Launch - Book Summary

Unlock the potential of the internet to propel your business to new heights

The internet is a playground of endless opportunities. It is a global platform that puts billions of people right at your fingertips, virtually free of charge. It sounds like the perfect backdrop for kick-starting a business, right?

Yet, it's a double-edged sword: while you have access to billions, so do billions have access to you. As such, the internet becomes a battlefield, teeming with competition, where your product can easily drown in the clutter.

Here's where Jeff Walker's Product Launch Formula enters the picture. Drawn from his personal journey as an entrepreneur, this strategy guides your business to rise above the rest by highlighting the importance of the pre-launch phase.

This critical juncture is where anticipation for your product is fostered. But how does one spark this interest? As we journey through the book, this becomes clearer. If you still need some coaxing, here's an interesting tidbit: Walker used this formula to generate one million dollars in a mere sixty minutes.

Throughout the coming chapters, you'll unveil:

how maintaining a mailing list could be the most powerful tool for your business;

why it's time to bid adieu to the era of hope-based marketing; and

how scarcity can become your product's best friend, helping it sell faster than ever.

Take the hope out of marketing by harnessing the immediacy of the internet

Imagine you've brewed a great business idea in your mind for years. Contemplating its immense potential, you finally decide to take a leap of faith.

You max out your savings, borrowing the rest, to launch your brainchild into the world, awaiting the inevitable influx of earnings.

But it doesn't pan out as you envisioned. Your once promising idea seems less alluring to the rest of the world.

This is a common pitfall many fresh businesses tumble into — they fall prey to hope marketing. The premise of hope marketing is simple yet dangerous — you introduce your product or service to the world and keep your fingers crossed, hoping it catches fire.

But relying on hope is far from being a stable foundation to support a thriving enterprise. Instead, you need to grab the reins and steer your chances of success in the right direction.

It sounds daunting, but fortunately, modern technology equips us with tools to steer clear of this reckless dependency on hope marketing.

The secret to establishing a robust business lies in engaging effectively with your prospects — your potential clientele. The immediacy of the internet serves as an effective conduit for this dialogue.

Gone are the days when you had to embark on a drawn-out quest, waiting for days, weeks or even months to hear back from potential customers on their take on your product or idea.

Emails, in today’s world, can do the trick within a matter of minutes.

The remarkable speed and vast reach of the internet allow you to gauge the appeal of your product or service to your target audience promptly. And the sooner you separate the wheat from the chaff, the quicker you can zero in on what works best.

Moreover, alongside the exponential increase in speed, the costs involved have plummeted drastically. Whereas, just a few years ago, dispatching an email or publishing a marketing article would burn a hole in your pocket, today it doesn't cost a penny.

But remember, just having these tools at your disposal doesn't guarantee immediate profits. The real magic lies in how wisely and effectively you wield these tools, as we'll discover in the chapters to follow.

Leverage subconscious mental triggers like authority and scarcity to guide customers to your products

In our exploration of leveraging the digital landscape to seize new markets, it’s easy to assume that we're dealing solely with contemporary strategies. However, this isn't entirely accurate. At the core of a successful launch are numerous tried-and-true tactics.

One such timeless strategy involves the use of mental triggers in promoting your concept, product, or service. These mental triggers work by tapping into our subconscious processes, nudging us towards specific decisions.

Our brains, in their quest for efficiency, tend to take shortcuts when making judgments. Operating under the radar, our minds constantly scan our surroundings for cues that shape our actions.

These cues — mental triggers — pack an influential punch. Thus, by incorporating them into your marketing efforts, you significantly enhance your chances of capturing public attention.

But how do we set these mental triggers?

Various types of mental triggers can be leveraged to stoke interest in your product. Among these, two stand out due to their exceptional efficacy — authority and scarcity.

Authority serves as a robust trigger, stemming from our inherent tendency to accept the viewpoints of authoritative figures. This explains why we readily take health advice from doctors or directions from police officers.

Lending your perspective an aura of authority can greatly amplify your persuasive power. This can be achieved by highlighting pertinent qualifications you possess, or showcasing any high-profile clients you represent.

Another potent mental trigger is scarcity. People naturally assign a higher value to something they perceive as scarce — diamonds or Ferraris, for instance — and are driven to acquire it swiftly.

To employ this trigger in marketing your product or service, you can insinuate a looming price increase. A "limited-time special pre-launch price" offer can be an excellent tactic to kindle interest in your product.

Unlock the power of sequences and stories to make your product stand out in a crowded market

Picture this: You've invented a groundbreaking product that, in your humble opinion, is the best thing since sliced bread.

But when you look around online, you stumble upon a hurdle — there are similar products out there, which, albeit slightly inferior, beat you to the market.

So, how do you convince your potential customers that your product truly outshines the rest?

In a world awash with countless competing companies and products, crafting an effective marketing strategy is key to carving out your niche.

One powerful tool in your arsenal is sequences — employing a range of marketing tactics over several days to whip up interest and excitement around your product or service.

To understand the impact of a well-executed sequence, ask yourself: which Harry Potter book had more anticipation — the inaugural one or the finale?

Without a doubt, it's the final installment. The series of books leading up to the climax had successfully established and stoked the readers’ anticipation and eagerness (We'll delve deeper into crafting effective sequences in subsequent sections).

Another tried-and-true strategy to resonate with prospective customers is storytelling.

Put yourself in the buyer's shoes: What gets your pulse racing — an engrossing tale or an arid theory backed by empirical data?

It's a no-brainer. We're hardwired to love a good yarn. The universal appeal of stories is evident in every facet of our lives, from the world's religions to our cultural traditions.

So, when devising your marketing strategy, remember to weave a compelling narrative. Pairing stories with sequences further amplifies their impact — each installment allows you to delve deeper into the story, evolving your message in an engaging and appealing manner.

Jumpstart your business success by curating a high-quality mailing list

How can you wield the internet's power to connect with billions of potential customers to drive your business to success?

Meet the Product Launch Formula! Over the upcoming sections, we'll unpack this formula in detail, but let's start with "the list."

At the foundation of every successful business lies a mailing list — a roster of people who subscribe to your emails. These subscribers hold the potential to transform into your most valuable, responsive, and loyal customers. Their engagement determines the trajectory of your success.

To understand the potency of the list, let's delve into an anecdote from the author's life. In a crunch to gather quick cash for a down payment on a house, he offered his subscribers a fresh product. In just a week, he had amassed the required sum.

However, it's crucial to note that a list's effectiveness hinges not merely on its length, but also on the percentage of subscribers who actually open your emails. A hundred-member list with a 60 percent open rate trumps a thousand-member list with a 1 percent open rate.

So, how does one cultivate a robust list? Enter the squeeze page strategy.

A squeeze page is a specific form of a website "landing page" that presents visitors with two choices: input their email address in exchange for a valuable offering or exit the page.

The squeeze page's merit lies in its simplicity: if a visitor wishes to explore your website, they must first share their contact details.

However, not every squeeze page makes the cut. To nudge people towards signing up, you must offer a free gift that they can't resist — one that aligns with your business.

For example, offering a free "Improving Your Golf Swing!" video tutorial doesn't make much sense if your goal is to build a business consultancy.

Jumpstart your product's success journey with a "pre-prelaunch"

Imagine being at the helm of a naval ship in the eighteenth century.

As you peer through the mists, a mysterious ship looms in the distance. It's too blurry to discern whether it's friend or foe. How do you react?

While you may be unfamiliar with the etiquette of eighteenth-century naval warfare, the logical move might be to fire a "warning shot" at the other ship — not to harm it, but to command its attention.

Interestingly, this maritime tactic from yesteryears translates into a handy marketing strategy today. Before you gear up for your product's grand unveiling, it's crucial to seize your prospects' attention with a 'pre-prelaunch.'

A pre-prelaunch sets the stage for an impending product or service, sparking curiosity among your mailing list subscribers. It serves as the perfect occasion to solicit feedback on your proposed offering, helping you gauge whether it piques people's interest or needs tweaking.

So, how can you orchestrate a captivating pre-prelaunch? Here are some key criteria to keep in mind.

Most importantly, your pre-prelaunch should not reek of a sales pitch. Overly salesy overtones are sure to be a turn-off.

There are numerous tactics to navigate this, but the author particularly champions one: a succinct, 80-word email bearing the subject line "Quick announcement and a favor."

This email is short and sweet. It hints at a soon-to-be-launched product and includes a brief survey soliciting feedback on the idea.

That's all there is to it. No grandiose promises of a game-changing product, just a subtle heads-up and a request for assistance. And, according to the author, this strategy hits the mark 95 percent of the time!

Align your product with prospects' aspirations during the "prelaunch stage"

Now that your mailing list is up and running and your pre-prelaunch has stoked curiosity among your prospects, it's time to step into the prelaunch stage.

This phase is all about ensuring that your product resonates with your prospects, offering them value. To achieve this, you need to partition your prelaunch stage into three distinct stages.

Throughout these stages, you should deliver content laced with psychological triggers that boost the likelihood of your prospects relating to your product. This content can take various shapes, such as PDF reports, a stream of emails, blog posts, or the most favored format — videos.

To chart a successful prelaunch course, follow these steps:

Kick off with the first slice of your prelaunch content. This content must address the unspoken question lurking in your prospects' minds: why should they care about your product? Mostly, this is achieved by demonstrating how the product can effect a transformation in their lives.

For instance, if you're peddling golf lessons, narrate to potential customers how you can revolutionize their game. If you're in the business of management consultancy, convey how you can transform their business.

After a couple of days, transition to the second stage: enlightening prospects about your project's essence. At this stage, you divulge more details about the promised transformation.

Integrating case studies at this juncture can be an effective tactic. Share the journey of an individual who perfected their golf swing through your tutorials; their transformation story can be a potent sales instrument.

A few days later, you move to the third stage: elucidating how your product will bring about their transformation.

This stage should culminate with you revealing how a prospect can acquire your product, the timeline for the actual launch, and the exclusive deal you're offering to early subscribers — sparking the crucial scarcity trigger.

Create an urgency to buy your product promptly by fostering a sense of scarcity and time sensitivity

With all the anticipation and interest your product has stirred up, you're all set for launch.

But before you hit the ignition, let's reiterate a key facet of the prelaunch stage. As part of your third prelaunch content drop, you must instill a sense of scarcity around your offer.

The goal here is to convey to prospects that your product's release is just around the corner and that it'll only be up for grabs for a limited period. Scarcity breeds excitement.

If managed adeptly, this excitement paves the way for a smoother actual launch, with prospects already eagerly awaiting it.

When it comes to prepping for the launch day — also known as the open cart day — there are a few guidelines to follow:

Kick off by ensuring you have a user-friendly, visually appealing sales page for customers to sign up. Then, dispatch a succinct email to let them know your product is now available.

If your prelaunch was executed effectively, you can sit back, unwind, and witness the sales pouring in!

Bear in mind that the aim is to fuel excitement with the scarcity trigger, so your launch period shouldn't be open-ended. Set a firm deadline to stoke fear of missing out among your prospects, nudging them to act swiftly.

For instance, you could hike the price after a certain time, or prospects might forfeit the opportunity to bag bonuses and extras. You could even make the product truly scarce, halting its sale post the launch period.

Between the open cart day and the launch's end, stay active by frequently reminding your list about the impending close of the "good times"!

Congratulations! You now grasp the nuances of the Product Launch Process stages. But there's more to learn, starting with launching even when you don't have a product on hand!

With a seed launch, you can lay the foundation for a successful business even without a product or market

The strategy delineated in the preceding summaries isn't solely beneficial for putting your product in the limelight in the most effective manner.

You can also apply it even when you don't have a list or a market — or even a product to peddle!

If you're at the starting line, a seed launch is your best bet.

This approach's objective is to commence from ground zero and escalate your success, with each launch outdoing the previous one. As the old adage goes: Great oaks from little acorns grow.

Consider the case of Tara Marino. Her mission was to enable people to lead more fulfilling lives, but she wasn't sure about the 'how'. Even without a product in her hands, she chose to launch. Utilizing the launch formula, she appealed to a select few and successfully garnered sales worth three thousand dollars!

Based on the feedback received, Marino identified and crafted her product — teleseminars. Subsequently, she used the feedback garnered post product delivery to devise a more professional, appealing product, which she launched to a wider audience. This time, her sales spiked to twelve thousand dollars.

Then came the next launch, amassing ninety thousand dollars. And the one after that raked in a whopping one hundred and ninety thousand dollars.

Chances are, your seed launch list will be quite small, comprising only of those you can reel in via social media.

But that's not a drawback. Smaller lists are typically more responsive than larger ones. Moreover, small lists are likely to have a few hyper-responsive members — your most enthusiastic and loyal supporters. So, even with a petite list, you can still clock up a decent number of sales.

Once you kick-start the process, it's critical to gather as much feedback as you can. Continue seeking opinions from your prospects and keep circulating surveys.

Every chance to tailor your product to your potential customers' specific desires and needs must be seized — that's the secret to morphing a small launch into a thriving business empire.

To tap into the full potential of your launches, leverage your affiliates' mailing lists

We've established that it's feasible to pull off a successful launch even with a tiny list.

However, let's not jump the gun. The fact remains that to harness the full potential of your launch, you need to tap into the largest list possible.

An effective strategy to gain access to a vast list is to use one compiled by another company. This technique is known as a Joint Venture (JV) Launch.

It's likely that within your specific market, there will be businesses you can join forces with that already have their own lists. A quick Google search can verify this for you.

Suppose your business plan is to sell online golf tutorials. Simply type in "improve your golf game" in the search bar and observe the results. Register on these sites, explore their content, and check if it aligns with yours.

If it does and the company seems prosperous (i.e., they have an extensive mailing list), get in touch with them to see if they're interested in partnering with you.

Bear in mind, if you locate a company that can assist you, they're not going to lend a hand just out of altruism. They would require an incentive. Therefore, propose to them a commission on each sale they funnel your way.

Moreover, you'd need to convince them that you can sell a sufficient quantity of your product to make the collaboration worthwhile for them.

One way to illustrate this is by initially carrying out an internal launch — introducing your product to your own list first. If it proves to be a hit, this will communicate to other companies that granting you access to their list will benefit them.

Once they're onboard, they'll direct their list members towards you, typically via a link to your squeeze page.

Final wrap-up

The primary takeaway from this book:

Hoping for your product's success isn't enough; strategizing is the linchpin to making your business idea thrive. The good news is that the Product Launch Formula equips you with tangible steps to orchestrate your game plan and set the stage for a successful product launch.