You see it – and possibly even do it – all the time. A product launch is announced. The date is set, affiliates are lined up and the process begins. Prospects are driven to a squeeze page. They watch a video, watch another video in a day or two, watch a third video a couple of days after that, and finally the product goes live.
For a week affiliates are working hard to get sales and everything goes great. Then comes the deadline. Only 48 hours left! Only 24 hours left! Only 6 hours left! The sales come pouring in, and then it’s over. Done. Finished. History.
Sort of feels like the day after Christmas, doesn’t it?
No more sales.
Sure, you (hopefully) made a mint.
But that’s it.
Now, I know what you’re thinking… “Maybe I could reopen it in a month or two.” Sure. You can. Of course by then you will have lost all momentum. And if you said you would NEVER reopen it, then you’ll lose your credibility, too.
There is another way – and I’ll give you a clue as to what it is:
What do you do when your new customer buys your $10 product, but turns down your $97 upsell? Usually, you offer a $47 downsell, right? Well, why don’t we do this with product launches?
Let’s say you’re launching a $997 coaching program. The very day after it closes, why not do a second launch of a $297 or $497 version?
Here’s how it might work:
The day after your product launch ends, send an email to everyone on your list who opened at least one of your emails promoting that product launch. Tell them, “I see you didn’t grab my XYZ product. No problem. Maybe the timing just wasn’t right for you.”
“I’ve got a more economical version for you that’s just as powerful.”
And then you launch into a problem that needs solving, and you’re going to solve it on an upcoming webinar, and here’s the link… On the webinar you give great information, and then you offer the downsized version of your original program that just closed.
Your prospects are still warm from the big launch. Some of them really did want your product but couldn’t afford it. And they’re grateful for the opportunity to learn more on your webinar. Done right, you can make a lot of extra sales this way.
Things to know:
– Be sure NOT to send this email to people who bought your initial product. They might get irritated that you didn’t give them a choice between the two versions.
– You’ve already created the product – it just makes sense to repurpose the information into a second, smaller product to make additional sales.
– Make sure your more economical version does NOT contain everything your expensive version contains. It’s only fair that it doesn’t. For example, if your expensive version contains one-on-one coaching, you might leave that out.
– Deliver real value on the webinar. As always, tell them what to do but not HOW to do it. They have to buy your product for that.
– If you have a HUGE list of prospects who looked at your first product but didn’t buy, you might need to do more than one webinar to get them all on. It’s a good problem to have.
– It is entirely possible to double your initial sales using this method. Of course, since you are charging less, you won’t be doubling revenue. But still it can be a very nice second payday.
– Be sure to have everything in place for this second launch prior to initiating the first launch.
– Let affiliates know they will be earning commissions on both the first and the second launch.
This is a technique that doesn’t take a lot of extra work and can make your customers, your affiliates and your bank account very happy.