No, it isn’t.
(Way to be decisive Michele!)
Before I dig in, I want to start by defining “product launch.”
Product launches aren’t new. Businesses have been crafting campaigns to launch a new product or program or service for as long as they’ve been creating new offerings. Turning the unveiling of a new product into an event is a pretty standard business and marketing strategy.
However, with the arrival of the Internet, and thanks to a man by the name of Jeff Walker, the product launch now has a completely different meaning.
Walker has crafted a specific formula called PLF, or Product Launch Formula, that has made thousands of entrepreneurs thousands (if not millions) of dollars.
The formula typically consists of dripping content out (three 20-30 minute videos is pretty common) which leads to opening the cart (or offering the product for sale) for a short period of time. Typically, during the time the cart is open, more content is dripped via webinars or livestreams or coach-a-thons.
Now, just because you decide to launch a product doesn’t mean you have to have all those bells and whistles. There are plenty of simplified launches that consist of a webinar or a livestream that leads to an offer.
Or maybe there’s an “in between” that would work for you. Really, the variations of how you structure a product launch are endless.
However, when we’re talking about launches that generate multiple six or seven figures, you typically need to create more launch content than a single webinar, which is why the Product Launch Formula has been so successful.
Until recently, that is.
Over the past couple of years, the big, elaborate project launch has lost a bit of its luster. Many entrepreneurs who had relied on them for years as a major part of their business income began experiencing dwindling returns.
So IS this the end of the product launch? Or is something else afoot?
Let’s dig in and find out.
Scenario 1: Yes, product launches are dead.
Once upon a time, it wasn’t uncommon for entrepreneurs to build their entire businesses around the product launch.
For those entrepreneurs, life was fabulous. Sure, they had to work hard during the launch, but launch windows are deliberately short (a few weeks at most) and the rest of the year they could spend posting selfies of themselves hanging out at the beach on Facebook.
Alas, that golden time of product launches appears to have come to a crashing halt.
Now, before you start posting comments or writing me emails letting me know about all the entrepreneurs who are still doing this successfully, let me just say that yes, I’m sure that’s true.
BUT, I will contend they are more the EXCEPTION, not the rule.
The overall trend is that one or two product launches can’t sustain a business for a year anymore.
This is partly because product launches became a victim of their own success. They were so successful, everyone started doing them, and the more people did them, the less effective they became (see this post for more about this cycle).
However, the reality is that this was never a good business model anyway. Relying on ONE thing for your yearly income is actually a really crappy way to run a business. It doesn’t matter what the one thing is, it’s never a great idea to put all your eggs in one basket.
So, in this case, I would say yes, product launches are dead, IF you’re relying on them as the entire financial model for your business.
Scenario 2: No, product launches aren’t dead.
It’s been my position for years that the product launch is an excellent tool to have in your marketing toolbox (note: it’s a tool, not the entire box) IF viewed in its proper context.
For many entrepreneurs, the product launch is about:
- Making money (sometimes a lot of it … sometimes not so much).
- Building your email list (which you’ll need for all the promoting you’re going to have to reciprocate for all the folks who are jumping into your launch).
There’s no question product launches are great in both of these respects. But, there are more benefits of product launches:
- They can grow your exposure and visibility. Product launches give you an excuse to email your prospect list more than normal, to advertise on social media sites (or just do more organic posting), and to have other people promote you. All of the above will help you get more exposure and visibility. Even if your ideal prospects don’t opt in to your list (which is, of course, the most desirable action), the sheer fact they’re getting an introduction to who you are and what your business is about is huge, and can reap big rewards down the road.
- They can grow your credibility. When other people recommend or promote your work, they’re sharing their credibility with you. This is an excellent way to build your reputation and your influence.
- They can jumpstart your marketing momentum. It happens to all of us; we get stuck in a rut, especially when it comes to marketing and sales. Sometimes the best thing we can do for ourselves is launch something. The sheer act of launching generates energy and momentum that can carry over into other areas of our business, even if the launch itself isn’t as financially successful as we would like it to be.
- They can push you out of your comfort zone and cause you to face your fears. I’m a big believer that everything you want is on the other side of your greatest fear. But, for that to happen, you need to actually, you know, FACE your fears. So, you’re likely going to have to take some action to make your fears surface. And launches are an excellent way to trigger those fears, so you can move through them. (Plus, it doesn’t matter if your launch is a big failure OR a big success–both of those outcomes will likely trigger more blocks and fears.)
My belief is that, if you view a launch as a more holistic tool that will (hopefully) also generate some additional revenue for you, you’re far more likely to be happy with the results. If you’re just focused on how much money you’re making, you’re far more likely to not only spend the entire launch completely stressed out, but to also be disappointed by the results (and who wants to put herself through that?).
Scenario #3: It depends.
At the end of the day, it’s really up to how you view the product launch if you consider it dead or alive and kicking.
In my view, product launches can be an excellent tool in your toolbox, so if that’s how you’re using it, a product launch can be exactly what the doctor ordered.
If you view it as a holistic tool, suddenly you’ve opened the door to different ways to launch a new product.
If you don’t want to create three videos and a webinar and a livestream and line up a bunch of affiliate partners, you don’t have to. You can choose the precise love-based marketing tactics and approach that makes your heart sing.
And it still can be successful.
But, if you’re relying on a product launch to financially fund your business for six months or a year, it may not be the wisest choice.
I’m a strong believer in creating a business you love AND that loves you back, and making peace with the product launch is key to that. I’ve seen too many entrepreneurs freak out, melt down, abandon their normal self care practices, even abandon their integrity and compass, all because they’ve turned the product launch into something bigger than it was ever intended to be.
For instance, I’ve seen entrepreneurs who are typically rock solid around carving out time for meditation or exercises stop all of that during a launch. And, if their businesses are all about mindset practices, along with being out of balance when they need it most, they’re also out of integrity with what their business stands for.
Or, normally love-based entrepreneurs switch to fear-based marketing tactics in the middle of the launch because they’re panicking over the numbers.
When the smoke clears and the launch is over, along with dealing with whatever the results of the launch were, they now also have to deal with the remorse of losing their way during the process.
Needless to say, that’s definitely not the way to build a love-based business.
The good news is it doesn’t have to be this way. It’s completely possible to enjoy all the benefits of the product launch without it descending into a launch hell, and it starts with you being clear on how it fits into your business.
If this resonates with you, you may like to take the teachings deeper with my book, “Love-Based Online Marketing: Campaigns to Grow a Business You Love AND That Loves You Back.” It’s available here.