CHAPTER 2 The Product Launch Formula Explained

Question 1

What was John Gallagher’s initial financial situation?

Answer 1

He relied on food assistance to help feed his family.

Question 2

What was the name of the board game created by John and his wife?

Answer 2

Wildcraft: An Herbal Adventure Game.

Question 3

How much money did John borrow from his dad to start his business?

Answer 3

$20,000.

Question 4

What was John’s initial sales outcome at his launch party?

Answer 4

He sold only 12 games.

Question 5

What term describes the marketing strategy John used that ultimately failed?

Answer 5

Hope Marketing.

Question 6

What did John do after his initial failed launch?

Answer 6

He searched for help about launching a product online.

Question 7

What program did John find to help with his product launch?

Answer 7

Product Launch Formula Coaching Program.

Question 8

What was the result of John’s second launch using the Product Launch Formula?

Answer 8

He sold 670 games, bringing in around $20,000.

Question 9

What was the sales increase percentage from John’s first launch to his second launch?

Answer 9

An increase of 55 times.

Question 10

How many copies of Wildcraft has John sold since his first launch?

Answer 10

More than 150,000 copies.

Question 11

What is the significance of having an email list in product launches?

Answer 11

It combines with PLF to create significant sales opportunities.

Question 12

What did John start with when launching his business?

Answer 12

A borrowed laptop and a free Internet connection at the library.

Question 13

What was the author’s first launch sales figure?

Answer 13

$1,650.

Question 14

True or False: John Gallagher went from food stamps to a six-figure income.

Answer 14

False; he went to a seven-figure business.

Question 15

What kind of businesses can be created in the entrepreneurial direct marketing online world?

Answer 15

Businesses with low investment and quick startup time.

Question 16

What was the environment of the Internet like when the author started?

Answer 16

More like the Wild West than a normal business environment.

Question 17

What types of information did early Internet businesses primarily focus on?

Answer 17

• Information that solved a problem * Entertainment content.

Question 18

What does the author suggest about the majority of initial online businesses?

Answer 18

They didn’t last very long.

Question 19

Fill in the blank: The author describes a world where businesses can be created from the ______.

Answer 19

ether.

Question 20

What is one of the key benefits of the entrepreneurial online business world mentioned?

Answer 20

It allows income to become leveraged.

Question 21

What was the author’s experience with the growth of the Internet?

Answer 21

The growth rate was exponential.

Question 22

What did Jeff Bezos seek advice on in the early days of Amazon?

Answer 22

Creating an affiliate program.

Question 23

What is the Product Launch Formula?

Answer 23

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.

Question 24

In what year did the author start developing the Product Launch Formula?

Answer 24

1996

Question 25

When did the author start teaching the Product Launch Formula to clients?

Answer 25

2005

Question 26

List the three factors that have changed the way business is done due to the growth of the Internet.

Answer 26

* Speed of communication * Cost of communication * Interactivity

Question 27

True or False: The cost of communication has increased significantly with the advent of digital media.

Answer 27

False

Question 28

What is 'Hope Marketing'?

Answer 28

A marketing approach where you create a product or campaign and hope it does well.

Question 29

What is the Pre-Prelaunch phase in the Product Launch Formula?

Answer 29

The phase where you start building anticipation among your most loyal fans and gauge market receptiveness.

Question 30

What are the four primary sequences in the Product Launch Formula?

Answer 30

* Pre-Prelaunch * Prelaunch * Open Cart * Post-Launch

Question 31

Describe the Open Cart phase.

Answer 31

The day you send the offer for your product or service and start taking orders.

Question 32

What is the purpose of the Post-Launch phase?

Answer 32

To follow up with clients and prospects, deliver value, and build your brand.

Question 33

Fill in the blank: Stories are powerful because they are how humans have passed down _______.

Answer 33

[wisdom, knowledge, and culture]

Question 34

What is the significance of stories in marketing according to the text?

Answer 34

They make your business and marketing memorable.

Question 35

What type of feedback do businesses receive through interactivity?

Answer 35

Nearly instant feedback on how messages resonate with the target market.

Question 36

True or False: The communication fog refers to the overwhelming amount of information we receive daily.

Answer 36

True

Question 37

What should businesses focus on instead of relying on a single marketing message?

Answer 37

Sequences of communications that build on each other.

Question 38

What does the term 'triggers' refer to in the context of the Product Launch Formula?

Answer 38

Mental triggers such as authority, social proof, community, anticipation, and reciprocity activated during Prelaunch.

Question 39

What does the author suggest about the format of Prelaunch content?

Answer 39

It can vary widely, including videos, podcasts, emails, and live broadcasts.

Question 40

What is one example of a successful marketing strategy mentioned in the text?

Answer 40

Hollywood's marketing campaigns for movie releases.

Question 41

Fill in the blank: The level of information each person is subject to daily is _______.

Answer 41

[staggering]

Question 42

What does the author compare the marketing environment to?

Answer 42

The 'communication fog'.

Question 43

What is the aim of the Prelaunch phase?

Answer 43

To romance your market with high-value content and address objections.

Question 44

What is the potential benefit of creating massive anticipation for a product before its release?

Answer 44

It can provide instant momentum for your business.

Question 45

What is the author's stance on banking the future of a business on hope?

Answer 45

It is not advisable; businesses should take control of their success.

Question 46

True or False: The author believes that the world will revert to old ways of doing business.

Answer 46

False

Question 47

What is the role of the 'shot across the bow' in the Product Launch Formula?

Answer 47

It starts the Prelaunch campaign by engaging potential clients in a conversation.

Question 48

What is the primary purpose of a launch sequence?

Answer 48

To communicate your story to your prospects ## Footnote The launch sequence is considered a hidden weapon of PLF.

Question 49

How many pieces of content do most Prelaunch Sequences typically have?

Answer 49

Three pieces of content ## Footnote This structure mirrors the three-act play commonly found in movies and novels.

Question 50

What are the three primary sequences in a launch?

Answer 50

* Pre-Prelaunch * Prelaunch * Launch

Question 51

What are mental triggers?

Answer 51

Influences that affect our decisions and behaviors, often below our consciousness.

Question 52

What is one example of a mental trigger?

Answer 52

Scarcity ## Footnote Perceived scarcity increases the value of an item.

Question 53

What effect does viewing someone as an authority figure have?

Answer 53

It increases the likelihood of being influenced by that person.

Question 54

How does community influence behavior?

Answer 54

People tend to act according to how they think others in their community should act.

Question 55

Are mental triggers timeless and universal?

Answer 55

Yes, they exert influence across languages, countries, and businesses.

Question 56

What is the ultimate opportunity provided by a launch sequence?

Answer 56

To activate mental triggers that influence prospects and clients.

Question 57

What should you consider combining for a powerful launch?

Answer 57

* Sequences * The power of story * Mental triggers

Question 58

What is the outcome of combining multiple mental triggers?

Answer 58

Creates a powerfully influential message.

Question 59

What should the story in a launch do?

Answer 59

Connect your offer to the hopes, dreams, fears, and aspirations of your future customer.

Question 60

What significant result did John Gallagher achieve using the launch formula?

Answer 60

Sold 670 games instead of 12.

Question 61

What metaphor is used to describe an email list?

Answer 61

A metaphorical printing press that allows for legal money printing on demand.

Question 62

What will be covered in the next chapter?

Answer 62

The importance of an email list.

Question 63

True or False: The structure of the launch sequence is arbitrary.

Answer 63

False ## Footnote The structure follows proven patterns like the three-act play.