So ... You Launched. NOW WHAT?!
Hey guys! We're back for Video #3 of our 8 week Passive Income Series. Each week I'll be posting a new video and blog post on the topic of automated sales of online course and digital products.
Missed any of the other lessons in the series? Check them out, and then jump back in here, and let's get going with Week #3!
You'll be able to get a great recap of the week's passive income topic by reading the blog post, but if you really want to go in-depth into the content, I suggest watching the full video post below!
WATCH THE FULL LESSON:
READ THE RECAP:
Welcome Back + Recap
In Video #2, we talked about the 3 key reasons why your course is NOT selling:
No Urgency: no reason to buy now vs. later
No Education + No Pain: no understanding of why your topic is valuable; no marketing towards solving pain points
- No Trust: the know, like, and trust factor has not been built
Later in this 8 week series, we’ll go more in depth into each of these key factors and how to ensure you’re hitting each of them, but for now, we need to decide …..
+ Is an automated “evergreen” style passive income strategy right for you?
OR are you better suited to holding an open/close launch several times per year?
+ if you want to go with the evergreen/passive income strategy, how do you know you’re ready?
+ And how do you know if your course or digital product will work selling on auto-pilot?
So let’s dive in …..
Evergreen or Passive Income Strategy means:
- Your course is always open for enrollment + can be bought at anytime.
- Any “deadlines” in your strategy are specific to individual people, based on when they initially entered your sales funnel.
- You have a series of marketing pieces that work together through automation systems that lead potential buyers on a “sales path” (also called a sales funnel) that takes them from initial interest in what you do, all the way to a paying customer.
- Everything works automatically. The payment processing, the course login system, the on-boarding email series, all triggers by itself.
- Far less hands on interaction from you once everything is set up.
Open/Close Launch Strategy means:
- Your course opens for sales for a specific amount of time, and then closes again normally after a 1-2 week “cart open” period.
- There are specific deadlines, expiring bonuses, price increases and other factors of urgency that are the same for all potential customers.
- You still have a series of marketing pieces that work together, however it’s more likely that live components will be included as well - webinars, live streaming, etc.
- Much more “all-hand-on-deck” interaction needed since everyone has the same limited time to enroll.
So how do you decide which is right for you?
The decision comes down to your goals, your lifestyle, and your strengths as an entrepreneur.
Evergreen sales strategy brings in more consistent income throughout the year; versus an open/close launch where your year’s revenue largely depends on a limited number of large/live launches. Does this stress you out, or do you like the challenge and excitement?
Open/close live launches will need to be planned for times of the year when you and/or your team are not traveling, do not have other major commitments in your life, and in general have the launch period fairly free of other distractions; while evergreen/passive income strategy continues to run “in the background” no matter what’s going on in your business or life
Do you thrive on the live components, the personal interaction, the energy of a large group all engaging with your content at the same time, like what happens during open/close launches? Or do you prefer to jump in live when you feel like it, but have the majority of your sales strategy not hinging on one live webinar, etc.
Do you prefer to work in intense periods (such as an open/close launch), and then take a break from it all? Or would you rather have your marketing work spread throughout the year?
These are all of the factors and questions that go through my mind as I decided which was the right strategy for me. You’ve got to consider each for yourself to determine which style fits your life and your business more perfectly.
Now, let’s say you’re leaning towards the Evergreen/Passive Income strategy like me.
Now that you know that’s what you want to do ...
How do you know that you have a course or digital product that is ready to be into this type of system?
There are a few factors that I use to decide:
1. Have you done a live launch of your course at least 1 time?
After you initially create your course, it’s important to go through the open/close launch process at least once. This ….
- allows you to really interact with your potential customers: find out their concerns, hesitations, etc. (they often will not be what you think)
- gauge strategies that worked well and those that didn’t
- create content that you’ll be able to re-use in your evergreen strategy
2. Do at least 3-5 students purchase your course during the launch period?
(3 for a higher priced course; 5 for a lower priced one)
if so, then you have a viable course that will convert in an evergreen sales funnel.
3. Have you gotten feedback, secured testimonials + made any needed updates of things that are missed based on student responses?
You want to have you best product ready, so that when new students enroll you feel really good about welcoming them in.
4. Do you have the automations + systems in place, so that someone can easily purchase, and automatically be sent all login info and welcome information without any additional on-boarding work from you?
If you can answer yes to those 4 questions, then you’re ready to put your course or digital product into an automated, passive income sales system!
Now even in a passive income/automated sales system, there is still an element of “selling” involved. And I know some people start to get a little squeamish when they hear that they’ll need to be a “salesman” or “saleswomen” to bring new students into their course.
So next week, we’re going to be talking about 3 different options for creating your evergreen sales system. I’ll let you know which is my favorite and why, but I’ll also give you options that you may personally may be more comfortable with.
And the cool thing is not one of these involves sending emails to your current email-list. So no worries about overwhelming them with the same launch emails over and over again!
We’ll also dive deep into what “sales” is, and why it doesn’t have to be a word that gives you (or your potential students) an icky feeling.
But for now, I’d love to know if you’re leaning towards an open/close launch system or an evergreen passive income sales system, as well as why that’s your decision. Let me know in the comments!
Remember there is no “right” answer here, and I would love to hear your thought process behind it. And I’ll catch you next week for Video #4 where we’ll look at 3 different options for creating your evergreen sales system.