What if you could predict the success of your next service or product launch? How would that change how you do business?
I like to use the Insider Strategy to develop new offerings. The Insider strategy is going to help you predict if your new product or service is going to be successful because you will be developing it with your top customers. This strategy is great because this creation will be a collaboration, giving you some level of certainty that is interested in this new product or service, resulting in sales.
Getting Started
First, you need to determine who your top customers actually are and what is your unique offering. You need to know what sets you apart from the competition and why your customers prefer you over the competition. Interview your top customers and use that information for the next steps of your launch!
The Insider Strategy
1. What is in demand?
When interviewing your top customers, ask them what they want. What product or service could you improve on? Is there anything you could add on? What gaps exist and how are you uniquely positioned to fill them? How can you serve your customers better? Review the answers and come up with a new offering catered to your customer's needs.
2. Present New Idea to Top Customers
Once you have determined what your new offer might look like, reach out to your top customers and ask for their feedback. Do they even want this new service? Are they saying yes to this new offer or are they on the fence? Keep track of your answers.
3. Give appreciation
Thank everyone for responding. Even if you did not like the feedback, you want them to know that you value their time and opinion. Even negative feedback will help you determine what your offer should or shouldn’t be.
4. Make an announcement
This is when you have done enough market research, tweaked your offering, and know that your top clients are interested. Announce to your whole community that you’re thinking about launching this new product/service and have them give you feedback.
5. Engage with Everyone
Be sure to engage with everyone who showed interest. You may want to start an email list for those who are interested and keep them updated on the process. Keep getting their feedback so you can refine your offer. Keep them updated on any changes or any setbacks during development. Plan how often you are going to correspond and be sure to stick to that schedule.
6. Ask for a small investment
In order to get this project off the ground, you need capital. Ask your insider community for a small non-refundable investment. Let investors know that you are committed to them and that they will be the first to receive the new service/product.
7. Create Demand
When you launch a new service or product you want to offer it for a limited amount of time or have a limited quantity of products. Create a sense of urgency, that will create a demand for your new offer.
8. Delivery
The clients you have kept updated know exactly what they are getting. They have been with you every step of the way. They know 99% of what this new service or product is, so you want to over-deliver to them! You can offer something extra they did not see coming, to make their involvement special. This will add value to your new offer and create fans of your product or service.
Going Forward
After your launch, you will want to record data on how well the new offer is performing. The biggest thing you can do is learn from this launch to prepare for the next launches. Keep all the data, the more data you have the better your new offers will be.
Be sure to download the Insider Strategy guide here.
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