3 Mental Keys That Helped This Company Sell $250,000 Worth of Product in 25 Minutes
And they did it all without Kickstarter, viral marketing or millions of social media followers.
Read the full article HERE.
In all bluntness, getting initial sales for a company is typically only slightly easier than frosting a donut with your eyelashes. And if nobody's ever heard of you, the basic assumption is that you're going to have to do some major hustling to slowly get traction.
But apparently MAGFAST, which offers a line of phone chargers, didn't get that particular memo.
When MAGFAST launched at 12:35 p.m. on March 31 two years ago, they raked in a haul of $250,000 in just 25 minutes. And by the end of the day, they had an enviable $600,000 to play with.
Social media following and presence? Nope.
Viral marketing techniques? Nope.
Surely, Indiegogo, Kickstarter or another crowdfunding platform? Also nope.
Seymour Segnit shares that, to achieve MAGFAST's feat, he and his team of expert engineers and marketers bypassed the now-typical recipe for launching and went totally old school, launching alone on their own website. And the real work was mental, with everyone rallying around three simple but critical concepts for a successful product launch.
1. Assume you'll succeed (and prepare accordingly)
Combine any great niche product with a well-timed launch and you've got the potential for big profits. But what happens if you're overloaded with traffic and your website crashes? (Obamacare, Amazon Prime Day, Bitcoin and the Stranger Things purple hoodie all come to mind.) You could be talking about thousands of missed sales in a tiny amount of time.
As a startup, preparing as though everyone is going to want you is even more critical, because you only have a teeny window of time to quickly build visitor trust and get your visitor to actually make a purchase. If you have any performance or site hiccup, you'll inevitably get a customer 'bounce' or 'exit'.
Instead of a traditional website, MAGFAST used individual landing pages to serve the content and prevent crashes. They hosted their video presentation on Youtube, and they used Stripe as their payment gateway.
The result of their meticulous planning? Absolutely no technical difficulty on launch day and a fantastic initial user experience.
2. Pay attention to what works, and copy it closely
Certain psychological elements always are working in your customers. And to a degree, all successful launches will play on these elements. That means that, while you want to be clear about how you stand out, you don't necessarily have to reinvent the wheel, since there's a bit of a formula to what and how to communicate. Copying what another successful company has done thus becomes a no-brainer ticket to your own success.
Over five and a half months, Segnit studied Apple's initial iPhone launch -- largely regarded as one of the most successful product launches in history -- and designed a video presentation that mimicked its effectiveness. From the exclusivity and "fear of missing out" (FOMO) embedded in the product description, to the secret video launch veiled in mystique, aspects of Apple model featured heavily in Segnit's plan, providing exactly the rich outcome MAGFAST wanted.
3. Actually make your product better (and help customers realize what's great)
When you carry out a "secret" product launch that's meant to surprise and impress, you ideally should give the audience more than they expect. So did MAGFAST offer simplified charging?
Check. Sleek design? Check.
What did nobody expect? A phone charger that could literally jumpstart a car battery.
Now that is unique.
But the mere presence of the uniqueness doesn't get you across the finish line--you also have to help your customers be aware of and understand what's different.
"The first thing we did was to think really, really long and hard about why MAGFAST products are an order of magnitude better than what everyone is used to," says Segnit. "It's not enough to be way better, you have to articulate it clearly."
Granted, your company isn't MAGFAST, and you have to take the individuality of your own business into account when determining what's going to work. But Segnit's points show that a successful product or company launch doesn't have to be particularly complex or lean on modern bells and whistles. It just requires you to prepare well in faith, and to leverage a solid grasp of what drives your buyers. And great communication is as vital as what you've got to sell.
"I think any business could do what we did for this launch," Segnit asserts. "It just requires a lot of focus and no small amount of time!"
PUBLISHED ON: JUN 6, 2019