Launches are full of the unknown and a big part of the launch mastery philosophy is to lean in with unwavering faith and support yourself with the tools, resources and rituals you need to maintain a positive mindset throughout the launch period. But I also don’t want you to avoid launching because the unknown is too scary. So here are some of my rules of launching designed to help you manage launch expectations and give you peace of mind.
Rule of Launching #1: Normal conversion is 0.5-2% of your list
Before you start worrying that you haven’t enrolled 100 people into your e-Course, it’s important to get realistic and set launch expectations or goals based on this magic average conversion rate.
Industry standard says conversion should be between 0.5-2% of your list with 1% behind the average. And I have to agree, this statistic really holds up as I always seem to get almost exactly 1-2% of my list when launching (I talk more about this conversion rate in this blog post here).
Of course, you may get better conversion than this (some of my clients have) but it’s a good statistic to help you keep realistic launch expectations.
Knowing the average conversion rate helps take away some of the guessing and ‘unknowns’ of launching and allows you to set realistic and achievable goals. You can use this rule to help you set must-achieve, stretch and ultimate goals for your launch.Celebrate the effort, not the result - Dr Cathy Collaut Click To Tweet
Rule of Launching #2: Most people will purchase in the last 48 hours of early-bird period
If you’ve opened the cart to the early-bird offer and are starting to panic that nobody will buy then I want you to know that most people will purchase in the last 48 hours of the early-bird enrollment closing period.
In fact, a whopping 50% of sales came in during the last 48 hours of early-bird period in my last launch of e-Course Launch Formula.
Understanding this rule of launching helps take some of the pressure off and can allow you to create space and be prepared to receive during the last 48 hours of early-bird pricing. You might also want to run an end-of-early-bird webinar to continue to build urgency and communicate scarcity.
Rule of Launching #3: Common ratio of early-bird to full price sales is 80:20
Yep, people will still buy your e-Course full price if you keep on selling it. While this isn’t the majority of people, it’s still a substantial amount of sales. So don’t lose faith or lower launch expectations after early-bird period closes!
The aim during this period is to convert fence sitters and you can do this with another webinar or a live Q&A session to answer any questions or concerns.
Now let’s break these launch expectations down using an example from my last launch of e-Course Launch Formula:
- Only 26% came in between the cart opening and 48 hours before early-bird close and that was with significant motivators such as a competition special, pre-notification for my list and opening webinar
- 50% of sales came in last 48 hours of early bird
- Another 10% in last 48 hours before close
- Other 14% fairly evenly dispersed throughout the launch
Rule of Launching #4: The product lifecycle
Another key rule to understand about launching is the product lifecycle. The product lifecycle talks about the stages of a product and the percentage of your tribe who will buy at each stage. It also explains why people don’t always buy the first time you launch something.
You can see that the tiniest amount of your tribe (the Innovators) will purchase the first few times you launch it and these are the people who want to try it, offer suggestions and be part of the development process. They are also often your loyal and devoted customers who know the value of working with you intimately.
The next segment are the Early Adopters and this is where you start to see momentum. These people are glad to see it is not a one launch wonder and are now happy to get in on the action.
Then if you have been willing to stay the course, invest in your program, build your list and improve your offering based on feedback you start to see the really big launches in the Early Majority phase. The Early Majority are interested in being ahead of the curve with new ideas but aren’t willing to suffer the kinks and quirks of an untested product.
What happens after this is the Late Majority phase. Late Majority wants what is standard and have no interest in being above ahead of the curve. They’re happy to buy a product as long as it has reached a certain level of professionalism and status as a leader in its niche.
Finally is the Laggards phase where you are getting similar sales to the Early Adopter phase but with a clear downward trend. This is the point where you might retire your product, do a major update or enhancement to reinvigorate it or turn it evergreen.
So where are you in the product lifecycle and how can you use this information to adapt your marketing to specific segments? You need to sell to the buying habits and traits of the stage of the product lifecycle you are in.
I hope these rules of launching have opened your eyes to what a ‘normal’ launch looks like and will help you to move forward with some solid launch expectations and goals!