Sales Techniques - Launching your product - Ask Evan

Hi, I'm Evan Carmichael. Welcome to another edition of Ask Evan. In today's video, I'm going to do a follow-up question to a previous Ask Evan video we did before with one of our readers, Elizabeth. Now, Elizabeth runs a website that helps artists, and it was all free, just giving information and profiling different artists. And was looking for ways to monetize the site and thinking of what to do next with that company since it was maybe fulfilling for her but wasn't providing an income stream. And my recommendation at the time was to go out and instead of selling advertising, which was something she had thought about, go out and create your own product. And when you have a loyal audience, what you'll find is they're more likely to buy your product than to click on ads because the ads are, you know, the people have banner blindness and they're less likely to click on the ads. So new visitors to a website will click on ads. Repeat visitors won't click on ads, but they will buy products. So now she's just launching a new product and then wanted my advice on kind of how to build that up, if she's on the right strategy, how to grow the business. So Elizabeth, typically the process is you have a whole bunch of people on your free site, and what you're doing is building a funnel. So you have these 30,000 people that you're reaching, and that's free, and that's going out every week, you said on Thursday, and that's great. You want to keep that up. It's fulfilling to help a lot of people. You're still providing a lot of great valuable information, and what you're doing there is building up a community community, helping with your SEO, getting people to learn about the company you have, the offerings that you have. And then from there, a small percentage will go on to want to buy whatever product or service you have. But I wouldn't give up that 30,000. You still want to keep that free base going. You still want to grow that as much as you can. Keep it targeted towards the community you're going after. Provide still a lot of great information. Be seen as the expert for your industry. And even though you're not monetizing most of them, a small percentage will sign up for whatever program you're trying to sell. Now what you usually find is the marketers who do a really good job of this online, they start with a really low-priced product, something like $7 or $10, just low-priced product to get people to start getting used to spending money with you. So it's not just a free thing, but they're actually opening up their wallet and giving you money. And then from there, they start increasing the prices with other products giving even more value. And once somebody's bought from you once and they're really happy with it, they're more likely to want to buy again and again and again. So you give a really low-priced product but high value, and people who buy it say, "Wow, this is really great. Elizabeth has great stuff. I want to keep going on with her and doing more and more with her." And it's a low entry point for them. So if your first product is $200 or $500 or something expensive, most people are not going to want to do it because it's, it's pricey, and so there's a high risk associated with it. Whereas if you start with something cheaper it's easier to get somebody to open up their wallet and say yes, and then you start building a relationship with them even more than what you had, and you're able to upsell more products. So typically you'll find that model is $7 product, $50 product, then $100 or $200 product, and then they'll move up to things like live events or coaching, which might be thousands of dollars. But you're building this funnel, and at the top, you know, you have very few people who are spending a lot of money, and then it starts going down from there until you get to the free who aren't spending anything with you. But your goal with each step is to move people from one step to the next step to the next step so more and more people start spending money with you. Now that may be a lot to take in considering you're just launching your first product. So, you know, it's great where you're starting, it's a great starting point to get going with your first product. You might want to think, what other products could I sell after this one so I can get recurring customers buying more and more from me? So the easiest way to grow your business is to sell more to existing customers than to try to go out and get new customers. So having additional products can help you do that. So definitely on the right path, keep nurturing that free base, keep offering them a lot of value, don't make it too salesy, still have, you know, a lot of good information that they want to check out and they look forward to your emails every Thursday, and then slowly introduce your product, a certain percentage will take it and that's fine, you keep working with them and introduce some more products as well. So it's great that you've launched your first product and keep me posted when you got your second and third one out and how you're doing. If you have questions, of course of course let me know. So for those of you who are watching, thank you, and if you like the video, please give it a thumbs up, and I'd love to hear what you have to think. If you have any other advice, or I'd love to hear your experience as well, if you wanna leave a comment underneath the video, and stay tuned for the next episode.