Information Marketing Product Launches
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Over the past 12-18 months or so, you’ve seen a lot of HYPE about product launches. Here’s the problem. What you hear is how well the LAUNCHER has done.
NO word about the success of those who gave the LAUNCHER the cash!
Let’s assume for argument sake that the product that was launched closed 3% of the visitors to the site. Depending on the price point of the product itself, this might be a STELLAR and unrealistic closing rate.
BUT, for this exercise, let’s make that assumption.
That means, that around 3% of the people bought the product who visited the site. Stay with me now.
Isn’t the REAL question: HOW MANY OF THOSE 3% even recovered the cost of said product with the money they made?
Now THAT is a statistic I’d LOVE to hear.
Only one problem. You and I will NEVER hear that answer. Why? Because if you did, you would probably NEVER buy another product again. From anyone. PERIOD.
Sad but true.
Are my results any better? I’d LOVE to say YES, but the answer is a resounding NO. Lots of people WANT to do LOTS of things. They have high hopes. They have BIG DREAMS.
How many actually DO SOMETHING? Very few. Sad. That’s one of the reasons I’ve changed my own business model over the past couple of years. I’m doing a lot more smaller events. Many of them are highly interactive.
Some of them you are actually made to do the work before you leave. At least THEN you have a CHANCE to get something accomplished.
The product launchers are gloating about their numbers but this is a selfish gloat. What I would be REALLY impressed with is someone who would track how well the people who bought their products did.
On a recent product launch someone claimed to make $15 million. How about telling me 2 years from now how many of the people who bought the product actually recovered their initial investment. THAT is the number I’d like to see.
I’m trying to change those numbers for myself. As opposed to finding new ways to make more money with my own products, I am constantly trying to find ways to make SURE that when people buy something from me, they DO something. They take action.
It’s tough. I can’t follow people home and MAKE them “do their homework”. Here is what I CAN and AM doing to change this.
I’m trying to be more selective with whom I try and get to buy from me.
Here is what I mean. I no longer am concentrating my efforts on closing the highest percentage of people. I’m concentrating on getting the right people to buy. RIGHT people? Yes, those who will DO SOMETHING.
Why? Because it’s good for them and good for me.
It’s kind of a like a marriage. Most people rant and rave about how much work relationships are. They are. BUT, BAD relationships are a heck of a lot more work than good ones.
Why? Selection! If you select the “RIGHT” person, your chances for success go up exponentially. The same is true in the business of selling information.
If you sell to the RIGHT people, they will have a much higher rate of taking action and getting something done.
Crazy thinking? I think NOT.
IF I practice what I preach and start SELECTING the buyers of my products more carefully, what will happen?
They will be happier, because many of them will actually make more than what they spent with me. WHAT A CONCEPT!!
Those same people will have a much higher repeat purchase rate. Those folks will also tell their friends about me more often. That praise will be real and sincere because THEY did it. They actually made money. The word will get around about me.
So, what’s the action point?
Start spending your time in your sales copy and in any of your other means of marketing on getting the RIGHT people to buy. Don’t worry about closing rates. Don’t look at your short term results. Look at the long term. Take the long view.
When people come to my bootcamp which starts tomorrow at 4PM and runs for a week, one of the first questions I’ll ask is: Do you have a college degree? How long did it take you to get the degree? Most will say 4 years.
I will then ask them: Are you willing to take 4 years to BUILD a real business, based on a solid foundation? Are you willing to give me 4 years of hard work? Not necessarily 40 hours a week, but a consistent effort? If not, I don’t care how good the tools I give you are. It will NOT work.
If you want to get rich quick, play the lottery. If you want to get “rich” slow, do what you have to do every day to make your information marketing/speaking/coaching/consulting business work.
Whenever I write this kind of stuff, I am often talking to myself as well. Spending 20 years full time in NYC will do this to you.
Here is what I PLEDGE to do on a regular basis as soon as the bootcamp starts:
1. Write 1000 words a day. For my books, for my blogs, for these INSIGHTS.
2. Put up a video 2 or 3 times a week. Doesn’t have to be long, just do it. Might be me speaking into the camera, or it might be me illustrating something on a computer screen.
3. Create a new product every 2 or 3 weeks. Build the library of materials I have to sell.
4. Identify a new QUALIFIED protege every quarter.
Back to product launches!
When you hear these numbers that people throw around, ask them one question. That’s of course if you can even FIND the person and get them to ANSWER this question.
HOW MANY PEOPLE have made HOW MUCH MONEY with the stuff you are peddling? Did they at least make their money back?
Let me know what you hear from these folks! It will probably be the amount of verbiage you’ll hear coming out of Joe Wilson’s mouth when he sits through the President’s next address to congress!!