Questions You Should Ask Before Launching Your Own Product
Great news, you’ve decided to create and launch your own product! Unfortunately, the sad reality is that the success rate for new products is not always in your favour.
We’ve put together a few questions that we think that you should take the time to ask yourself before you launch your own offer to help you secure the success rate you deserve for your product.
Who are you trying to sell your product to?
Hint: If the answer is ‘everyone’ you’ve got it wrong!!! Of course, in an ideal world, everyone would like to buy your product. However, certainly, to begin with, you should think about the niche group of people who you are targeting your product towards.
What gap in the market does your product fill?
You should have conducted your own market research to establish the demand for your product. Your potential customers have an unfulfilled need that your product should satisfy. If there is no gap in the market you will find that you have lots of competition and you will have to work a lot harder to convince prospects that they really need to buy your product rather than other alternatives that are available.
Is there room for you to make money from your product?
This sounds obvious if you’re launching your own product – of course, you’ll make money, right? Not necessarily. Before you launch make sure that you have done the maths.
Consider the following:
– How much your product has cost to make
– The cost of advertising your product, for example, paid ads, how much you are planning to pay in affiliate commissions, etc.
– A realistic minimum number of units that you are likely to sell
– Your predicted refund rate
– The price of your product
Why are you launching your own product?
It may be that your motivation for creating your own offer is to make x amount of profit or you might just want to build on your existing list of subscribers. Whatever your motivation, you should keep your reasoning in mind throughout your launch and take care not to lose sight of what your goal is.
What does your product do?
Try to answer this question in 1-2 concise sentences. Affiliates and potential customers will want to know what your product has to offer without having to make a purchase first. If you can’t sum up your offer in simple terms you may find your refund rate is affected as people might purchase your offer just to find out what it is.
How will you test your sales flow?
Testing your sales flow is key to having the upper hand when it comes to launch your product. By the time your offer goes live, you should be confident with your conversions and you should be able to back up any claims of high EPC’s with solid evidence from your testing phase. Full testing of your offer will also help to iron out any teething problems that appear whilst volume to your offer is still on a small scale.
Do you have Affiliates lined up who want to promote your product?
It’s important that you have Affiliate backing for your offer as this adds variety to the leads that are being sent to your offer, it will also help you to grow your own lists when visitors opt into any forms that you have placed on your sales page.If you don’t have this in place, then make the Promotion Choice for the best promotional campaign to both increase visibility and advertise your product’s purpose around your principal business location.