coaching – Including some type of personal or group coaching to help people when they get stuck has an incredibly high real and perceived value. This can be text-based coaching, such as via email, Skype or phone based. Or it can be group coaching via Webinars or Teleseminars.
- Live Events – Live events have a very high perceived value and are a great way to bookend a high-ticket product. In other words, you could start your product delivery off with a live Seminar, or you could hold a live Seminar at the end of the program to give participants additional insights, help, advice and coaching.
- A Private Mastermind Community – Including a private Facebook group where members can interact, chat, ask and answer questions and network together is a proven way to give your customers significantly more value.
By creating additional resources like this and including them as part of your product when you launch, you can substantially increase it’s value without overwhelming your new students with a bunch of extra, unnecessary content that distracts them from the critical path of achieving the results they are looking for.
I don’t want your education on how to create profitable product launches to end there. There’s so much more to know and there’s so much we can get into on the important details. So I’ve created a free Step-by-Step Guide that shows you how to create a 6-figure product launch and a multi-part email course. It’s eight emails over two weeks. Click here to sign up.
PLUS: When you’re ready, here are 4 ways I can help you to grow your business using product launches:
1. How To Build A Profitable Launch List.
Building an email list is critical if you plan on doing a launch for your product, service or business. My 1-2-3 List Building Cheat Sheet will show you how to build a responsive list of prospects who are ready to buy from you during your launch. Click Here
2. How To Create A Signature Product Out Of Thin Air In 72 Hours Or Less
Creating your product does not need to take weeks or months. My 72 Hour Product Creation Guide shows you how to build high value products one after the other in 72 hours or less. Click Here
3. How To Outsource Your Product Creation And Make It Hands Free.
Outsourcing the creation of some or all of your products and bonuses is a great way to save your time for the more important (and more fun) things you’d rather be doing. Grab my Hands Free Outsourcing Cheat Sheet to learn more. Click Here
4. Work One-On-One With Me
If you’d like to work directly with me to run a launch for your business… just send me a message by emailing me at rocky [at] localwebsolutions.com and put “One-on-One” in the subject line… tell me a little about your business and what you’d like to work on together, and I’ll get you all the details!
Also, check this out 🙂