Tim Ferriss Mentor Lesson: Launching a Product

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[Music] when you’re thinking about a product launch first thing I would ask is is it the right time to do product launch so if your product isn’t figured out if you can’t fold the orders now is not the right time to be on TechCrunch in my opinion or in any other major media outlet once you’re in a major media outlet they’re not going to cover you again for some period of time or ever if you’re in the business section of New York Times they’re not going to cover you four weeks later when your product is better and you’re ready so make sure that you pick your timing a few things so there’s paid exposure and unpaid exposure I like to focus on unpaid because it makes you it forces you to make better decisions in the beginning so I would read as I always say the 22 immutable laws of marketing 1,000 true fans written by Kevin Kelly I would also read best-selling book PR and publicity I think it is by Rick Frischmann Fri SH ma n all the techniques apply to more than books and learn to tell the story what are you focusing on are you using yourself to tell the story and then the product is associated is it a trend piece are you trying to tie what you’re doing into a greater trend or just very effective way of getting media in which case you’re going to get other examples you need to get comfortable bringing in sort of cooperative competitors to create that trend B’s learn the art of the pitch and of messaging only once you have figured that out what I say then you go out you pay to acquire people because now if your messaging is off it’s costing you money I think kickstart is amazing I think it’s an incredible company if you can use it as a point of leverage fantastic you’ll learn very quickly if your product has any appeal you will learn very quickly if you have the ability to sell the company and fundraise and if you don’t have any of those things you probably should either change directions use a different product or not go headfirst into being an entrepreneur you need to be able to sell whether it’s Kickstarter whether it’s New York Times whether it’s your local newspaper you need to be able to communicate effectively and sell which is why when entrepreneurs ask me for books to read outside of business books I say on writing well bird by bird all books on writing improving communication David Ogilvy Ogilvy land advertising study print ads where you have very little space I think those are all very very effective the best entrepreneurs I’ve ever met are all good communicators it’s the one perhaps one of the very few unifying factors there are exceptional communicators practice is the only way to get better at communicating and practicing speaking does not provide you generally with something to review later which is why the written word is so powerful writing is thought crystallized on a piece of paper that can then be reviewed it’s very difficult to do that with speech which is why I recommend people focus on honing their skills in writing and take time to study good direct response ads take time to for instance maybe develop a swipe file so one of the things that I did for years is any time I bought something I would identify the ad the phone call the print ad the the offer whatever it was that made me decide to buy it and I would either cut it out or record it put it into Evernote whatever it might be and save it so I had a record of everything that I bought and why I bought it and then I could go back and review it and I’d be like Oh looks like I fell for this this and this not the bad way it looks like this tipped me from or not interested to yeah all spent five fifty five hundred five thousand dollars or not yeah I save all that everything that works in sales has been done already you do not need to reinvent the wheel so just keep track of the crap that you buy or the awesome stuff that you buy and decide what was the trigger what push me over the edge and then just sell the people like you that’s what I do it’s really easy people are like who’s your market I’m right well you know I’m a 30-something asset-based tech-savvy male so why don’t I just solve those people there’s a lot easier than trying to guess what first-time entrepreneurs tend to miscalculate is everything what I mean by that is optimism has a place but I think even more so for the first time entrepreneur you need to be pragmatically pessimistic what I mean by that is you need to define all the worst-case scenarios in terms of financial loss time loss etc look at what you will learn if that happens and accept and come to terms with that before you ever start if you don’t do that and you go straight into battling the world trying to conquer the world with rose-colored glasses on the first time you hit a major hiccup you’re going to become really demoralized and you will quit so optimism all that rah rah rah that’s awesome but you need to hope for the best and prepare for the worst before you ever get started I always recommend that [Music] you