Is it time to hire a product launch company?
A product launch is when you build up a massive buzz and launch your product with the goal of making 100s if not 1000s of sales on launch day. But are you ready to take this leap?
You may have heard of many internet marketers (and now non-internet based companies) doing million dollar days. The truth is they may have made a million in a day --- but they spent a lot of time and effort leading up to that day.
While making millions in a single day (or even hundreds of thousands) is not unrealistic --- the real question is are you ready?
The first question is: have you got a product that solves a problem in the marketplace? If your product or solution is going to solve a problem for a target market you've passed this check point. If not, you need to do some market research for problems in your market (use amazon.com book reviews as a good place to start, and then search Google for the problems you find in amazon.com)
The next question is: do you have a list (aka an audience) that you can launch this product to. This can be your list or it can be a partners list (or a non competitive company's list who shares an audience that needs the solution your product solves. If yes, you've passed this check point. If not you need to make a list of companies that cater to services that come before, during, or after people would buy your product and contact them for a cross promotion.
The next question is: are you going to do this in house or are you going to hire it out. If you are going to do this in house you need people on your team. You will need someone who is a good copywriter, a good market researcher, a technical expert (video production, web production, shopping cart setup etc), a customer service agent, and a joint venture manager (who tracks down and keeps up relations with list partners). Doing all of this yourself can be a lot of work and learning --- and when you do pull it off you'll make a lot of money.
If you aren't doing this yourself and you've passed the first 2 checkpoints you're ready for a product launch company. So what do you need to look for before hiring one?
1. A track record for copywriting. Notice I didn't say product launches? This is because if you find launch company who have a track record of writing great sales letters, odds are they are going to do a good job for the launch process (which is really mostly copywriting based on market research). Of course, if they have a launch track record then by all means probe them deeper on it. A good question to ask if they have done a launch is "what went wrong" and if they start complaining that's a red flag. But if they give you an honest answer and then tell you what they learned and how they will approach the situation in the future that's a major sign you're talking to a pro or a highly skilled amateur.
2. When you get on the phone with a prospective company, listen to how the call goes. If you find the person you talk to is not asking you questions like "how big is your list", "what products have you launched before","how determined are you to complete this project" that's a major red flag. Why? Because the company who helps you launch your product is almost always going to get most of their fee based on performance (and a modest up front fee as well which is another flag I'll tell you about next) then they need to interview you and see if you're worth their time. If you find the person you talk to is just trying to sell you on them and how good they are, drop'em, they don't understand good market research (since they can't even ask the right questions to their own prospects how do you expect them to find the right answers for your marketplace product launch?).
3. An upfront fee and back end performance fees. A good company will always ask for an appropriate upfront fee and also want a sizable piece of the sales based on performance. If they don't ask for an upfront fee odds are they are new and inexperienced (and if you have a serious launch on your hands you'd best avoid them). Why is it important they require an upfront fee from you? Because it means they understand that you need to have skin in the game. When you invest your money they know you'll almost certainly follow through with this project (and that means they will get their performance based fee).
So there you have the checkpoints of whether it's time to launch a product, and the signs you can look for when considering an outside product launch company to help you.
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