CHAPTER 2 The Product Launch Formula Explained Flashcards
What was John Gallagher’s initial financial situation?
He relied on food assistance to help feed his family.
What was the name of the board game created by John and his wife?
Wildcraft: An Herbal Adventure Game.
How much money did John borrow from his dad to start his business?
$20,000.
What was John’s initial sales outcome at his launch party?
He sold only 12 games.
What term describes the marketing strategy John used that ultimately failed?
Hope Marketing.
What did John do after his initial failed launch?
He searched for help about launching a product online.
What program did John find to help with his product launch?
Product Launch Formula Coaching Program.
What was the result of John’s second launch using the Product Launch Formula?
He sold 670 games, bringing in around $20,000.
What was the sales increase percentage from John’s first launch to his second launch?
An increase of 55 times.
How many copies of Wildcraft has John sold since his first launch?
More than 150,000 copies.
What is the significance of having an email list in product launches?
It combines with PLF to create significant sales opportunities.
What did John start with when launching his business?
A borrowed laptop and a free Internet connection at the library.
What was the author’s first launch sales figure?
$1,650.
True or False: John Gallagher went from food stamps to a six-figure income.
False; he went to a seven-figure business.
What kind of businesses can be created in the entrepreneurial direct marketing online world?
Businesses with low investment and quick startup time.
What was the environment of the Internet like when the author started?
More like the Wild West than a normal business environment.
What types of information did early Internet businesses primarily focus on?
- Information that solved a problem * Entertainment content.
What does the author suggest about the majority of initial online businesses?
They didn’t last very long.
Fill in the blank: The author describes a world where businesses can be created from the ______.
ether.
What is one of the key benefits of the entrepreneurial online business world mentioned?
It allows income to become leveraged.
What was the author’s experience with the growth of the Internet?
The growth rate was exponential.
What did Jeff Bezos seek advice on in the early days of Amazon?
Creating an affiliate program.
What is the Product Launch Formula?
A system to get your target market so engaged with your product that they almost beg you to sell it to them before the product is released.
In what year did the author start developing the Product Launch Formula?
1996
When did the author start teaching the Product Launch Formula to clients?
2005
List the three factors that have changed the way business is done due to the growth of the Internet.
- Speed of communication
- Cost of communication
- Interactivity
True or False: The cost of communication has increased significantly with the advent of digital media.
False
What is ‘Hope Marketing’?
A marketing approach where you create a product or campaign and hope it does well.
What is the Pre-Prelaunch phase in the Product Launch Formula?
The phase where you start building anticipation among your most loyal fans and gauge market receptiveness.
What are the four primary sequences in the Product Launch Formula?
- Pre-Prelaunch
- Prelaunch
- Open Cart
- Post-Launch
Describe the Open Cart phase.
The day you send the offer for your product or service and start taking orders.
What is the purpose of the Post-Launch phase?
To follow up with clients and prospects, deliver value, and build your brand.
Fill in the blank: Stories are powerful because they are how humans have passed down _______.
[wisdom, knowledge, and culture]
What is the significance of stories in marketing according to the text?
They make your business and marketing memorable.
What type of feedback do businesses receive through interactivity?
Nearly instant feedback on how messages resonate with the target market.
True or False: The communication fog refers to the overwhelming amount of information we receive daily.
True
What should businesses focus on instead of relying on a single marketing message?
Sequences of communications that build on each other.
What does the term ‘triggers’ refer to in the context of the Product Launch Formula?
Mental triggers such as authority, social proof, community, anticipation, and reciprocity activated during Prelaunch.
What does the author suggest about the format of Prelaunch content?
It can vary widely, including videos, podcasts, emails, and live broadcasts.
What is one example of a successful marketing strategy mentioned in the text?
Hollywood’s marketing campaigns for movie releases.
Fill in the blank: The level of information each person is subject to daily is _______.
[staggering]
What does the author compare the marketing environment to?
The ‘communication fog’.
What is the aim of the Prelaunch phase?
To romance your market with high-value content and address objections.
What is the potential benefit of creating massive anticipation for a product before its release?
It can provide instant momentum for your business.
What is the author’s stance on banking the future of a business on hope?
It is not advisable; businesses should take control of their success.
True or False: The author believes that the world will revert to old ways of doing business.
False
What is the role of the ‘shot across the bow’ in the Product Launch Formula?
It starts the Prelaunch campaign by engaging potential clients in a conversation.
What is the primary purpose of a launch sequence?
To communicate your story to your prospects
The launch sequence is considered a hidden weapon of PLF.
How many pieces of content do most Prelaunch Sequences typically have?
Three pieces of content
This structure mirrors the three-act play commonly found in movies and novels.
What are the three primary sequences in a launch?
- Pre-Prelaunch
- Prelaunch
- Launch
What are mental triggers?
Influences that affect our decisions and behaviors, often below our consciousness.
What is one example of a mental trigger?
Scarcity
Perceived scarcity increases the value of an item.
What effect does viewing someone as an authority figure have?
It increases the likelihood of being influenced by that person.
How does community influence behavior?
People tend to act according to how they think others in their community should act.
Are mental triggers timeless and universal?
Yes, they exert influence across languages, countries, and businesses.
What is the ultimate opportunity provided by a launch sequence?
To activate mental triggers that influence prospects and clients.
What should you consider combining for a powerful launch?
- Sequences
- The power of story
- Mental triggers
What is the outcome of combining multiple mental triggers?
Creates a powerfully influential message.
What should the story in a launch do?
Connect your offer to the hopes, dreams, fears, and aspirations of your future customer.
What significant result did John Gallagher achieve using the launch formula?
Sold 670 games instead of 12.
What metaphor is used to describe an email list?
A metaphorical printing press that allows for legal money printing on demand.
What will be covered in the next chapter?
The importance of an email list.
True or False: The structure of the launch sequence is arbitrary.
False
The structure follows proven patterns like the three-act play.
