Launching a new offer can bring you a huge cash injection or… crickets.
You might have been told this gamble is just part of the game. Well, it doesn’t have to be! You can minimise and even remove that risk with my proven 5-step launch.
It’s the same method I’ve followed for all my products and businesses, from introducing new ScoreApp features to developing a brand-new venture from scratch.
So, I’ll show you how to plan, create, and launch an offer that’s GUARANTEED to sell out.
Common mistakes when launching a new product or service
Over 1 in 2 product launches fail to hit business targets, and 9 out of 10 startups fail altogether.
I’m not saying this to discourage you or put you off! On the contrary, understanding the most common offer launch mistakes can help you avoid them:
- Not enough market research – Lots of business owners base their launch on assumptions and guesswork, creating what THEY think their audience wants (which, sadly, is rarely the case)
- Lack of market demand – People pay big money to solve big problems. If your audience doesn’t care enough about your solution, they won’t buy it
- Unclear USP – A confused mind doesn’t buy. If your target customers can’t understand why they should choose your product? You can’t expect them to pick you over your competitors
- Bad timing – This is especially relevant for tech products. If yours hits the market too early? Your technology might not be strong enough just yet, and the demand could be low. If you wait too long? Your target customers might have already chosen your competitors. So, it’s a tricky balance!
- Pricing mistakes – If your idea is valid but your target audience can’t afford it, it still won’t sell. At the same time, pricing your offer too low can attract the wrong audience and turn away premium customers (those who think cheap = bad quality)
- Poor marketing strategy – Creating the perfect product for your target customers is a great start. If you can’t successfully put it in front of them, though? You won’t reach enough people to sell out
- Ignoring customer feedback – You must give your audience what they want and need. If they’re struggling with certain features or steps and you don’t do anything to improve them? Your offer still won’t sell… or you’ll get a lot of complaints and returns!
These common mistakes lead to wasting plenty of time and money creating something that doesn’t sell.
Instead, here’s how to launch a new offer successfully.
Proven 5-step strategy for launching your new business idea, product, or service
If I had to sum up this strategy in ONE word, it’d be audience-first. I always make sure they need, want, and are prepared to pay for my new offer before launching it.
Much better than just hoping for the best, don’t you think?
Now, let’s go through each step!
1. Gather insights from your audience
A successful offer is one that solves a problem for a specific market. So, instead of trying to guess what that problem is, ask them!
Use a survey or quiz for market research to discover:
- What problem your audience is experiencing
- How it’s impacting them in practice
- Whether or not they’ve already tried to do something to solve it
- Their likes and dislikes
- Their goals
For example, if you’re a business coach for financial advisors, you could ask them: “What challenges do you face in client acquisition and portfolio management?”
Then, you can start planning and refining your new offer idea around that.
The right balance when choosing what to include? The final product or service must make your customers feel that their problem is solved and you’ve kept your initial promise. No more (unless you charge for that, and I’ll show you how soon) and no less.
Instead of starting with a boring survey, keep more people engaged with a compelling ScoreApp quiz for market research.
2. Test the waters first, and get feedback from your target customers
No matter how good you think that initial idea is, DON’T go all in!
To launch a successful offer, you must first validate your concept with your target audience. This will allow you to fail fast and cheaply (if you need to fail at all).
For example, before developing and launching the Cybertruck, Elon Musk asked his audience to pay $150 to register their interest… and got over a million deposits in one month!
The best way to get feedback on your offer idea? Start with a waitlist and attach a quiz to it:
- Showcase your initial concept on your waitlist landing page
- Ask strategic quiz questions to measure interest and discover what your audience likes and dislikes about that concept (people LOVE to help when you tell them why their input matters!)
- Improve or change your initial concept based on their feedback, so that you can give them what they want, save money on your launch, and sell out
You can take this testing one step further by rolling out an early version of your new offer for the waitlist alone (for example, if it’s a SaaS tool, you could introduce a beta version). Then, improve it if needed, or launch it confidently after gauging interest.
You can create a FREE waitlist, landing page, and quiz with ScoreApp.
3. Get your pricing strategy right
The right price depends on lots of factors, from your goals to what you’re selling (and to whom) and your costs.
My favourite strategy? Starting from your goals, working your way backwards, and validating that number before going all in.
For example, let’s say you’re offering B2B services and wish to hit a £100k year. If you price your offer within the £2,000-£10,000 range, you can smash your target by only selling ONE per week or month. Pricing it lower would require you to sell it a lot more, which could be challenging (and tiring, since you’d have to deliver it to more people, too!).
But will your target audience actually pay that sum, I hear you ask?
Easy: find out by asking them “How much would you pay for [initial concept idea]?” in your waitlist quiz with ScoreApp.
4. Complete the customer experience
As teased before, your core offer should focus on solving your audience’s main problem, the one that pretty much ALL your target customers have in common. What about those who need more, though?
You can (and should) offer more options, packages, and upgrades.
For example, most of the customers who buy your business coaching package might already be skilled at marketing. Those who aren’t, on the other hand, can opt for your Marketing Workshop add-on.
When you start with a ScoreApp quiz, it’s easy to make the right personalised offers to your audience. Just look at their answers! You can then upsell and cross-sell the perfect add-ons or packages for their situation.
5. Showcase your offer effectively
Present your offer on a clear and compelling landing page. Lead with how it’ll solve your target customer’s problem and benefit them.
So, your landing page could include:
- Strong copy that speaks directly to your ideal customers, starting from the headline
- Clearly defined sections and bullets that make it easy to skim
- Visuals (like images and videos) complementing your written copy
- A breakdown of your packages and add-ons (if relevant)
- Social proof to build trust, like logos, awards, or reviews from your beta testers or previous customers
- An unmissable call to action
Use ScoreApp as a FREE landing page builder, and consider attaching a separate short quiz to recommend the best package or add-ons for each user.
As for the initial offer launch?
- Nurture your waitlist with a strategic email sequence, educating them and staying top of mind
- Build momentum, and create scarcity when announcing the launch date (for example, with a limited release or small number of available spots)
- Sell out EVERY. SINGLE. TIME.
You can then gather more feedback, improve your offer (if needed), and choose to open it to everyone else, too.
Generate interest in your new business idea, and sell out with ScoreApp waiting lists and surveys
While most product launches fail, YOU can choose to sell out with this proven strategy.
Use ScoreApp to:
- Conduct market research
- Test your initial idea with a waitlist and quiz
- Validate your price
- Upsell relevant add-ons and packages
- Create a compelling landing page
- Sell out by launching your offer to a nurtured waitlist
Base your new offer and launch on data, not guesswork. Create your ScoreApp quiz today and for FREE.
