Ready to launch a new product, service, or program? You’ve likely been toiling away, conducting research, having meetings, developing prototypes, and probably consuming more coffee than is recommended. But now you’re poised on the brink of your launch. You want a splash, not a flop. So, how do you go about it?
“Ah, the million-dollar question,” muses Danielle with a wry smile. “You could look to the ‘usual suspects’ of launch strategies, but there’s an unsung hero that often gets overlooked – behavioral marketing.”
It’s clear we’re not just talking about launching products here. We’re talking about launching them into the stratosphere. The tools to get us there? Behavioral economic principles.
First up, we have scarcity. “It’s simple,” Danielle states, “People want what they can’t have. Make your product seem rare and exclusive, and watch as people trip over themselves to get it.”
Next, in our toolbox, we have social proof. In an age of influencer endorsements and TikTok virality, what others think matters. “Get people buzzing about your product on social media, pepper in some influencer endorsements, and bam! You’ve just supercharged your product’s desirability.”
Loss aversion is another handy trick to pull out of your hat. “Customers hate missing out,” Danielle notes. “So, underline what they stand to lose by not snapping up your product right away. The fear of missing out can be a potent motivator.”
Anchoring and the decoy effect are two more psychological nuggets that can boost your product’s appeal. Start with a high price (the anchor), then slash it with a discount. Or introduce a similar but less appealing option (the decoy) to make your product shine in comparison.
In the product launch arena, the Fear of Missing Out (FOMO) is the equivalent of a heavyweight champion. “It’s all about scarcity and a ticking clock,” Danielle explains. “Countdowns, limited stock indicators, and messages stressing the fleeting nature of the offer. It’s less a gentle nudge, more a cattle prod of motivation.”
And let’s not forget about reciprocity. Give a little to get a lot. Offer potential customers something of value, and they may feel compelled to reciprocate by purchasing your product.
Incorporating these principles of behavioral economics into your launch strategy is like adding rocket fuel to a bonfire. It’s not about being pushy; it’s about understanding your audience and making the most of human nature. “Ultimately,” Danielle concludes, “You want to choose the marketing angle that most excites and attracts your audience. And remember, a product launch isn’t just a one-time event. You want to keep that buzz going before, during, and after the launch.”
Think about the hysteria when the cronut was first released. That’s the kind of pandemonium you can trigger when you incorporate behavioral economics into your launch strategy. After all, who doesn’t want customers clamoring for their product like it’s the last cronut on earth?
Danielle Fitzpatrick Clark’s Professional Bio:
Meet Danielle Fitzpatrick Clark, the CEO and Founder of Influence Builder and Influence Builder Club, a community for entrepreneurs and small business owners. Danielle is known as a Digital Disruptor among her clients and colleagues for her unique approach to finding the best pathway to success in digital marketing. With over 16 years of experience, her growth strategies have helped clients build impactful platforms, increase profits by 10x, and gain visibility and recognition without struggling on their own. You can access more of Danielle’s knowledge by visiting her platforms listed below:
Website: https://influencebuilder.club/
Facebook:https://www.facebook.com/groups/influencebuilder
LinkedIn: https://www.linkedin.com/in/danielle-fitzpatrick-clark/
