In July I launched a small product ‘The e-Course Idea Generator’ which is designed to fill a gap for my audience.
I knew that a small product doesn’t mean less effort is involved in launching and you still need a solid launch plan for success but this was really confirmed for me during this launch.
Today I’m going to take you behind the scenes of this product launch.
Why launch a small product?
Before I launched the e-Course Idea Generator I had two other programs including ‘e-Course Launch Formula’ (my signature offering to help you design and launch an e-Course) plus ‘The Ultimate e-Course Mastermind’, which is a high touch premium program that includes 1:1 coaching and live events.
The e-Course Idea Generator has filled an important gap for my audience at the beginning of the e-Course creation process. When people are considering joining e-Course Launch Formula an objection we often hear is around their e-Course idea and feeling uncertain about whether it is viable. Although we do cover this in the early stages of e-Course Launch Formula we’ve been finding that potential participants aren’t ready to invest in this program if there are doubts around their e-Course idea.
It made great business sense for me to introduce this small product which has a very specific purpose – helping people refine their e-Course idea. It’s also at a much lower price point than e-Course Launch Formula so it’s a fantastic way for people to experience working with me.
I expected that around half of my list would be interested in this product as some already have an e-Course created so rather than aim for my typical 2% conversion rate I set my goal at 1% of the segment I promoted to (I promoted to everyone apart from people who had already purchased the e-Course Launch Formula).
Although I had already created some of the content as part of e-Course Launch Formula it needed to be branded and repurposed for this product. As I always invest in professional design for my programs this was no exception. I also invested heavily in some professional copywriting for this product but I also know that is a strategic long-term investment and there is now an ongoing passive revenue stream. The total costs excluding my team was around $9,000 for copywriting, web design, graphic design and videography.
Launch Dates and Pricing
The launch for this product was done in stages, we staggered the price rises (two of them) so that there were different deadlines and the product was mainly promoted via my email list rather than Facebook ads. The initial launch price was $97.00 which then increased to $127.00 and then finally full price launched on 1st of September which is now $177.00.
I talked about the product in the lead-up to the launch on social media, in my weekly newsletters and on the blog so that my audience knew it was coming.
Early sales were great so building anticipation for your launch is an excellent strategy.
In just over 30 days we made 77 sales and achieved a revenue of $7802 for the e-Course Idea Generator. This is a little under 1% of the people we promoted it to. This was about what I expected as I knew this product would not be suitable for all of the people on my list.
Interestingly we only had 25 sales via eWay (credit card processor) and 52 via PayPal. People seem to love PayPal for lower priced offerings which is the opposite to what I find with e-Course Launch Formula.
There were 66 sales at the initial discounted price, nine at the middle tier price and then two this month at full price.
The geographical breakdown of purchases was:
4 Asia and South America
The Google Analytics Data shows that the sales page for this product had 936 unique visitors over the launch which is over 8% conversion for the sales page. Generally 2-3% is average for sales pages and my highest has been around 5% so I’m delighted with this conversion rate!
I chose to give access to the e-Course Idea Generator to all of my e-Course Launch Formula participants. This was partly because the content is similar to module 1 in e-Course Launch Formula but also so that I could get early feedback and testing of this product.
They loved getting this as an extra gift so I now give access to this small product to anyone who signs up to e-Course Launch Formula.
Sales Funnel Strategy
I also offer a discount code of $150 off the e-Course Launch Formula to people who purchase the Idea Generator to encourage a seamless flow through my programs.
By providing a discount code to purchase the e-Course Launch Formula to purchasers of this smaller product it means that no-one is better or worse off no matter where they enter the sales funnel.
Why you should always nurture your email list
Between my program launches I continue to blog and send a weekly newsletter to my email list. 57 purchasers of the e-Course Idea Generator have been on my email list for over six months which really does show that consistency is so important for future sales. 9 purchasers had been on my list for a couple of months and the rest were brand new.
Going forward my new email subscribers are introduced to this small product immediately in my nurture sequence and it’s a fabulous way to introduce them into my sales funnel.
My advice for creating a small product:
- Be really clear on your why because small products can be just as expensive and time consuming to launch as larger products
- Don’t expect to make a profit initially and go into it with a view to it being a strategic product rather than a highly profitable one
- Understand the different segments of customers on your list and what % are likely to be interested in this product so that you go into your launch with reasonable expectations.
- Understand your customers key objections to signing up to your flagship or premium products and create a small product designed to help alleviate this objection
- Treat a small product launch the same as any other launch, it needs a proper launch strategy and your focus to be successful
- Put some thought into your marketing and promotion plans beyond your initial launch if it is an evergreen products – how will you ensure regular, ongoing sales of this product?