November 11, 2013, 9:23 am

Patience Before the Launch

by: The Financial Blogger    Category: Make Money Online
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If you ever thought of selling something, you’ll know what I’m talking about…

 

I have quietly mentioned on TFB that I’m working on a membership website of late. I didn’t put too much emphasis on it simply because I didn’t want to bug you with my project that has nothing to do with making money online or becoming an entrepreneur.

 

However, if you have ever thought of selling something, regardless if it’s on the web or not, I am now offering you my thoughts about the incredibly long process behind any product launch. I now understand why big companies spend millions on a marketing team to coordinate their launches!

 

Not only is it a lot of work (that you can imagine) but the worst part is to wait through days, weeks and months of working on details before the launch. This is what is truly killing me from the inside out. It’s like being pregnant and ready to give birth at 9 months but waiting 4 more weeks before you see your baby!

 

One thing I’ve learned during the process is that having a product is good, but building a great package and finding the right audience matters more than everything else. Anybody can come up with a product, literally! We all can change the world from our basements with a brilliant idea.

 

But the first question you must ask yourself is: is my idea useful for people? It is clearly useful for you since you thought of it, but this doesn’t mean it’s useful for others! In order to answer this question, your idea must answer one of the following:

 

#1 Takes care of a pain

#2 Improves one’s life

#3 Alleviates a fear

 

To be honest, pretty much everything you can think of will answer one of these “three pillars of a great product”. The point is to package it the right way.

 

The best example I can think of is the “Post-It” invention by 3M. Post-it stickers were invented after a failure to create effective glue. Instead of throwing this failure in the trash, 3M decided to package it differently. We all like post-it stickers that we can move from one place to another. However, we would never buy a sticker with poor quality glue that doesn’t stick around. This is why we needed to be told that the post-it was made to be moved. This is how to package an idea.

 

Then, you need to find your potential clients. Don’t think that everybody around you will buy your product. It’s not true! In fact, most people will likely not buy your product. As I mentioned earlier, my next product is not in line with TFB main topics. I will still make you aware it exists but my conversion rate should be very low.

 

It takes time to build an audience or a list of potential clients. If you don’t build your list first, you may waste a lot of time creating a product that doesn’t meet anybody’s needs. This is why I started with my idea and created a landing page with a specific mailing list subscription option. If you want to look at it, you can see it here.

 

It is obvious that I already have an audience to launch my product; I run several financial websites! But I wanted to make sure that I have people interested in a paid site that will provide them with information. This is why I created this new list and asked people to register for it if they are interested in hearing about my idea.

 

I didn’t want to spam my regular readers with a series of emails mentioning my concept and how I intend to package it unless they clearly tell me that they want to hear about it. This was the purpose of making a new list apart from all the others. I sent 4 emails so far to this list. If you have a mailing list, you know that a good average opening rate is around 30%. Here are my numbers:

 

 

This list has over 500 subscribers. Therefore, roughly 350 people opened and read these emails attentively. This is a very important sign that my package and what I offer will be welcomed by these readers. Another interesting stat is the 200+ emails I’ve received back from these readers commenting and asking questions… Definitely, I can tell that I’m close to something good now!

 

If you want to know how I build my mailing list and email funnels, read this series and you’ll know all my secrets.

 

 

But I’m not ready to launch yet. There are too many details left to be taken care of. The idea of your product is important and, the packaging is even more important. However, all these little details supporting your product need to be taken care of thoroughly. Don’t think you can launch and then fix them along the way.

 

Each time I think I’m done with one section, I ask my partner and VA to take a look around and give me feedback. Each time they come up with something new and I have to go back to the drawing board and apply some modifications.

 

Pictures used, navigation process, charging methods, software used, update rules, writing methodology (font, color, size, etc). These are all details that need to be perfect. I’ve spent several hours creating my email series and organizing the launch date.

 

I won’t lie, taking care of the details sucks. It’s not fun and you don’t get anything great out of it. No money, no traffic, not even a “thank you”. You just have to fix everything so the day you open your doors to the world, everything is perfect!

 

 

Having a deadline for any project is probably one of the most crucial parts of your launch plan. Without a deadline, you won’t do anything. You need to commit to a higher level to make sure things go along the way.

 

I’ve personally committed to launch my project for December 2013. At first, it was just a vague idea of launching a membership website. Then, when I came back from vacation in late August, I realized that not much had been done and that I would not be able to finish everything for December. This is why the deadline was so important; it creates the sense of urgency.

 

I went a little bit further by creating my mailing list and the email series. I’ve committed to myself of sending 1 email every two weeks. This technique is being used to keep the momentum about my project going, giving an update while slowly selling my concept. At one point, these people should be as ready as me for the launch!

 

I must also go forward with my project faster if I want to make it a success. Imagine the opposite; imagine that I wait another 6 months to launch my site? I would probable get close to ZERO sales!

 

On the other hand, deadlines are deadlines, nothing more. The world won’t end if you don’t make it. The key is to commit yourself to a high level so you need to work on your project every day. Then, if you miss your deadline by a few days or weeks, it’s not the end of the world either.

 

I’m given myself a small buffer (don’t tell my partner! Hahaha!) of launching in January instead of December. If I can’t launch in the first week of December, I’ll probably launch during the first week of January. I guess people will be more interested in buying gifts than buying a membership website subscription during the Holidays!

 

But my hopes are still to launch on December 1st and make myself a real gift for the Holidays!

 

 

The most important thing I’ve learned during this process is that patience is key. If you get too impatient and want to launch right away, you won’t be doing things the right way. You will likely miss some key details and sales won’t be as good.

 

I want to make sure that I’ve done 100% of what I could do prior to the launch. At that point, I know that I couldn’t have done things differently and will be satisfied with the results.

 

Do you have a product that you sell? How did (do) you plan your launch?

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Comments

by: RICARDO DI VINCI | November 11th, 2013 (10:11 am)

It is good to have the support of your family in this endeavour as well. I can see that your wife is supporting you as, since you can not get pregnant, she has obviously contributed to this article.
Take her out for dinner – something better than St Hub though LOL

by: The Financial Blogger | November 11th, 2013 (10:19 am)

lol! after 3 kids, I kinda learn how it went for her. hahaha!

I do have huge support from my wife. I think you can’t achieve anything without family support.

St-hub is the kids reward ;-) hahaha!

Patience is indeed a virtue. Things cannot be achieved over night and getting into a new venture takes a lot of planning.