The Steps I Take to Bring a Product to Market…

Hi Michael.

I am interested in what some of these products for your projects are.

Also, What service do you use for faxing out your publicity releases?

Thanks,
Jake

> 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