In fact, just a few weeks back, we launched the Level 2 ConnectedCoach Blueprint, exclusively for CoachNow PRO members. The course is all about empowering entrepreneurial coaches to create new automated revenue streams for their business.
At CoachNow, we understand the challenges you face when it comes to promoting and selling you coaching. Level 2 is meant to serve as a game plan – helping you hit the ground running and expediting your growth.
For today’s post, I’m gonna share one of the most popular nuggets from module 2: The 7 Step Launch Checklist.
My goal with this checklist is to give you the basics of everything you need both pre- and post-launch to help you hit all your targets (and, importantly, know what your targets ARE).
Let’s get to it.
(1) Conversion Rate
Conversion rate refers to the percentage of people who take action, such as making a purchase, signing up for a newsletter, booking a coaching consultation, etc.
Setting REALISTIC expectations for your conversion rate is crucial when you get started. In my experience, many coaches are surprised that industry standards for conversion rates typically fall between 0.5- 1%.
Seriously. If 1% of the people who see your offer are converting, that should be seen as a success.
To improve your conversion rate, you can A/B test different elements of your marketing strategy, such as subject lines, calls to action, and landing pages.
You can also consider offering incentives, such as discounts or free trials, to encourage people to convert.
It’s gonna vary from business to business, but it’s important to track this metric every step of the way as you are experimenting with new products and marketing strategies.
(2) Price Elasticity
There is quite a bit of variability in pricing within the coaching industry. As such, it’s essential to experiment with price early on to find what works best for your business.
To help with price sensitive athletes/ parents, it might be worth introducing payment plans. For example, instead of charging $200 for a course upfront, you could offer a payment plan where customers can pay in installments.
Such tactics make your products more accessible to a wider range of customers and increase the chances of making a sale.
You can also gather feedback from potential and existing customers on pricing. This can help you understand if the price is too high, if the value proposition isn't clear, or if there are other factors at play.
By gathering this information, you can continue to refine your offer and find the right pricing strategy that works for your business.
(3) Urgency or Scarcity
Every launch should include some urgency or scarcity. You only have their attention for a short window - make it clear that they need to act then or risk losing the best deal.
I won’t belabor this point too much, since we are all familiar with this concept in our everyday lives.
My one piece of advice: make sure the urgency or scarcity is real.
People can see through false claims, especially with companies that seem to always be running a “limited time” deal.
In a similar vein, if you’re selling an ebook, don’t act like there’s a limited number of copies. Everyone knows that’s not true.
(4) Pre-Launch Content
Think of Pre-launch content in terms of a movie trailer. Movies don’t just release on one day - they plan out several months of “hype-building” that culminates into a launch.
Try doing the same with any products you launch. Tease the ideas slowly and maintain a sense of momentum to keep your audience engaged and interested.
It's essential to have a clear plan in place for your pre-launch content, including a timeline and a strategy for distributing it.
You should also consider how you will measure the success of your pre-launch content, such as tracking email open rates, website traffic, conversions to paid customers, etc.
(5) The Offer
When creating an offer, it's essential to focus on value and make it as appealing as possible to your target audience.
Importantly: you want people to feel like they would be missing out if they don’t act.
To increase the appeal of your offer, you can use tactics like urgency and scarcity, which can create a sense of FOMO (fear of missing out) and encourage people to act.
You can also consider offering bonuses, such as additional resources or special discounts, to sweeten the deal and make it more attractive.
Focus on clearly communicating the value that you are providing and why it is worth investing in.
For more on crafting an irresistible coaching offer, check out our popular blog on the topic: 3 Tips for Crafting an Irresistible Coaching Offer.
(6) Positioning
It's essential to identify who your product is for and why they would be interested in it. This process may seem daunting, but getting your audience right is worth its weight in gold.
When positioning your offer, it’s crucial that you have a compelling "hook" that captures the essence of your product and distinguishes it from your competition. In the coaching world, this could be testimonials from past clients, an engaging photo showcasing your coaching, or a memorable tagline.
For more on the importance of the Hook, check out this past post: “Hook, Story, Offer”: What it is and Why You Should Care as a Coach.
If a launch isn't as successful as you'd hoped, you may need to adjust your positioning to better align with the needs and interests of your target audience. As with all things in marketing, you’re likely going to need to iterate several times to get it right.
(7) Confirming Demand
It's essential to ensure that there is interest in your product before investing the time and resources to build it. Here I call this “confirming demand”
At CoachNow, we confirm demand for all our product launches through “pre-selling” i.e. giving our existing customers early access to new products we’re working on.
This has several benefits. For starters, it can be a helpful way to generate early buzz and sales for your product, which can then inform how much budget and time you allocate towards your launch.
Additionally, it enables you to gather feedback through surveys, focus groups, and one-on-one conversations to get a better understanding of whether the product delivered on the promises you’re making in your marketing. The feedback you’ll hear from these early-bird customers will likely be highly valuable and make your final product that much more appealing.
Before you’ve put too much effort into any new product launch, be sure you confirm the demand. Doing so helps you increase the chances of success while also protecting your time and energy that could be spent elsewhere.
Well, there you have it! These are the 7 things you need to keep in mind when launching a new product or offer.
We hope that this guide has been helpful and that you feel more prepared to take on your next launch.
If you want to learn more about these topics, be sure to check out the Level 2 ConnectedCoach Blueprint, included with CoachNow PRO.
Good luck with your launch, we can't wait to hear about your success!
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