One of the biggest issues when you\u2019re making a new product is \u201cthe unknown.\u201d Until you launch, you have absolutely no idea if it\u2019s going to work. Will people buy it? Will people like it? Will it make money? You can waste a lot of time conjecturing and pondering, but at some point, you have to launch your product and see if it sinks or swims.Fortunately, there\u2019s a shortcut to get you there faster \u2013 a Mastermind Beta Launch (MBL).A MBL is like a focus group for your product. You run a hand-selected group of beta testers through your course for a premium fee. They give you valuable feedback throughout the process so you understand what works and what doesn\u2019t. By the time your MBL is over, you know exactly what to fix before your real launch. You also have a revenue bump and a package of fantastic testimonials from your beta testers.Every product worth its salt should use a Mastermind Beta Launch, but it\u2019s also a great thing to do when you\u2019re not quite ready to launch and you want to get unstuck. It erases all of the \u201cunknowns\u201d on your horizon and gives you the head start you need to launch with confidence.Here\u2019s how to do it in seven steps.1. \u00a0Put out a call to your audience.Tell them that you\u2019re offering an exclusive, limited opportunity to try out your unreleased product before it goes on the market. It will be an even more in-depth experience than with a typical product, because you, the expert, will be involved and hands-on the entire way.Position this as a premium opportunity \u2013 because it is \u2013 and make it clear there\u2019s a premium price tag attached. Give it a fun name that includes something like \u201celite\u201d or \u201cpremium\u201d or \u201cVIP.\u201d Get your audience excited.2. \u00a0Accept applications from people who are interested.Be sure to ask them in the application why they want to be involved and what they\u2019ll bring to the table. Also ensure that they\u2019ll be available to fully participate during the duration of the course. You don\u2019t want to accept someone into your beta launch only to find they\u2019re going on vacation right in the middle of it.3. \u00a0Sort through the applications and select about a dozen beta testers.Based on your bandwidth, you may want to have more, or you may want less. Whatever number you go with, it\u2019s helpful to assume that about 25% of your users are going to fail or drop out before the course ends. About 50% will be average users, and about 25% will be amazing and give you great testimonials.When you have a group of applications that you like, hold interviews just like you would for a job search. Invite each potential person to a Skype session to get a feel for their vibe. This is the fastest way to figure out who\u2019s a win and who\u2019s a dud. The people you pick should be pumped up and raring to go. Ideally, they\u2019re representative of the audience you\u2019re eventually going to sell the product to. Previous customers are ideal beta testers because they understand who you are and what you offer, and they\u2019ll be enthusiastic to work with you.4. \u00a0Reach out to your new beta testers and tell them the good news \u2013 they\u2019ve been selected!Give them the payment information, dates and any other details they need to get started. Make them feel special and welcomed into your new Mastermind group. They should also sign waivers that allow their feedback\/testimonials to be shared publicly with their name attached. This is crucial!5. \u00a0Run your beta testers through the product experience.You\u2019re basically teaching the material in your product over a period of several weeks. Depending on your bandwidth, this could be through group coaching or one-on-one sessions \u2013 maybe a bit of both.During this period, you\u2019re not only teaching \u2013 you\u2019re taking note of what works and what doesn\u2019t. Document your beta testers\u2019 progress along the way. Run surveys before and after each lesson to capture testimonials and to see if people are really learning the material the way you want them to. Encourage the group to share their questions and conversations in a private forum so you can see what they really think.At the end of the product period, you\u2019ll want to have one final survey where you can ask for overarching feedback about the entire course.6. \u00a0Incorporate feedback.Hopefully, you have lots of helpful information to digest at this point. Go back and incorporate it into your product. This doesn\u2019t mean you need to do a product overhaul, just rework things as needed.Sometimes, with a lot of opinions coming from many different people, it\u2019s hard to understand what\u2019s legitimate criticism and what\u2019s not. Ask yourself: What is my overall goal for this product? Does the feedback move me closer to that goal? Did I get the same feedback from multiple sources? If the answer to these last two questions is \u201cyes,\u201d then it\u2019s probably good for you to follow. If the answer is \u201cno,\u201d document the feedback, but don\u2019t feel compelled to incorporate it.7. \u00a0Update your sales and marketing materials with your brand new testimonials.Compile and edit the strongest testimonials from throughout the experience and use them on your sales page and your email sales funnel. There\u2019s nothing more helpful to a potential customer than seeing the value your product has brought to somebody else. Don\u2019t be shy \u2013 let your beta testers do the bragging for you!At this point, you have a super-strong product that has been tested by real life users. You can approach your launch with confidence knowing that you\u2019ve worked out all of the bugs. Plus, you\u2019ve enjoyed a revenue bump from your premium price tag. With a Mastermind Beta Launch, you have more than a head start…you\u2019re on your way to winning the race!