From the category archives:

Product Launch Strategy

How many times do you follow up with your prospects when they’re not buying? Understanding what sequential marketing is will help you determine how you can plan your marketing and methodically implement it to achieve great results. You are going to learn how to set up your sequential marketing as part of your product introduction strategy and also strategies and techniques to get started right away. Once you understand this, you will be able to plan your follow up marketing campaigns with your customers much more efficiently.

What Is Sequential Marketing?

Sequential marketing is the follow up steps you take with your new or potential customers within your marketing strategy that is planned and then sequenced over a planned and calculated time. This involves continued communications with your prospects to ensure that you are in front of them several times and in several different ways so you are able to reach them in the way that is most receptive to each prospect. Also, sequential marketing involves calculated timely communication with your customers when they are most in need of your other products or services.

Setting Up Your Sequential Marketing as Part of Your Product Introduction Strategy

You can have several various tools you can use to communicate with your customers but the most basic tool is your email list host. When setting up your email list host, you want to make sure you are able to segment your list so you can send specific messages to specific types of people on your list. The more you know about your customer and prospect lists the better and more targeted your messages can become. You also want to make sure your list host allows for connecting lists. For instance, if you have a customer that bought product A, but has not bought product B, then when they do purchase product B, you want to remove them from the product A customer list to the product B customer list to ensure they do not receive repeated messages attempting to sell them on product B.

When writing your passive follow up sequences, you want to make sure you are using evergreen type of messages. In other words, messages and content that does not rely on specific events or current events as those can and will change over a period of time. You can do a great deal of damage if your messages are confusing to your customers. Also, make sure that you are not solely sending your customers and prospects 100% promotional messages. Give value that is at least worth twice as much as what you are attempting to sell and give it much more often. A good rule of thumb, depending on the market you are in is to give 3-5 pieces of useful content to your list before you ask for the sale. This builds a relationship with them as well as builds up reciprocity.

Setting Your Follow Up On Fire

Now that you have begun to outline your messages, you want to set them on fire. The best way to do this is by setting up a buying cycle with your customers to follow. Once they’ve purchased product A, now they would be best fit to purchase product B, which will make product A much more effective. You want to strike when the buyer is hot in most cases. So if product B will have an immediate amplifying affect on product A yet would not interfere with initially utilizing product A, you want to offer that right away after they have purchased product A, often times, while they’re purchasing product A.

The next thing is promoting around events. Now I know I mentioned above not to include events in your sequences, but promoting around events is extremely effective as long as you are not doing it 100% passively. This type of promotion requires you be present with the message and ensure that the message is not only timely but makes sense relating to the event.

Next, offer special offers throughout the customer lifetime buying cycle. First you want to make sure to offer a complimentary product or service when the time would be appropriate for a customer who has bought product A. If they do not purchase on the first offer, make sure you offer subsequent offers, at a discount. What works even better is if you offer the complimentary product B to the customer with a time limit on a promotion that you are specially running for the customer. What this does is add in a great persuasion element of scarcity. They have a limited time to get such a great deal. This will prompt many to act quickly.

How This Benefits You

Now you understand how to plan for and set up your sequential marketing as part of your business marketing strategy. Understanding the process implementation of the sequences is of the most importance. It is highly important that you pay close attention to your timing of your messages to your prospects and your customers. You can also use this as part of a continuous product launch strategy, sometimes referred to as a rolling launch. Lastly, as you mature in your product marketing strategies, you will be able to implement special offers right when they are needed most, use event based promotions and the effectiveness of offering complementary products or services to strengthen the value of the customer’s original purchase.

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You can literally double your business overnight with a joint venture product launch. To truly utilize the full power of a joint venture you must understand what a joint venture is. You will also need to know where to find your joint venture partners. Lastly you will need to find out how to recruit joint venture partners. You are about to discover the quick and dirty methods that many successful business owners and marketers use to wiggle joint venture product launches into their business to literally explode their business (for the better).

Defining Joint Ventures

Simply put, a joint venture is a strategic cooperative business partnership between 2 or more individuals or businesses. The benefits you can gain using joint venture partners are quick list build, fast inflow of cash and new business relationships.

Typically both or all sides would share the profits of the partnership as well as take the risks. However, not taking any profits as the business owner without the list can be an extremely effective way to gain interest from potential joint venture partners. If you do decide to not take any profits, do make sure you have a back end sales system in place that you can capitalize off your new found list with.

Using Your Competitors As Part Of Your Product Launch Strategy

The first thing you want to do when searching for joint venture partners is to find “like” businesses. These are businesses typically that are in the same industry as your business but are not direct competitors or have complimentary products. Make a list of the top 25 that you can find and contact them with your proposal.

Next, look at your competitors. These are also often ripe for the picking to be part of your joint venture as they may not be able to take on any more work, but would love to make revenues (mostly profits in many cases) without having to endure any more capital outlay. Make a list of the top 25that you can find and contact them with your proposal.

Lastly, look at businesses who are not in direct competition with you but who have complimentary products or services that your customer base or potential customer base would be interested in. If your customers would be interested in their services or products, there is a good chance that the same holds true for their customers. Make a list of the top 25 that you can find and contact them with your proposal.

It’s Just A Good Business Marketing Strategy To Work Together

The first thing you want to do when you are building a relationship with your new or potential partners is build reciprocity. You want to offer value to them or your customers at no cost to your partner. Also make sure to keep a consistent relationship with them as you never know when they may need a favor from you. It would be a smart business move to take an opportunity to help them when they are in great need before you ever ask them to help or partner with you. When the timing is right, they will offer to help you or you can ‘qualify them as a good partner.

Now the Rubber Meets the Road

Now that you’ve learned the many benefits of having joint venture partners such as list building, quick influx of cash and new business partners you can appreciate why adding this as part of your product marketing strategies is a good move for your business. You also know that you have more options then just doing a 50/50 split on profits when structuring the deal so you can gain a greater leverage in attracting partners. You also now have a list of 75 potential partners to approach. Lastly, you have the mindset on how to approach them and how to provide value to them by giving before receiving to create a reciprocity element where they will feel compelled to support you when the time comes.

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