How to double the revenue of your next launch
The results of my first product launch in 2015 weren’t very impressive. From creation to the close of sales, it took an entire year to earn $1,500 from a $47 product.
But what was more important — and profitable — was what I learned from that launch. Afterward, I examined the entire process to see where I could improve.
I wanted to know the difference between a $1,500, $15,000, and $150,000+ launch and how to move up that ladder.
I used those lessons when I launched my second product, a 6-week coaching service priced at $1,000. This time, I sold out in a matter of weeks.
Since then, I’ve worked behind the scenes as a consultant and evaluated 6-figure launches for one of my clients as well.
Regardless of your business, all products have one launch goal — to make as much money as possible. And the only way to grow profits is to test and improve your system with every launch.
From my experience with my business and my clients, I’ve discovered 3 easy post-launch strategies to help your online business reach its full potential. These work for anyone, no matter your product, target market, or how large your company is.
I’m going to walk you through each step so you can turn an OK first launch into a product that makes more money year after year.
“Good enough” is better than “perfect”
Most people waste too much time analyzing email metrics to see where they can get a 0.01% increase in their conversion rate.
This is the definition of diminishing returns.
Instead of going after miniscule improvements in these rates, shoot for a “good enough” open rate and CTR. According to MailChimp, those would be:
- Open rate: 30% and above
- CTR: 5% and above
Looking at her email metrics, one of my clients saw a lack of engagement partway through a two-week product launch. So we decided to cut the next launch to one week.
This not only saved my client and her team tons of time, that launch still hit their revenue goals. More importantly, they were able to use the saved time and energy to focus on a bigger product launch — one that will likely earn her 6+ figures.
Aiming for “good enough” results like this is the key to growth.
Instead of tweaking your email campaign for incremental improvements, you can focus your energy on creating a new product, hiring the perfect employee to advance your business, or other tasks that will give you the biggest bang for your buck.
Remember, “perfect is the enemy of good” — and that’s 100% true when it comes to your email campaign.
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Persuade your readers to buy sooner
Looking back at my first launch, I made a huge mistake by not using scarcity tactics and bonuses to their full potential.
Scarcity tactics — like offering your product to a limited number of buyers — encourage your readers to buy NOW before time runs out. Bonuses reward their quick action by offering them additional services or “exclusive” material you don’t give to everyone.
One of my clients is an excellent case study of how effective these offers can be.
Rather than sending an email, she revealed her flagship program to 200 people at a live event. The timing was perfect, as everyone was excited after a day of being surrounded by other positive, like-minded individuals.
And she included a twist: The first 20 people in the audience who purchased her program would get 10 raffle tickets (while everyone thereafter got 3) to win a one-on-one call with a top expert in the industry.
The result? She had 50 sign-ups (a $100,000 value) within minutes. Customers were literally running to pay $2,000 to be a part of the course in hopes of meeting with the VIP experts.
In this scenario, my client built up anticipation through the event, provided an exclusive offer to audience members, and used scarcity to prompt people to take action now. After all, “later” may never come.
When reviewing your launch, it’s not a matter of should you offer bonuses, but rather which bonuses should you offer. Providing clients with extra content is always a good thing.
You don’t need to have a live event to offer a bonus. Simply include one on your sales page and in your emails. Here are a few more bonus ideas you can use in your early-bird offers:
- Private coaching
- Word-for-word email scripts
- Access to an exclusive mastermind community
Remember: The magic behind your bonus is working with scarcity. When offering your bonus material, mention how it’s only available for a limited time, for a set number of people, or to those who come to a special event. For example, you can offer your bonus:
- During a live webinar
- To “fast-action” buyers who purchase within 48 hours
- Exclusively to the first 20 buyers
Increase the value of your product to sell for life
Now, if you want to create a product that sells for years and years to come, you need to know why people bought — or didn’t buy — your product.
The perfect way to learn this is with a survey. This way you know exactly where to double down your efforts.
When I launched my health-coaching program for busy and successful women entrepreneurs, I had a 60-minute onboarding session with each one of them. During this session, I closed by asking them 2 questions:
- What made you say “yes” to working with me?
- Do you have any friends that I could talk to about my program?
With this tactic, my first client introduced me to 3 additional people who also bought my program.
The most important thing with your survey is knowing when to send it.
For buyers, email them when they purchase your product. This is when they’re at the peak of their excitement. That means you’ll learn what tipped them over the edge and made them buy.
For non-buyers, email them when the shopping cart closes. Doing so allows them to comment on your product while it’s fresh in their mind.
Here are two successful, word-for-word survey scripts you can use.
And here is a survey script for your non-buyers:
Based on all this feedback, you can decide how to adjust your next launch.
Your customers liked the exclusive webinar? Give them another one!
Your clients bought because of the 1-hour private coaching session? Offer a 2-hour session with your follow-up launch!
Alternatively, if non-buyers hesitated because you didn’t offer personalized support, consider hiring a coach who can offer that in your business.
Or if they purchased someone else’s program, ask why so you know what your competition is doing differently.
If you can learn how to handle your non-buyers’ objections with each launch, eventually you’ll soothe every single one of their doubts — and more people will buy your products or services in the future.
Tweak your launch for maximum success
You’ve done the hard work — you’ve built an audience, created a product, and launched.
Get excited! By following the strategies above post-launch, you will continue to sell more for years to come. Not only that, you’ll maximize revenue while working efficiently so you don’t waste time chasing miniscule improvements.
While building a product that can be sold for years to come is great (and provides you with your own personal ATM), what I’ve realized is: The money is secondary.
Profits are a strong barometer for success, but the best entrepreneurs want to positively impact as many people as possible — not make as much money as possible.
The real joy comes from delivering a solution that your customers love.