The Steps I Take to Bring a Product to Market…

There are many ways to bring a product to market. This is the plan I use. While it may not be the only way or the best way it has proven to be a good way. I can’t claim that it is an original plan. I’ve borrowed bits and pieces from many different sources. Here is a brief list of people and or sources I’ve creatively “borrowed” from.

E. Joseph Cossman
Ben Suarez
Ted Nicholas
Ray Simon
Marty Chenard

Step 1.
I do the math. I use formulas created by Ben Suarez and Marty Chenard (among others) to test the profit potential of my product using different types of direct mailing scenarios and or other marketing scenarios. I figure out my “Suggested Retail Price” along with what a suitable “Wholesale Price” should be.

Step 2.
I use Ted Nicholas’ index card system of finding the Features-Benefits of the product I’m promoting. There are several good ways of finding/discovering the greatest benefits of any product but Ted’s way is simple and it works…enough said.

Step 3.
I create a one-page Sell Sheet on the product. This Sell Sheet would contain a photo of the product along with plenty of sale’s copy. Of course I would use a strong headline and a powerful selling caption under the photograph. Someone should be able to read this Sell Sheet and tell exactly what the benefits are of this product. The Sell Sheet would also include product sizes, shapes and prices. I will use this Sell Sheet in many different applications throughout the marketing process. It will also serve as a lynchpin for other marketing pieces like sale’s letters, display ads and web pages.

Step 4.
I do a press release blast to everyone and anyone. As opposed to the professional view shared by many PR pro’s I’ll send the release to a wide variety of media covering a wide variety of topics. This is definitely a “shot-gun” approach. I’ve copied E. Joseph Cossman views on this topic. He stated that you never know who maybe interested in your product or service so it’s worth the extra cost to send it out to many and see what happens. I can say Mr. Cossman is right. I’ve done this several times and have been amazed at the results. You have no idea how others view your product and can find ways of using it that you never thought of or the exposure you can get from a source you would ever expect. I usually fax out press releases. I follow suggested press release formatting guidelines--one page, double-spaced, things like that. I start with an email blast to about 200 recipients. If I get a little response I continue sending out the release.

Step 5.
I create a Wholesale Program for the product. It could be in the form of an affiliate program a home-party type concept or traditional wholesale. I would send a sample (if possible) and a Sell Sheet to suitable partners. These partners may be retail storefronts, catalog houses or Internet based businesses. I send out mailers to suitable wholesale partners.

Step 6.
I create a website dedicated to the product. This may have a unique URL or it maybe nothing more than a page hung on an existing site. I then submit the site to search engines. The web page may have shopping cart capability or it may not, depending upon the circumstances.

Step 7.
I mock up a variety of marketing pieces from the original Sell Sheet from sale’s letters to space ads to post cards to 60 second radio spots. I may not use all these items but it helps me create a better overall selling message for the product.

Step 8.
I look for mailing lists and emailing lists suitable for the product. I also look for alternative media that might serve as a suitable conduit to deliver my marketing message. As in Step 7, I may or may not use any of the lists I come up with. The point is I want to find the widest possible universe for my product.

Step 9.
I look for a “VLP” or a “Very Leverages Person” to help promote the product. Those that haven’t read Ray Simon’s book “Mischief Marketing” are doing themselves a disservice. Ray talks a great deal about VLP’s and what they can do for your product. VLP’s can be found for any product out there from consumable product to information product to Internet only product. I firmly believe a VLP can help you sell any product… sometimes the results are dramatic. A good example is the “George Foreman Grill”. That company (Salton) was a $5 million dollar per-year company BG (Before George) and was a $250 million dollar per-year company after three years using big George as a VLP. The mistake most people make is that they think a VLP needs upfront monies to make the deal go. On the contrary I’ve found many VLP’s are willing do work with someone on a % royalty basis. Step 9 may be the most important step in this whole process because the growth you can achieve with a VLP is quite honestly very explosive in potential. If I get a VLP, I’ll redo Step 4 focusing on the VLP and their connection to the product. Even if your product is just an Internet-only, information product there are VLP’s that can help you market your product.

Step 10.
If the project “fogs the mirror” (as Denny Hatch would say) I would spend a little money ($100 to $500) on advertisements. The media selected would obviously depend upon the products being sold. The media could be a daily newspaper or an ezine or whatever. This seems to be the step that stops most people, they just won’t spend the money on a project that has shown limited potential. I can’t think of anything worse than having a project showing some profit potential being put in suspended animation because someone won’t invest the money to grow it. Creating a web site, submitting the page to search engines and swapping a few links is not an in-depth marketing campaign.

Step 11.
If the numbers work roll out the project big time.

Step 12.
Create or find additional products that can be sold to the people purchasing your initial product. Why waste the marketing dollars you’ve spent creating new customers by not selling them additional products? Traditionally you won’t make money selling one product to one person, you’ll make money on the second sale. The third sale can make you rich.

There it is. I probably spend $200 to $1000 testing each product. I only spend more money if the initial tests are positive. The time investment is anywhere from 10 hours for a simple project to 100 hours or more for complicated project. This is just the time spent on these steps and doesn’t include time spent on developing the product itself.

Take care,

Mike Winicki