How to have a fail-proof product launch

First things first; when it comes to selling something you need to validate your product. This enables you to know that you actually have potential customers and that all the time and money you are about to use isn’t for nothing.

The most effective way of doing this is actually getting people to spend money on it. You may think this is obvious but the difference is you are going to be selling a taster of your final product.

You may wonder how and why would anyone use their hard-earned cash on something not complete. Well here’s how:

You create an MVP

No this is not the ‘Most Valuable Player’, instead this is a ‘Minimum Viable Product’. A definition for this is:

“a minimum viable product is a version of a new product which allows an entrepreneur to collect the maximum amount of validated learning about customers with the least effort”.

So practically this is creating a prototype of sorts or having a staggered start with your launch. The most well-known use of this is a Pilot in a TV show. It enables studios to save a lot of time, money, and effort as they can get a lot of feedback relatively easily.

Three different MVP tests which are relatively easy are:

№1: Social Media

Put your concept online and see the response. You will always get the odd negative comment, however, public opinion online is often a solid indicator of the success of your product.

№2: Interview call

Have a call with potential clients/ customers. See their intentions and really work out would they put their money where their mouth is and purchase your product. How many times do you know someone who has said they will do something and they won’t. Make sure they follow through.

№3: Digital product sale

Today we have an abundance of sites to work to test out whether your project may work; popular ones include:

• Kickstarter
• IndieGoGo
• Crowdfunder
• Patreon
• Go Fund Me

If you're not sure whether your product has longevity, this is a great way to go. If you are in the service industry; offer a taster of your offerings. If you are wanting to sell a course; provide a lesson for people. If you are wanting to write a book; write a short story. If you are wanting to make a film; make a Youtube channel.

These are lower-risk products and don’t cost you nearly as much energy and prevent you from releasing a very expensive and time-consuming product. They also give you guidance for pricing. With a test, you can show what value you provide, and then down the line, people aren’t surprised with a big-ticket item.

You want to be able to make a difference in the world and provide value. The MVP you offer up will be a brilliant indicator of how much your customer base was actually changed and how highly they rated your product. From here you have a TBP pricing strategy;

T.B.P- Transformation Based Pricing

With people seeing the transformation and value in your MVP offering they can connect in an emotional way. They will want more; to be transformed more, to get help more or to simply indulge more in what you are giving them.

The difference between success and failure is razor thin though and 'how you do one thing is how you do everything' so make sure your brand image is good from the get-go and portrays the identity you want.

Use this and you'll be able to create a successful litmus test- next up you'll be taking on the world with your full product launch, best of luck!