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Transcripts: IBM 110 | What No One Else Will Tell You About Six-Figure Joint Venture Launches

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Sterling: This is Internet Business Mastery, episode 110.

In a world where bosses control your life, and thoughts of escape fill your mind, where inspiration seems dead and cynicism rules the masses. You have a desire to break free; you feel the need to take control. Now there exists a place where the secrets of freedom and wealth are given to those who believe. Internet Business Mastery.com – free your mind!

Sterling: Hello, and welcome to Internet Business Mastery online at Internet Business Mastery.com, I’m Sterling….

Jay: And I’m Jay….

Sterling: And we’re here to help you escape the ‘9 to 5’ and live the lifestyle of your dreams by turning your life’s passion into a profitable internet business, even if you’re just getting started today. On this episode of Internet Business Mastery, we reveal what no one else will tell you about 6-figure joint venture product launches. And in the Quick Tip, we share a great tool for tracking how many people watch your videos and for how long.

And we’d like to remind you that if you’d like to get a jumpstart on creating your own profitable internet business using our proven system, you can claim your risk free trial membership to the Internet Business Mastery Academy by going to freeaudiogift.com.

So Jay, what’s going on?

Jay: Well I’m getting excited for a free webinar that we’ve got coming up for all of our listeners, our followers.

Sterling: Ah, yes.

Jay: Anybody who’s been listening to Internet Business Mastery for a little while has probably heard us talk about how we love using virtual assistants and in our business, people who do a lot of the work for us. That’s what allows us to not to have to work 40, 50, or 60 hour week. We work as little as 20 hours in a week on our business. A couple of years ago, John Jonas, a good friend of ours, he was one that really finally shined the light on the right way to do the whole outsourcing offshore for virtual assistants which really kind of cracked the code for us and literally changed our business.

And investing in that kind of help for our business I think is one of the best investments we’ve made in the whole history of Internet Business Mastery. And so I’m excited because we went to John and was talking to him on the phone just a few days ago and said, “You know John, I’m sure you’ve got some new things you can share with us about outsourcing and finding virtual assistants and working with virtual assistants to even make it that much easier for people.” And he said, “Oh yeah, I’ve got a really good presentation I could do for you guys.”

So he’s agreed to come and do this presentation for free for us. Really instead of having to go and pay him for his consultation, I said well how about you come and…and now we get to learn all the secrets that he’s come up with in the last two years about outsourcing.

Sterling: Yeah that’s one of the upsides of doing a show; you can get your knowledge by just saying, “Hey, come be on the show!” Or, “Come do a webinar for us because we want to know the secrets too! What new do you have that we might not know about?”

Jay: Yeah so it’s going to be awesome, I’m looking forward to that.

Sterling: Well and I guess the registration for signing up for the webinar is open now, so definitely if you’re interested in learning all about virtual assistants and learn how to basically replace yourself in your business in terms of at least the stuff you don’t enjoy doing, you can go to InternetBusinessMastery.com/VA as in Virtual Assistant which is VA. So again – InternetBusinessMastery.com/VA.

And now the featured segment…

Jay: Well last episode we talked about how we recently launched the Traffic Attraction Formula; we did a big launch with lots of joint venture partners. We had run the launch already during the summer but then we had a lot of partners who wanted to launch it out to their list as well and offer it to their email lists, their followers; their customers.

And we ended up having the biggest launch that we’ve ever had, learned a lot of really good lessons. We talked a lot about product launches over the history of Internet Business Mastery, and we’re not going to go into as much as to what a product launch is in this particular episode, although I guess for those who might not be completely familiar, I do want to give just a quick definition.

When we talk about a product launch, we’re talking about when you have a new course or a new eBook or something that you want to bring to the market, you want to offer to your list, you want to offer maybe to other…get other people promoting it, build a lot of buzz for it in the marketplace. It’s kind of like of when a blockbuster movie is being released and you see lots of ads, and trailers, and interviews on the nighttime shows and you’ll get lots of people talking about it, people blogging about it, and then all in that one weekend when the opening weekend they try to make the most of their money, or they do usually make most of their money in that opening weekend.

And so it’s a way for building a buzz and making a lot of money all at once and even making potentially as much money in a week or two as you would over an entire year for that particular product or maybe even for your whole business. So product launches definitely have been a big part of our business every time we’ve brought a new coaching course to the market. You’ve probably seen us do a product launch where we release a whole bunch of free content, get people really interested and excited about what it is that we’re doing and then we make an offer at the end over that couple of weeks.

All those videos are coming out at the end of that and we open up the course for enrollment and that’s what we did with Traffic Attraction Formula. So in this episode, we wanted to share with you some of the lessons that we learned from that biggest ever product launch that we had for our business, it was multiple 6-figures, lots of JV partners on board promoting to a lot a people, and a lot of people signed up for the course. And as you can imagine with a big experience like that, there are going to be a lot of interesting things that come up and lessons that get learned.

So we wanted to take you inside behind the curtain, what’s the real nitty gritty of what goes on there and what are the lessons that you can learn for your own business. So we have about five lessons here we want to share with you. And another thing we want to point out is that these get quite complex. There’s a lot of moving parts, when you try to bring a lot of joint venture partners on board, and you’ve got to sync up all their schedules, and you’re potentially going to have hundreds of thousands of people hitting your web page or maybe just thousands, a lot of people watching a video and people might have trouble watching the video.

And joint venture partners are wondering oh when do I mail, what do I mail to my list? Lots of moving parts so things are going to go wrong, and you can pretty much count on at least a few brush fires coming up. It definitely…you do kind of work for it when it comes to these product launches. You make a whole lot of money and in the end for the time and effort you put in, it works out pretty well. But it is going to be…a lot of details to attend to.

Sterling: Well and like you said in the last show, no more four-hour work weeks when you’re doing a launch.

Jay: Right, you pretty much gear up for working a little bit of overtime.

Sterling: Yeah.

Jay: But the hourly wage definitely pays off when you see the payday at the end of the day. So what you want to keep in mind here is that you want to make sure that you kind of have a dress rehearsal first. A lot of people are going for that pie in the sky, oh we’ve got to get a whole bunch of joint venture partners to launch this thing out there and maybe that’s what they see a lot of are these big product launches and so that’s what they start aiming for right away but the truth of the matter is, you want to start launching products even before you have tons of joint venture partners, even before you can do these big volume, big buzz launches.

Even if it’s just to your own internal list, even if that list’s only got a few hundred people on it or something, you should start launching your product sooner than you think. And really once you feel the time is right and you’ve got a bit of feedback and enough people following you that you can survey them and kind of get some input on what it is that they want it’s good to go ahead and just do an internal launch, what we call an internal launch – meaning it’s just to your own personal email list for your business.

Or if you don’t have a list yet, maybe finding one, maybe two trusted partners that you have a good relationship with so if everything doesn’t go perfectly it’s not going to totally ruin your relationship with them and go ahead and get that first launch…get that notch in your belt, get it taken care of and think of that as a dress rehearsal for future launches that you might do.

Sterling: Yeah, and basically on our first launch we just gave it a shot. We just kind of went okay, let’s do this particular product, which happened to be a coaching course, and let’s just offer this many spots because that’s all we know we can possibly handle because we’d never done it before. We’re like oh we’d better do only this many spots to make sure we can do this and then we just did it.

But the interesting thing is, is because we just did a nice small launch and actually even back then we used Jeff Walker’s Product Launch Formula I think number one it must have been way back then. And we just did it, and we filled all the spots, but what happened was when we were able to launch the second time, we did even better because we learned all sorts of stuff from the first launch and we got better at the sequencing and how to do the emails and this kind of stuff. So it took that first little launch of just okay, we’ve never done it to this list, let’s try it.

We had no idea what to expect really and just gave it a shot. So that’s how we’ve seen how this works. Like it took, we’ve done quite a few launches now before we were able to do this big massive launch to big people and happily enough it was…we started with Jeff Walker’s course and this time we had Jeff Walker helping us. So that’s kind of a cool upgrade as well.

Jay: Absolutely. So the big lesson here is, get that first launch done. Go ahead and you can launch sooner than you think, do an internal launch first though before you ever jump to these big joint venture launches because you get everything proofed out, some numbers that you can take to your joint venture partners, you can tell them what your conversions are like, how much money you make and things like that so that when you do launch out to their lists, you know that you’re putting your best foot forward and hopefully will then maintain a strong relationship, an ongoing relationship because everything went smoothly for those joint venture partners in your big launch as well.

Alright, lesson number two is you don’t necessarily need fancy videos. Now if you watch the Traffic Attraction Formula videos, we did spend quite a bit of money on them and we got a videographer, we were in a nice studio, we had a teleprompter, we did it on green screen, we had professional editors that edited it up for us and we kind of went up another notch. We wanted to try that because we’re always wanting to try new things so we can tell you what works and what doesn’t work.

The very interesting thing is that’s what you see a lot of, in fact there’s even a couple of guys in the internet marketing industry who are…that’s what they’ve done for a living and I guess who are fortunate enough to have Sterling who also did some video editing in the past. And so you do see some pretty fancy stuff at least in the internet marketing industry but I don’t want that to intimidate anybody. We definitely want to put you at ease a bit here because in the last few years we’ve done a variety of different things.

We’ve done some very basic just screen casts that we’ve put out there, we’ve just kind of grabbed whatever camera we have and make videos before for our launches…

Sterling: For instance, we get a camera ourselves and just push play and run and sat down.

Jay: Sitting down on our little beach chairs on the beach.

Sterling: Yeah that’s funny.

Jay: So if you can just grab a Flip camera, you can just use Camtasia or whatever to do a screen cast. It will work just fine. The truth is, nobody’s really that I know of tested back to back of a simple video versus a more souped up fancy edited video. And in the end, it’s more about authenticity, it’s more about having a good message and more about just answering people’s questions and taking care of their concerns before it comes time to buy so that they’re kind of greasing the wheels and making a frictionless process for them so when the time comes, they’re just like, “Yeah, it makes sense. I’m just going to buy this thing.” And so don’t get intimidated by the super whizz bang fancy videos that you see out there.

Sterling: Yeah, and I think that one of the things I would mention about this is you basically have to be appropriate with your market. I mean most markets aren’t going to need the super high professional animation and green screen and the stuff that we did. Like especially if you were coming to the market with a knitting product let’s say, or maybe a dog training product wouldn’t need all that fancy stuff. Now if you’re coming out with a product for lawyers or something that might need a little more professional maybe upgrading it a little bit, but you’d actually be really surprised how just being authentic and being passionate about what you’re offering your audience just goes so far to overcome any of the maybe lower end looking videos as long as your sound’s good. Sound is really important.

Jay: Sound is definitely very important. So the big lesson here, you’ll have a great product launch even if you just use simple flip camera or a simple screen cast video. Don’t think that you have to wait until you’re ready to win an Emmy before you can do your launch videos.

Okay, number three is you probably only need just a few key joint venture partners. You’ve probably seen some of these big joint venture launches where it seems like everybody in the world is sending emails about the product launch or there must be dozens and dozens and dozens of people who are affiliates for that particular launch who are trying to sell that product, creating tons and tons of buzz in the market, and that definitely is a very cool effect to have. However when all is said and done probably 80% of your sales are going to come from just a small group of key affiliates.

Sterling: Yeah and really for us, I believe it was well under ten of our affiliates made the majority of money. So our ratio might be a little bit…even less. It was just a tiny handful that made the entire bulk of the money and then all the rest made little amounts of sales that all added up to quite a bit but yeah, that 80/20 on the affiliates is definitely something we’ve seen in person.

Jay: So definitely focus on just getting those first few key partners, ones you know that are a good fit, who have a well targeted list for your stuff, that are going to support you well, who are going to mail often and really do a good job recommending your stuff. It would be better to just have three or four of those than to have a list of a hundred affiliates or even a thousand affiliates. So definitely use that 80/20 rule and focus it.

Now the fourth point we want to make here is, big launches, they are a lot of work. And we’ve already kind of touched on that so one thing…we got done with this huge joint venture launch and tried to take that and get the schedules synced up for all of the joint venture partners to where they had an opening because they’re all trying to promote different things, they’re all trying to promote their own things. You’re not the only one probably approaching them with an opportunity.
They’ve got to weigh the opportunity costs, they could do your promotion or they could do someone else’s, which one is going to pay off for them most? So all of that negotiating and getting people on board, and getting them committed and then getting them all the information that they need, it can be a lot of work and very, very tiring. It’s probably one of the most tiring parts of this whole process of this big product launch, I know for myself.

So moving forward, one thing I know that we’re considering doing a lot more is what we call rolling launches where you do a good launch to your own internal list and then once you’ve got that all proven out and ready to go, just go to one joint venture partner that you know is going to do a good job, set a date for them, and then do the launch sequence out to their list or maybe you do a webinar and they send the series of videos and then open it up and some people sign up. And then go to the next partner and say, “Hey, when if your calendar open?”

And that way you don’t have to worry about syncing up everybody at the same time. It reminds me of back when I was in a band and you had rehearsal and sometimes it was such a pain because if you’ve got five people in the band and you’re calling around like hey, when do you work, when are you at school, okay let’s try to find a night when everyone’s available and it can be a real pain to do so. Well just multiply that by ten times and that’s what you’ve got with a big joint venture launch. So consider doing rolling launches rather than thinking you’ve got to get everybody on board to do a big launch all at once.

Sterling: Yeah I think this is really the way to go for several reasons. I think number one, it will feel even more personal for one of your joint venture partners because like in our case, let’s say we just choose one person and we go to them and we’re going to do a launch for them and they want to do a webinar with us. Now we can go okay, well when would you like to do the webinar, we can fit that around more to their needs rather than going oh the big partner’s already got all the nights where we would do a webinar, sorry we can’t do that for you because we’re already booked out, and that kind of stuff.

So definitely it can feel more personal. And the other thing that really makes the rolling launches better is, if you’re not the biggest fish in the pond yet you can have a JV partner fit your launch when they have the time. So you don’t have to worry about like the other big fish bumping your launch which is something that we saw a couple of times is, we’re going to do our launch on this date and then all of a sudden, somebody that everybody owes a launch…some helping with a launch to says they’re going to do it at the same time.

Well we’re still kind of the new guy, so we have to move ours and that was just a huge hassle to constantly do that, but if you do the rolling launches you don’t have to worry about that. You can just go, “Fit us in where it’s right for you and we’ll set you up with basically a custom launch,” even though on our end of it, we have all the emails, we have all the videos. We just fit it into their spot, which again is even more personal I think.

Jay: Right, it’d be like going back to the movie analogy. It would be like coming out with your major nice little action movie with your picture release date for the summer and then all of a sudden you find out the newest Harry Potter is coming out that weekend or you find out the newest Will Smith action movie is coming out that weekend and there’s no way you can compete at the box office. So then what do you do?

And that’s why Indie films a lot of times will kind of do these independent market releases. They’ll take it to one market and see what the results are and go okay awesome and take it to another market and say this is how we did in the last market, let’s open it up in this market now. And that way they can build up some momentum and they don’t have to worry about trying to compete, trying to make this big splash against somebody who’s just got way more….bigger guns so to speak, that you’re going up against.

The final point we want to make is about the benefits and the goals that you set, the benefits that you get from your launch and the goals that you set for your launch. And a lot of people get their eye set on that oh, they hear about a hundred thousand dollar launch or a half a million dollar launch or a one, or two, or three million dollar launch and so they get these big ideas of how much money they want to make. And those goals are definitely possible; they’re great to have those kinds of goals. Our very first launch that we ever did, I think it was like $30,000 or $40,000, and that was great. It was awesome.

Sterling: $67,000, sorry.

Jay: $67,000? Okay, sorry. So I shortchanged us there. Even if it was the $30,000 launch, it still would have been great. I mean how many people get to make a five-figure paycheck like that? Not many, so definitely…you’ve got to realize there’s going to be a lot of money that even comes after the launch in terms of the list-build that happens because people are sending all of their…people are emailing their list of people who are targeted and likely to be interested in what you have and they’re sending them over to your site and a lot of those people are signing up for your email list so now you’ve got this bigger list to deal with and a lot more money that’s going to be able to be made in the year to come because now you have new people that you get to promote your stuff to over time.

Sterling: Yeah, and actually if you want to think about it, you can think that you end up with two new lists. So for instance, with our Traffic Attraction Formula launch, we tripled our list of prospects, people that are kind of interested in what we have to offer. But we also gained a nice sizable customer list, the people who bought. Now we have this new list of actual customers who have gone through our payment process, they see how responsible we are and how if they have any issues we take care of them, so that’s a whole other list. So those were two new lists that we got by doing the launch as well.

Jay: And not only that but opportunities are going to come out of the woodwork because you’re connecting to new people, you’re making new relationships, new people are discovering you and who you are. During this launch just as one example, while we were still in the whole heat of the launch, we signed a contract to go and speak in London. Big people are going to be on that stage, Brian Tracy, Mark Victor Hansen, the guy who did the Chicken Soup books. He’s going to be on that stage. And that came because they saw this launch and they were reminded of the brand and what was going on and they said, “Hey, you know what, let’s have you come and speak in London.” We’re like, absolutely! They’re going to pay our way, they’re going to give us hotels plus we get to speak on stage with very big success personal development business speakers and we’re also going to be able to sell our stuff on stage there and go to a new market.

So that’s an opportunity just as an example that came out…we weren’t planning on that happening when we decided to do a launch but that’s just one new opportunity that’s come out of that along with many others that are already showing up and that will come just because of the increased visibility that comes from doing a product launch.

Sterling: Yeah, and I’ve been really preparing for this England trip. Let me try here. (In Australian voice) G’day Mate! Oh wait! That’s Australian!

Jay: That’s the wrong hemisphere!

Sterling: (In British voice) Evening, Governor!

Jay: Cheerio! You know what? We have some British who are just cringing….

Sterling: Well they can just make fun of us.

Jay: They’re like, “You fools! You have no idea!”

Sterling: Well write into the comments and tell us what we should say instead of “Evening Governor!”

Jay: Right, and incidentally if you are in the UK area there, I guess we should probably let our list know, but yeah that’s going to be the first weekend in March. I’m sure we’ll be sending out…we’ll definitely be sending out information about that event but it would be cool to meet some people from that part of the world.

So the big lesson here is that it’s nice to hit those big dollar numbers but don’t lose sight of the other long term investments and benefits that will come out of doing a product launch. So there you go – five lessons learned from this big product launch that we did, probably the kinds of things that other people aren’t going to tell you or admit about their launches. But yes, they are a lot of work and yes, we do fancy videos but you don’t need to and you don’t have to jump straight to the joint venture launch.

It’s better not to, do an internal launch even if it’s a small launch. Just do it, get it out of the way; learn some lessons. Even if you make $1,000, it’s worth getting a launch done and because of the lessons learned and the other opportunities that might come from it, the list building that might come from it, and just don’t forget all the other benefits that come along with it. And consider doing rolling launches rather than having to put together one of these big joint venture launches because not all of us have a big team to support us, not all of us have the money or the connections to be able to put together a big kind of a thing. But you can go a long way just by incrementally starting small and building up incrementally from there.

So if you have launch success stories or launch lessons that you’ve learned, we’d definitely love to hear those and we could share those on a future episode. But hopefully this has given you some things to think about and when you do take those and put them into action and have your own product launch success whether it’s a $1,000 or $1,000,000, we definitely want to hear about it.

Alright, we’ve got a couple breakthroughs to share with you on this episode. Both of these come from Traffic Attraction Formula students. The first one was posted recently to the forums. This was Brad Botz who said, “I submitted my podcast to iTunes last weekend and this weekend I’m on the “New and Noteworthy” for the business careers category.” Congratulations Brad, the name of his podcast is Business Analyst Mastery, which you can find at BusinessAnalystMastery.com. You know that’s been happening quite a bit lately, very exciting. So yeah, well done, Brad.

Sterling: Yeah, it’s fun to watch students in the “New and Notable” section going oh hey, I know them! It’s just always nice to see all the techniques working. So the next one is Joe & Zuzana Osborn who say, “We’re listed under the “New and Noteworthy” in the Health category in iTunes. We literally freaked out when we saw it. Just wanted to let you know. Thanks for everything, things are getting better and better. Traffic Attraction Formula was one of the best investments we’ve ever made. You guys are a cut above the other gurus. There is a different vibe with you guys. I can tell you really care and derive fulfillment from what you do. It is what we are modeling from you, not just the strategies.” Well thanks guys, and they’re at ActiveVegetarian.com.

It’s time for the Internet Business Quick Tip…

Jay: Last episode we talked about our new video hosting service that we use for kind of those mission critical launch situations and that was Viddler.com. Well in this episode, we wanted to share a Quick Tip that goes kind of hand in hand with that and also something we discovered over this recent launch. So I guess this is yet another launch lesson that we’re bringing to you for you to apply in your own business.

One of the cool things we love about Viddler, it’s very easy to integrate it with stats, with web stats that give you things…that tell you things like how many people have watched the video, what’s the average viewing time, what’s the bounce rate on the video. So it’s really helpful so you can know well, it looks like people are dropping off halfway through or for instance on our recent launch, our very first video that we put out we found out that everybody that was watching the video was getting at 93% of the people that watched the video were watching it all the way through.

Sterling: That’s crazy good.

Jay: And unheard of actually, that’s crazy good.

Sterling: That made us go okay, that made us really realize what’s in this video and try to replicate that for other videos to get that much of a viewer…to get that viewer all the way through there, that’s just crazy.

Jay: So that’s helpful information to know otherwise you might be kind of shooting in the dark a little bit. So the web stat service is actually a separate service that you sign up for, it’s called GetClicky.com but it’s really easy the way it’s set up. If you embed a Viddler video onto a page and then you have the little GetClicky code at the bottom of the page for tracking hits and web stats for that page, just automatically they pick up all the statistics off of…all the viewing statistics for your videos as well. So really, really handy stuff, especially if you’re doing those kind of sales type videos or videos where it would be really useful to know how well the conversions and the engagement and things like that are on the video.

So check that one out and see if it can be of use to you as well.

Sterling: Now if you’d like dozens of other resources such as this one, you can find them in the Internet Business Mastery Academy, along with video tutorials showing you exactly how we use them. To get a 30-day no risk trial membership to the Internet Business Mastery Academy, visit freeaudiogift.com. That’s it for this episode of Internet Business Mastery, until next time we wish you ultimate success in your internet business!

You’ve been listening to the iconoclasts of the 9 to 5, and the purveyors of freedom and fulfillment – Sterling and Jay. Sterling and Jay invite you to discover one of their most popular audio programs ever – The 3 Pillars of Designing Your Ultimate Internet Lifestyle. Visit freeaudiogift.com now and sign up for the free weekly Internet Business Mastery email newsletter and you’ll get instant access to this life changing audio presentation pulled directly from the content of the acclaimed Internet Business Mastery Academy membership community. Go now to freeaudiogift.com. Internet Business Mastery – free your mind!

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