Double your launch revenue with data
Launching a new product or service is an exciting time for online business owners. It's an opportunity to showcase your expertise and offer something new to your audience. However, launching a program requires a lot of energy, attention, time, and money. That's why it's crucial to know how to get the most out of it.
If you're launching a new program, it's essential to keep in mind that the ultimate goal is to generate revenue. Even more important than top-line revenue, though, is profit (what you have left after paying your expenses)! One way to achieve this is by using data to guide your decisions and make informed choices. Specifically, looking at your launch data can help you double your revenue in your next launch.
As an online business owner, you have access to a vast amount of data that can be leveraged to make informed decisions and increase your revenue. Data analysis is crucial to the success of any online business, especially when launching a new service or offering.
Steps You Can Take to Leverage Data for a New Service/Launch
Conduct Market Research: Market research is the process of collecting and analyzing data about the market, including customer needs and preferences, competition, and industry trends. By conducting market research, you can identify potential opportunities and gaps in the market, which can help you create a new service or offering that meets customer needs.
Define Your Target Audience: Once you have conducted market research, the next step is to define your target audience. By understanding your target audience's demographics, interests, and pain points, you can create a targeted marketing campaign that resonates with them.
Analyze Your Data: After defining your target audience, the next step is to analyze your data. This includes analyzing customer data, website analytics, and sales data. By analyzing this data, you can identify patterns, trends, and customer pain points, which can help you create a new service or offering that meets customer needs.
Test Your New Service or Offering: Before launching your new service or offering, it is important to test it with a small group of customers. This can help you identify any potential issues or areas for improvement before launching it to the wider market.
Measure Your Success: After launching your new service or offering, it is important to measure your success. This includes analyzing customer feedback, sales data, and website analytics. By measuring your success, you can identify areas for improvement and make data-driven decisions that will increase your revenue.
Let's take an example. Imagine you recently had a $50k launch, which is incredible. You had 20 people sign up for a $2500 course. However, you were hoping to have 50 sign-ups, so while it was a success, there were still things to tweak.
One way some of you may approach this is to re-do your entire launch strategy. You may decide that the only way to fix this is to throw money into ads or chase the next shiny object. I would challenge that none of these are the best options. Instead, you could learn from that $50k launch and leverage that knowledge to ensure the next launch goes even better. Leverage the launch data that you have available to you to gain valuable insights. Let’s say that in our example, you learn from analyzing your data that:
Your emails were getting opened and clicked at rates well above industry standards
Your sales page was getting a large number of views, but wasn't converting as well as you'd like
You had a high cart abandonment rate
At first glance, you might think you need to put more people through the launch or re-write the sales page. But when you dive deeper, you find that the sales page is actually performing well, and the issue had to do with pricing objections. By addressing this issue and offering a fast action bonus, an extended payment plan, and more copy around objections, you can generate more revenue on your next launch.
Did you see the shifts we made above were not re-doing the whole launch? They took quite minimal time, energy and effort to put into place. It looked like a couple paragraphs to the sales page, some additional marketing copy here and there, and an extra set of buttons for an extended payment plan.
For a few hours of additional time, you made an extra $50k, not just in revenue but almost entirely profit.
This is the value of understanding your data. It’s not just about making more revenue (though it will absolutely help you do that), but about making more profit (with less time). By having data guide your decisions, you can avoid costly mistakes and make informed choices that generate results.
So, are you ready to have your best launch yet? Are you ready to leverage the power of data to gain valuable insights regarding your launch?
