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 Finding JV Partners and Getting Them To Promote (email #7)

JV Partners. Now this was a pretty interesting experience
for me as I moved towards my first product launch.

Of course it was a little easier for me to initially contact
the JV Partners because Keith already had a list of partners
he used for his product launches.

Thinking that it was going to be just a simple email going
out to these guys on launch day was some very wrong thinking
on my part.

I figured all I had to do was get everything ready and let
these guys know when to send out their email was about all
I had to do.

Of course I got that from reading and researching Affiliate
Marketing for my project.

Most people tell you that all you have to do is, Get your
product, find a bunch of JV partners and have them mail out
on your launch day and set back and watch the money flow
into your bank account.

NOT THE CASE at all.

Just as a little side note, It is getting harder and harder
all the time to get JV partners to agree to send out. Even
if they do agree, most of them still do not send out on
launch day.

Our goal was to get as many JV partners to respond and
say yes they will mail out for the launch.

I do not even remember how many we initially contacted, but
it was a lot.

So email #1 went out. ( I have included a link at the bottom
of this email that will show you the email I used.)

The yes ‘s started coming in like crazy and all was looking
good as far as I was concerned. Keith knew of course that
there was still a lot of work to do in getting them to
actually promote. (Of course many came back with a “sorry”
and they wished me luck and hoped to help out next time.)

Things were looking good as far as I was concerned and I
thought having so many yes replies from the JV partners we
contacted was all we needed. Not even close!

I wish I had saved all the emails I had to send out to
JV partners during the pre-launch phase to keep them excited
and on top of what was going on with the launch. Not only
were there contact emails to write, but there was also many
emails written during the entire week long launch to keep
the JV partners that were promoting excited enough to
keep promoting.

Constant contact with your JV partners is critical to your
launch success. Give them a chance to forget about you
and your launch and they will in a heartbeat. You have to
remember that they are getting bombarded with many offers
every single day. Life does not stop for them until your launch
is over with.

Now moving up to the launch day I found out just what the
Yes replies really meant. Out of the 30 or so Yes replies
we had gotten back from JV partners maybe half of them
actually followed through and promoted the actual launch.

I am finding that in present times it is even less than that.

One of the hardest emails I found myself writing was the
swipe email for my JV partners to use on launch day.

First I was pretty surprised that I had to write it for
these guys. When I questioned Keith on this he told me
we needed to make it as easy as possible for our JV partners
to promote my product. I of course looked at it as nothing
but laziness on the part of a bunch of guys looking
to make money and made no sense to me. I was always taught
that you worked hard for what you got in life.

All these guys had to do was send out an email to their list
and they could not even take the time to write their own email?

Well of course I now know that I was the one that best knew
my product, and that the swipe copy was supposed to be there
for the JV partners to use as a template to work from in
crafting their emails to send out.

OK! Truth is.. most of them are lazy and won’t change it
at all.

So contacting JV partners and getting them to actually
promote and do what they say they are going to do for you is
not as easy as it really is portrayed. Like everything
else it takes work on your part. It also takes consistent
follow thru and follow up all the way thru the entire
launch process, from Pre-launch to post launch.

Here is my first contact email I sent out to my JV Partners
and my first swipe copy I wrote for JV partners to use on
launch day.

My first JV partner emails

Stand in your greatness

Jeff Wellman

PS: Now I am not done talking about JV partners by a long shot.
There is a lot more involved than just a couple contacts and
a couple emails in getting JV partners on board and actually
getting them to promote and to keep promoting.

I found out most of them took the easy way out on launch day
and just used my swipe email just to get something out like
they promised and that was about all they ever did. Of course
these guys ended up at the bottom of my JV contest where they
belong for being lazy.

Now Keith planned on being my number one JV partner and actually
was, but a couple guys decided to give him a run for his money
and what one of them asked me to do on launch day was not
something I was really looking forward to doing. What Tellman
Knudson did sent him screaming past everyone from the very
beginning and caused the rest that meant business to play catch
Tellman.

If your new to marketing I wonder if you would tell me yes if
I asked you to do the same thing Tellman asked me to do on the
day of your launch to help me make sales?

Tellman asked me if I would be willing to… (coming up next)

PSS: Here is the promised video that will help you out when it
comes to finding JV partners.

 JV Partner Video Help

I will be including one more that will help you out with JV
partners during the actual launch process in one of my next emails.

Would also like to hear your feedback on this email series…