Wednesday Dec 11, 2019
How To Create Urgency In Your Next Product Launch
TRANSCRIPT: Hey, what's up? This is Jason Drohn. So I just got off the phone with a client who is going to... Our conversation was, "Should you create a mid-tier digital product course or should you create a membership? And if you create a membership, how do you sell said membership?" Now we've been working together for like four years now, so he has wanted to have a membership for a really long time and I've been encouraging him to have a membership. But will the membership make more money than the mid-tier digital course? That's really the question. So one of the things that we're talking about was this idea of urgency. So his question was, "Do I have a membership that I leave open forever, like for all year long? Or should I close up the membership and create the urgency because the membership is closing? And then relaunch the membership twice a year?"
So this snippet that you're about to see, I ripped it out of our course called funnel formula. And it's going to walk you through this idea of creating urgency in product launches. Then we're going to come back and we're going to relate this back to the membership site.
So if you have a product that you launch once a year or maybe twice a year, then these launches work tremendously well for that, this type of product. You can create evergreen product launch formula funnels, you can absolutely do that. But oftentimes being that they're evergreen like you can even have an expiring countdown, but being that they're evergreen, they just kind of lose some of their luster. So oftentimes what you do is you build the list in the time that this product is not for sale and then you create the event and just blast everybody to this multi-video launch sequence when you open it up to the public. But no matter what you do, you really want to expire this launch because it just creates urgency. You know people, they fear the loss of it closing down or they fear the loss of a price hike or whatever. So you expiring the sale creates the urgency in the buyer and then you're going to have a spike of sales the day that it launches and the day that it closes down. And sometimes you can do what is called the waiting list relaunch where a couple of days later say, "Well there were some duplicate orders or whatever, I'm clearing them out." And then open it up again for 48 hours. That is also pretty popular in this product launch mix.
All right, that was awesome, right? So urgency in product launches, now most of these multi-video product launches, which is what we're talking about in that funnel formula video, the product launches themselves you kind of go through this multi-video launch sequence and then you close down the offer at the end. Well, in relation to the membership sites or the membership content, there's a lot of different schools of thought about membership. So there is a guy who, he was a co-founder of Wishlist Member, his name is Stu McLaren, he actually created a membership site, a membership course, that teachers how to sell memberships. And his big thing was you launch this thing twice a year. So you launch this product and then you basically close it down and then because every membership has churn, then you're going to lose some of your members at like month three, month four, month five. And he had like a waiting list formula that he would invite people in from the waiting list just so he didn't lose a bunch of money through churn. But then there was a big public opening again a couple of months later.
So we were talking about this urgency thing and you're always going to get a spike of sales the first day that something is opened and then the last day it's open. So the day right before it closes down. It's when most of your sales are going to come in. You can put like a waiting list relaunch after the offer closes. That's up to you. Some people, including myself, think it's kind of a douchebag move, so we don't necessarily do that, although we have had clients do it before. But if you're going to close something, just close it and be done with it, and then open it up again five or six months down the road. That's typically what we like to see happen. But the urgency is a model that you absolutely have to employ one way or the other. Whether it is an urgency that your membership is closing down or it's urgency that your bonus is expiring or urgency that the price is going up. There needs to be some sort of urgency to close out any promotion.
So if you would like to learn more about multi-video product launch sequences, or any of the other eight types of sales funnels that we have, just exhaustively taught inside funnel formula, click here to check out Funnel Formula.
And if you would like us to map out and build your sales funnel, run your traffic, or at least give you an idea about how it call comes together - click here to watch the Sales Funnel Build video and book a call with us!
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