Product Positioning & Differentiation Strategy! Why New Products Fail!

Why New Products Fail!  That is a very good question isn’t it?

I sure was asking that question the day I launched my second IM product, The Millionaire Boss.

After much research I come up with a couple huge factors that will determine the success or failure of a product launch.

Most people never even think about them or know about them.  I know I sure did not.

Well I am going to clue you in today on a couple reasons that products fail to convert during a product launch.  I am eating dry salted peanuts in the shell as I type this so I will be a little distracted as I type.

So this email may get a little long due to this distraction.  But that is good for you as you end up with more content.

So why do most products fail?

Your product differentiation and your positioning of the product are very weak.

Man, I’ll tell you right now. There’s nothing worse than sinking 5 months into creating a product that no one wants to buy. That is exactly what happened to me on my second product launch.  Some even sink longer periods of time into their product creation and launch strategy than I did.

The first I want to quickly go over is Product Positioning.

If you are not going to take the time to do proper research to ensure that your product is positioned well in the minds of your target market you are just plain and simple going to fail.

You simply have to get to know your customers.

You may have the best product and know it is something that makes sense to you.  You may even know the customer needs it.  But if it doesn’t make sense to the customer, they will not buy.

Research & Communication is IMPORTANT!

This is going to take some investment on your part.  You are going to have to invest (monetarily or with time) in researching your market.  Do your research to find the narrow window in the mind of your prospect or customer in order to position your products and services effectively over a product or service of your competitors.

Changing a mind is an extremely difficult task.  You will find that it is much easier to work with and hook your product to what’s already there.

The second thing I want to talk about is your Differentiation Strategy!

This certainly is nothing new to you by now as I have also mentioned this several times in many of my trainings.  But just what is your Differentiation Strategy?

This is your action designed to produce products or services that customers perceive as being different from your competition.

It is a marketing process that showcases the differences between products.

Differentiation looks to make a product more attractive by contrasting its unique qualities with other competing products.

This is probably where I failed the biggest when it came to The Millionaire Boss product campaign.  I really did nothing at all to differentiate myself from the competition (Russell Brunson) that was launching the same day as I was.

When I launched The Millionaire Boss little did I know that Russell Brunson was launching the exact same time and day as I was.  There were even many similarities to our products.  At least if you were to compare sales page to sales page.

When you put the products side by side they were very similar as far as title, price point and what we were saying we were going to help do for those that bought.

What this forced the customer to do was to make the choice to buy from the one they thought was the industry leader at that time.  Russell Brunson won out BIG TIME of course.  He was an industry leader at the time.

Now to be fair to myself I guess I could say that the reason I did not have a differentiation strategy was because I did not know that Russell was launching the same time, and also that I did not know about differentiation strategy.

But I can tell you that it is very important, and you must do the research needed to find out exactly what is going on in the marketplace in order to have an effective differentiation strategy, and to position your products correctly in the mind of the customer if you wish to succeed.

After about 6 hours of NO sales I stepped up to the plate and made my launch work.  I made some quick revisions to the overall product and pricing and was actually able to make the Millionaire Boss product start converting.  I was able to generate a little over 6 grand, and little over 200 new buying customers.

At this point I was a little angry at all that took place and at myself.  I decided that everyone that purchased The Millionaire Boss was not only going to get the entire front end product, but they were also going to get the promised coaching that was the One Time Offer. They go the entire product and coaching for a one time payment of $37.00

Needless to say I had some very happy customers.  Not only did they get a pretty decent product if I dod say so myself, they also got group coaching which produced some really nice results for those that showed up for the weekly coaching and mastermind groups.

Yes I even set up mastermind groups of 6 for all of my students.  I even was showing up to all of the mastermind calls and coaching calls.  I was one very busy coach.  But some amazing things began to happen.  My students were getting results and I was gaining some much needed credibility.

The Millionaire Boss was seen as pretty much a failure to many in the marketplace and I started to hear the familiar voices of my critics telling me I could not do what I was doing without Keith.

This time I did not listen and I began to dig in and create the successful business I have today!

Mary Kay Ash says,  For every failure, there’s an alternative course of action. You just have to find it. When you come to a roadblock, take a detour.

Many of us that feel we have failed just set at the road block and wonder why did this happen to me instead of looking for the detour.

If you want to find success you need to believe in yourself and to follow your dreams.  You have to have goals in life and a drive to succeed in accomplishing your goals.  Most importantly you need to surround yourself with the things and the people that make you happy and breathe only the positive into your life.

Stand In your Greatness

Jeff Wellman

Paul Counts. Eric Holmlund and Myself teach product positioning and Differentiation strategy through our coaching.  If you really want to get results check out Real Guys Coaching

Tips to Starting a Home Business Alone (email 14)

Hey it’s my birthday today and I thought I would get out email 14 for you in my series as it is going to talk about something that was supposed to happen on my birthday August 20th, 2007.

After my first product launch that was so successful I decided it was time to prove to everyone I could make it all on my own and I started out the end of June 2007 working on my next product.

I knew what I wanted to do with it but was unsure what I really needed to do.I did my best to stop and think about what I had just done and decided I would follow the same kind of plan, except I would add a few other things into the mix.I also decided I was going to set a launch date of August 20th on my birthday.  Heck that should be easy enough, after all I just did a complete product launch in 3 weeks so 2 months should be a piece of cake right.

I started out writing emails to JV partners to let them know I wasn’t going any wheres and to ask them to mark August 20th 2007 down on their calendars as my next launch.

I started writing an eBook that ended up 140 some pages long filled with some real good content.

I actually have re-purposed that same content many times since then and have done very well with it.I lined up some more expert interviews and got them all recorded and ready to go.I decided I wanted to have a residual program set in place to bring in a monthly income like I was hearing was very important to my business.

I decided to do a coaching program but was a little worried I was not yet qualified as an expert enough to make people believe I was capable of teaching them. I began really doing a lot of self doubting on this which almost kept me from adding it into my package.

Well everything seemed to be rolling along except I could not figure out all of the tech stuff and it was driving me crazy.  But the product creation part I seemed to have down.  It was just all of the things that Keith had done in the background that I didn’t know or understand that was really holding me back.

I was kind of blindly trying to figure out all of the things he did.

I was also trying to save myself some money by writing my own sales copy and everyone that reviewed it for me kept doing a wonderful job of telling me it was really bad and would not convert.  What did they know anyways right?  That was my attitude at that time.

Well August 20th was drawing close very fast and I knew I was not going to make my deadline and I began to get really upset and frustrated with myself.I began to think I was a one hit wonder just like everyone thought I would be and I began to see my ship sinking fast.By the time August rolled around the bill collectors were on my back once again and I was pretty much right back in the same place I was before my first launch.

What was wrong with me.. Why couldn’t I do this by myself? What was different about the first launch and this one?

The only thing I could think of was it was because I had help from Keith and some other really awesome support from friends like Harris Fellman, Brian Edmundson, Ken McArthur, Alex Jeffreys, Sterling Valentine, Frank Sousa, and the  list just went on and on.

Finally it all started making sense to me.

That was the key.  Help and support.  Here I was trying to do it all by myself and it was just not working out.So if help and support was the key then that was what I needed, so I turned to Keith and my support friends.Keith was not really in a position to help out as much this time so I turned to a couple good guys like Harris Fellman and Brian Edmundson for some advice and I was surprised at how things started to develop very quick.

When I look back on things there were so many people offering to help me out.  Every day I would get emails from so many supporters asking how I was doing and asking if their was anything they could do for me.  I just had it in my mind that I could not accept help and that I needed to do it myself.

I think about the only thing I did get right during this time was that I joined a mastermind group with 3 amazing guys, Paul Counts, Phil Knaus, and Harry Fink.  All 3 of us met at a live event and became good friends.

We would call once a week and bounce ideas off from each other and do what we could to help each others business out.

Of course on my own I pretty much blew the date of August 20th as my launch date so I had to set another one of October 9th 2007.  This would be the date of my second Launch which was called The Millionaire Boss…

Let me tell you that it is not a good thing to set a date for a launch and then have to write your JV partners and tell them that it is not going as planned and that you have to change the date they already had scheduled on their calendars to help promote.

There will be times that things happen and this can’t be helped, but if all possible once you have a date set make sure it happens.

Well the launch went off on October 9th as planned and let me just say…that launch brought some interesting results that I bet you can learn a few lessons from.  I know I did.  I will share them with you next week.Paul Counts and I recently did a 30 day challenge for our Real Guys coaching we do with Eric Holmlund and I noticed something pretty amazing that really helps me validate what I want you to get from this email today. What I noticed from each one that completed the 30 day challenge or at least made a lot of progress was something very interesting.

Each one that achieved any kind of success all took part in the coaching calls and took advantage of all the help they could get.  They also supported one another and masterminded with each other all throughout the challenge.

They were helping each other. Some more than others but they all did what they could.

Building a business is not something you want to do alone.

Doing it alone will lead you to disappointment and feeling sorry for yourself very quickly.  You will get to a very low place that is hard to climb back out of.

I was at that low spot, but I woke up and reached back out for help before the titanic went completely under.

Many think they can’t afford help, but I want to say that my feeling is that you can’t afford not to have help.

But you have to be active and participating in the process.

You cant just look for help and expect your help to do it all for you.  Even done for you services will require your participation to build it and grow it into something that really will get results.

Next week I am going to share some more of the things I  learned through this second launch process.  Many things still went wrong and the launch was… well let’s just say it had some very different results than my first launch.

I will share with you some of the reasons why the results were so different and why I believe it is for some of the same reasons many other new product launches fail as well.

Until then stand in your greatness!

Jeff Wellman

All of the other past emails in this series are here on the blog if you missed any of them.  I would love to hear your feedback on this series or any of the emails I have written in it.