Jeff Walker’s Product Launch Formula Review (Program Review)

Jeff Walker has recently come out with his latest system Product Launch Formula. What is this program and can it truly help you create the success you are hoping for online? Here is a simple review of this program.

Product Launch Formula is the latest creation of successful Internet marketer Jeff Walker. The PLF program is designed to help many individuals through a systematic approach launch their niche business or products online with hopefully greater effect. Many individuals today are looking to truly learn how to harness the power of the Internet and, for the most part, as quickly as they can.

PLF does have a simple break down of how to effectively create a ripple and turn it into a wave for the individuals business, products or services. There are a few things to take into consideration however. Although Jeff Walker’s program does break down the simplicity behind creating the need, want and even necessity of your business or products, this program itself will require some basic understanding of Internet marketing.

For those of us who have had success online and continue to thrive is because we understood that the basics of Internet marketing. It is for example if you were to attend college for a specific education for one specific career. You still have to have the basic fundamentals down and this is the reason for…freshman year.

Product Launch Formula for those with a basic understanding of Internet marketing will find that this could be a great catapult to the success they seek. For those without training and a solid foundation of the basics of Internet marketing, they might find themselves in the deep end, even with a solid program such as this.

Product Launch Campaigns – The Lifeblood Of The Business

Few company events are more critical than launching new products and services. Many firms just go through the motions during product launches, repeating the same worn-out formulas they've always used-but every product launch is an opportunity to turn a new page in your company history, and it can make the difference between rags and riches.

Any new product can be directed toward an existing market (a set of known prospects and customers) or it can tackle new markets. But when introducing a new product or service, you need to innovate, going beyond what has been done in the past. You have a choice-let your product get lost in the noise or launch it differently.

The introduction of a new product requires a major launch effort if your company is marketing a new family of products (or services) towards a new target market-a different class of user or a different application emphasis than you have worked with before. You might also be trying to revitalize sales of an existing product or service, which requires a launch to sustain revenues, attract new customers, and ward off competitors.

In either scenario, avoid limiting the product launch campaign to a single, big-bang event with no plan for follow-up. You are positioning the product for its life cycle. Successful product introductions are company-wide events. They must be the focus of your entire organization.

Setting the Stage for a Product Launch

Long before product launch happens, you need to spend time on pre-launch activities that build the opportunity base. This pre-launch research will provide insights on the validity of the product, the features it needs, pricing and packaging considerations, and so on. Think in terms of projected revenue (at 12 to 18 months after launch, for starters), the profits you will need to break even, and the potential return on your investment.

Front-end research and analysis is the process of gaining insight and collecting data that will shape the product launch campaign. You are not simply collecting information, but interpreting it. Avoid focusing simply on the launch – consider the product life-cycle in your planning. Chances are, the data you gather to support your launch campaign may be a year or more old by the time the actual product hits the market. In the words of the Great One – Hockey Legend Wayne Gretzky, make sure you are going where the puck will be, not where it is. Otherwise, your launch campaign may miss the mark.

Elements to research during data collection

Market-based

– Competition for your product or service
– Potential customers' buying influences and attitudes
– Market readiness and demand for your product

Product-based

– Key applications, features and advantages (from the customer's viewpoint)
– Service and support components your product will include
– Packaging considerations

External-based

– State of the economy – by Industry Sector, Area or Region
– Regulatory changes in your Industry
– Technological considerations (current and future)

Developing the Right Concept for Your Product

Creativity is essential to a product launch-but balance it with the sobering thought that the concept you choose will be critical to launching a product that must generate revenue. Avoid the temptation to be clever in your campaign-it could lose the audience, diminish your credibility or worse, be a source of entertainment.

A good theme for a product launch campaign focuses on the problem solved, not merely the product's use. Just as important as choosing the right concept is selecting the right launch vehicles for your campaign. Consider media and PR, direct-response pieces, catalogs, e-mail communiqu├ęs, Web site promotions, industry guides, e-casts, and telemarketing. The vehicles you choose will depend on what works in your specific business and what your appetite and budget can tolerate.

Choosing Your Message

The essence of your whole campaign will be its message. The right message captures your audience's attention, explains your new product or service, distinguishes it from its competition, creates action, and has the ability to perpetuate the theme of the campaign (for the product's intended life). Themed campaigns tend to do better than product-focused ones. They can also be perpetuated for a longer life.

Your message must be expressed in the attitude, tone, and language of your intended customer. It must also speak to your product, and your product alone. Put your message through the logo test. If you can replace your company logo with your competitor's logo, and the campaign message still makes sense, go back to the drawing board. Work at it until you get it right.

While You Are Waiting

While campaign materials are being produced, you can be readying your company for the formal launch. Use this time to talk to media sources, investors, and other interested parties. Create a written campaign action plan that describes key tasks you must complete, target dates for their completion, the resources you require, and how you will measure your progress.

Promote and publish early-stage successes for your new product frequently. Whenever you can demonstrate customer acceptance for the new product, it will breed confidence with your Target Audience including your internal company employees.

After the Launch

Done correctly, the work you put into developing a successful product launch will stay with your product for its entire sales life. But when the product reaches maturity, you may need to revisit this process, innovating new uses for the product, repackaging it, adding value, finding a different distribution mechanism, introducing new incentives, and so on to ensure that it continues to generate revenue.

Once you have mastered the process of a successful product launch, you can extend the marketability of any product and give it new life.

Your launch methodology can make or break you in the competitive business jungle.
Is your launch method keeping pace?

Are you confident that your upcoming launch is positioned for success?

Copyright 2007

Performance Marketing Group

Business Strategy For a New Product Launch

Business strategy can also be referred to as a suitable game-plan that is specifically designed to reach certain pre-defined goals & objectives. The two most important stages of a well-designed business strategy are planning & execution. The success of any business strategy is more or less jointly dependent upon the efficiency of both these elements. Success is never guaranteed in any enterprise but you can definitely improve your chances for the same if your product is backed by an intelligent business strategy. Let us take a look at some of the most effective marketing strategies that can potentially grant a fine start to a newly launched business/ product/ brand:

Create a Comprehensive Marketing Plan

Planning is always the first step to any business strategy. A comprehensive business plan offers better understanding of the current market and its demographics. A detailed market analysis is extremely vital as it makes you aware of the customer’s specific requirements from the product to be launched. A product that serves most demands of the consumer is bound to be successful.

Observe & Evaluate Your Competition

Before launching a new product on the market, it is vital that you study your competition thoroughly. There may be many existing products that are similar to the one you are expecting to launch on the market. You can investigate the features offered by a competitor’s product/ services and accordingly review your business merchandise to present it in a way that sets it apart from the rest.

Reach Out to Your Target Audience

It is only after undertaking an in-depth analysis of the current demographics that you can successfully locate the target audience for your products and service. The best bet would be to target those customers who are habituated to buying items that offer features that are similar to your product. If your product/ service is on the same line and offers a better quality plus some sort of an additional benefit, there are maximum chances of the target audience switching over to you. This is one of the most commonly practiced business strategy.

Select an Appropriate Channel for Product Sales & Marketing

There are many different ways to advertise, publicize or market a particular product/ business. These days one of the strongest tools for product marketing is internet. Online marketing is certainly more convenient & effective as compared to various conventional offline marketing tactics. The best business strategy in this direction would be to use multi-channel marketing approach but doing so would require a massive financial investment which may not be possible for all businesses. A much viable option would be to analyze the consumer demand of the new product to be launched and accordingly select a suitable channel for advertising the same.

Test Your Product with a Group of Users before Going Ahead with the Final Launch

High-profile launch of a new product/ service involves enormous amount of financial investment. Market success of a newly launched product cannot be guaranteed hence there is always the chance of incurring massive loss. It would be absolutely amateurish & poor business strategy to directly head towards a major launch without reviewing its initial market response. A safe business strategy would be to release a small batch of your product as a sample to be used by a limited group of people before its official launch.

Create a Methodical Advertising Campaign

Media/Public relation companies are often hired for handling the promotional work of a particular product before its launch on the market. Most businesses either use grass-root marketing tactics or hold a massive launch event. It is important to ensure that your product is absolutely ready to be launched immediately after undertaking the public relation campaign so that you can cash-in on the media coverage that you receive from the same.

Long-term survival of all businesses/brands requires intelligent & interesting business strategy. Through MBA&Co, you can get in touch with highly efficient freelance MBA consultants who can offer brilliant ideas & business strategies for launching your forthcoming products & services and taking your business to the next higher level.

3 Tips For Staging A Grand Product Launch

As a product manager, you want your product to be a success . You do your best to understand what your customers will want, you work with your developers to create the right product development definition, and you train your sales teams to go sell it. However, there's one more thing that you need to be doing. That's launching your product. You don't want to just launch it, you want to stage a grand product launch. Now just exactly how are we going to go about doing that?

Promote Your Launch Extensively And Creatively

A product launch that nobody knows about is not going to do you any good. What this means for you is that you are going to have to create a calendar that you can use in order to make sure that you are reaching out to the right people at the right time . Knowing how to do this correctly is something that can go on your product manager resume.

Your first contacts need to be with the journalists who cover your market segment. Additionally, most publications have a person who is their "calendar editor" who is in charge of what goes into each issue. You're going to want to reach out to both of these groups about a month before your launch happens .

Now that we live in the 21st Century, there is a new type of journalist that can help to make your product launch a grand one: bloggers. Because this type of writer works on a more flexible schedule , you can reach out to them a bit later in the process.

Introduce Intrigue Into Your Launch

Everyone likes a mystery . What this means for you is that you are going to want to use your product launch to tease people curiosity. This means that when you are talking about your product launch, you are going to want to use words like "free" and "mystery" in order to get their attention.

In order to generate some buzz about your product launch, you are going to want to consider offering some sort of free gift to a limited number of your first customers. Alternatively, you could schedule a mystery guest to attend a product launch celebration. Everyone likes to meet and hang out with someone who is famous even if they are only famous in your product's niche.

When you are doing a product launch, you'll create product collateral. Don't make boring collateral! Instead, take the time and hire the talent that you'll need in order to make your product's collateral as intriguing and distinctive as possible.

Hold A Soft Launch

Having done all of the work that a product launch requires, when the big day approaches often times we can only step back and keep our fingers crossed. However, it turns out that there is one more thing that we can do that will boost our chances of having a successful product launch: hold a soft launch.

When you are holding a soft launch for your product, you invite friends, partners, members of the press, and even family members to a run-through that happens a night or two before the big event. This is a great opportunity to practice everything that will need to be done during the real product launch .

At the soft launch, the company employees who are helping you with the launch will get a chance to get on-the-job training regarding what they are supposed to be doing (and not doing!). Any glitches in your plans or things that you've overlooked will quickly become apparent.

What All Of This Means For You

More often than not, a product manager's career is determined by how successful our product is. The more success that a product has, the farther in the organization we can go. Since a successful product starts with a successful product launch , we'd better get good at staging a grand product launch. Doing this well should be a part of every product manager job description.

In order to do a product launch the right way, we first need to start things off by promoting the launch . This can involve working with people who are willing to write about our launch at least a month before the launch. Next we need to find ways to introduce some intrigue into the launch so that we can get people interested in what we are doing. Finally, since the launch is so important, we need to hold a soft launch in order to work all of the bugs out.

The good news about launching a product is that it can be easy to do this correctly. However, in order to make sure that we get the biggest bang for our buck, we need to make sure that we know what we are doing . Follow these three tips and your next product launch will be a grand event indeed.