I had a question about marketing and launching products come in this week from Antonella Ianni.
“My name is Antonella Ianni and I have invented two products that I hope can provide funds for my two dreams. I am not sure about PR and Marketing or how to launch a product effectively. Could you please assist?”
Antonella has a few ideas for some products, she’s created a number of them already, and her question is about how to get the products out into the world on a large scale.
I’d like to share the answer as I feel there are many people who would benefit from this information.
Antonella, my answer firstly is to keep things simple. It sounds like you are trying to launch multiple products at once, which requires a huge amount of time, energy, and potentially money. Splitting your focus can spread your resources too thin, especially if you have day-to-day work commitments as well. Remember, If you put all your focus and energy into getting one product up and running successfully, it’s then often easier to launch other products because you have more resources, a ready market and a proven example of what works.
I would ask you to make a decision on which product you are most passionate about, and perhaps more importantly, ask yourself which product is going to really help someone. You want to choose the product that will solve a major problem that someone would be willing to pay for.
Sometimes we can be so caught up in our passion and what we want, we make assumptions about what the customer wants and what they are willing to pay for it.
Once you have chosen one ideal product, I would start to do some really detailed market research, starting at a macro level and work down.
• How big is the global market for your product?
• Who are your five biggest competitors?
• Where is the market headed in the next 5-10 years? (Remember most markets are being DISRUPTED with technology).
• What works for your target market? (Study other products that have gone to market and have been big with your target market and determine the distribution model used).
• Who already has relationships with your target market?
Armed with the macro approach, start to build your network. Your network equals your net worth! It is so important to build relationships with businesses or people that already have a relationship with your target market. We live in a world now where five degrees of separation really exists, especially with online social networks.
The second step takes on more of a micro approach. I believe you have already created some products, so I would get in front of your ideal target market and study their behavior! Where do they shop? Hangout? What social media platforms are they on? This will help you determine WHERE your marketing will take place.
Start to sell your product in small volumes. You learn so much from your first sale!
If you can sell one item and your customer is willing to refer you to their friends because your product solved their problem, it’s a really great sign. During this process do some active market research with your client.
• What was it about this product that had them make a purchase?
• What would have to happen for them to refer this product?
• If they were to purchase this product in the future, what places would they look for this product? (Online, bricks & mortar store, maybe a market)
• Study everything about your customer, find out what they dream about haha! Yes, you really need and want that much detail!
Once you have some runs on the board, compile all of this information into a detailed business plan. Start building a team that could support you, especially if you need to mass produce this product. Plan for the best outcome!
Look at how you are going to distribute your product on the scale that you want. With that done you need to make a decision about how to grow your business. Are you going to grow through cash flow or are you going to need outside investment? I would plan for both! Most importantly, get moving now, don’t put it on hold until the funding comes in, keep going forward. Take on the attitude that your business is already the size you want. Imagine you are the CEO of this multimillion dollar business. Who would you contact? How would you communicate and negotiate? Be fearless in your approach and develop a love for being rejected! Celebrate rejection! And keep going!!
You may seek funding or enter into a joint venture with someone who has a relationship with your specific target market.
If you are going to pitch your idea, you need to do the ground work and be prepared!
• Thorough market research is crucial.
• Show your Financial Model with a focus on Return on Investment for the investors.
• At the end of the day, they want to be absolutely certain that they are going to get their money back plus a return. Show them when and how!!
• Your current sales and what results you have had with your limited marketing and promotion. The numbers are crucial so make sure you have measured everything accurately. They will notice cracks in the glass! That’s what they are looking for!!
• Your team of mentors. Do you have a team with a proven track record that will help you deliver the product?
• You as a leader. Can you handle the pressure? What have been your past successes?
• Your Vision. They will want to see that you have a crystal clear vision with unwavering commitment to that vision.
One thing that helps attract investors is you have some skin in the game, some hurt money. Don’t be afraid to give away a percentage of your business, especially if it means you attract someone that has vital skills and contacts. Having someone come into the business that has expertise can be equally or sometimes more important than a financial investment.
I hope this helps!!!
If you would like even more help on how you could DISRUPT your market and BREAKOUT of your JOB or BREAKOUT of your business check out this great free opportunity coming up in June:
14–16 Chandos St,
St Leonards NSW 2065
1800 552 168