The great thing about the Product Launch Formula process is it can literally become all things to all people.
By the way, If you are looking for a Product Launch Formula Bonus that includes personal 1:1 coaching to actually help you to succeed with PLF, you can learn more here.
You can start with no email list and no product idea and build a huge business over time simply by following the steps Jeff Walker takes you through in the program.
So let’s work our way through the average life-cycle of a new Product Launch Formula owner who may or may not have a product idea or a business at the moment.
The first step is work through a four-step process to identify and analyse your niche, customer avatar, your market, and the potential competition.
This is arguably the most important part of the product creation process because unless you fully understand your niche and your avatar’s pains, desires, and opportunities, no product you create will ever fully solve their problems.
The first question to consider is: Are you going to follow your passion, or the money (regardless of your passion or interest in the topic)?
For example: “I love gardening and I want to teach people about it” or, “I want to find the most profitable niche in [X] market.”
Either one is okay! Just because you choose to follow your passion doesn’t necessarily mean that niche won’t be profitable, and just because you follow the money doesn’t mean you won’t love what you do.
The four steps you’ll work through in this are:
1. Niche Selection
2. Understanding Your Customer Avatar
4. Competitor Analysis
Once you’ve worked through those four steps, you’ll be ready to Define Your Niche.
The 4 Core Product Launch Mega Markets
It’s important to remember that there are really only 4 core mega-markets. If you can find a passion within one of these big four markets, you will likely improve your chances for success.
The four mega-markets are broadly defined as Health, Wealth and Relationships, with SOME Hobbies also being worthwhile, although you have to be careful with Hobbies because while some can be very profitable, others are going to be very difficult to monetise.
Your product idea should be focused on one of these 4 mega-markets if you want to be successful long term.
The Seed Launch
Once you have your product idea the simplest way to get it created is by using a Seed Launch.
A Seed Launch allows you to test demand for your product idea, and get paid before you create it with the help of your ideal customers.
One of the great things about using this strategy is you don’t have to spend weeks or months creating a product or a program if there’s no demand for it.
If there’s no interest, you don’t go ahead with the product which saves you all that time and work. If there is interest, you survey the people who responded and ask them more about what they would like to learn.
Then you go ahead and co-create the program Live with the help of the people in your audience.
The Internal Product Launch
It doesn’t matter whether your business is a start-up or you have been established for many years, you can use an Internal Launch as laid out in Product Launch Formula to generate a huge lift in sales and profits.
An Internal Launch will also help you build an email database of prospects and customers who will buy from you again in the future, and put your business on a solid footing faster than any other strategy.
And it doesn’t matter if your marketing has had less than stellar results in the past, or if you’ve taken the advice of so called ‘experts’ or a marketing agency that promised you the world and then handed you an Atlas, you can launch a brand-new product profitably in one or two weeks instead of months or years.
The Joint Venture (JV) Launch
Once you have completed your Seed Launch and you have proven your marketing content using an Internal Launch, you might want to use a Joint Venture Launch to rapidly grow your sales and profits.
Another big benefit of a JV Launch is the huge email you can build because other business owners will be sending you their best prospects and customers who will all be added to your email database.
The JV Launch Strategy uses what Jeff Walker calls the Sideways Sales Letter which consists of 3 pieces of Product Launch Content (PLC, usually videos) and a sales letter or sales video at the end to make the sale.
The Sideways Sales Letter is completely different to a normal sales video or sales page because it teaches, inspires, and sells over a short period of time. This process can help you to generate a fortune as you go from launch to bigger launch to much bigger launch over time.
Product Launches really are at the pinnacle of marketing strategies once you get the hang of them.
But you may be wondering which type of Launch is right for you. To help you decide I’ve created a short Free Quiz that will identify what type of Product Launch offers you the biggest opportunity right now.
After taking the Quiz you will receive an email containing personalised advice and strategies for running the best type of launch for your particular circumstances.
I hope this short overview of the different types of Launch has helped you to understand some of the process involved. You can learn a lot more by taking the Quiz using the link above, and for an even deeper dive into the world of Launches, you should attend Jeff Walkers’ Free Product Launch Masterclass.
And if you have any questions, please let me know by getting in touch at firstname.lastname@example.org and I’ll get back to you as soon as I can.
P.S. If you’d like to register for one of my regular Product Launch Coaching calls where we cover numerous ways to increase your Launch sales, just let me know by getting in touch here and I’ll get back to you with the details.
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4. Work With Me 1 On 1.
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Disclaimer: If you purchase PLF through my affiliate link I may receive a referral fee from Jeff Walker, however you will pay no more to purchase the program through me than if you went directly to the Product Launch Formula website. If you would like my personal help as you create your first launch using the PLF process, check out my PLF Bonus offer here.