How we took an info-product business to $2 million in revenue by streamlining?
The benefits of info-product scaling?
Digital info-products like ebooks & online courses is a haven of an opportunity to grab for product creators & marketers. But the opportunity only presents results if done correctly.
The reason for the demand of creating info-products is because of the low barriers of entry(anyone with shareable knowledge & skills can create one) and most importantly the scalability of passive revenue through this - once the product is created, distribution & consumption is automated and/or dependent on the customer, so the sole focus of the business can be on marketing & sales.
The problem involved with most info-products?
Info-products are not meant to provide value. They're meant to provide a transformation to customers. This is where most info-products fail, cause most of the time it's just a creator creating a PDF or a couple of videos, & then selling it for a low price hoping to get mass adoption.
But instead, we revamped the entire product (and streamlined product development) to a transformational system that any customer can go through to get the desired result promised by the product. Since this isn't just a product, but a system to get results, the success rates would be way higher; and in most cases this allows the company to charge premium pricing for the product, resulting in even higher profit margins.
We revamped the entire product into a transformational system, through these necessary steps:
Figuring out who the ideal customer is?
All marketing efforts speaking to only the ideal customer portfolio.
The product includes low-cost DIY tools to get customers closer to the results they desire, instead of just videos & PDF files.
Creating an education-based environment with action steps & motivations to allow customers to take the relevant actions to get the results they desire.
Automating the entire education process, as well as the further process of getting reviews, incentivizing referrals, and creating loyalty.
Streamlining the customer acquisition process.
A single product, a single customer portfolio, and a single customer acquisition process allow a company to achieve undefinable amounts of clarity & focus that results in the company absolutely dominating its competition(if the product actually gets customers the result it promises).
Unlike other major brands that focus on being everywhere while actually reducing the efficiency of their monetary gains, we opted to be a part of the sole platform that congregates most, if not all, of the ideal customers that the company aims to impact with their info-product. Since this product appealed more to millennials(24-to-30-year-olds) we opted to use Facebook & Instagram(part of Facebook's network) as placements for the campaigns.
We created a video funnel, where we drive interested prospects to a sales video reshaping their beliefs about the product solution and increasing their likelihood of converting into a customer.
The systems, pages, frameworks, and scripts are created by our product team. Every single interested prospect & their possible actions are tracked by multiple pixel codes installed on the pages, which offers us the benefits in retargeting them.
Tracking & retargeting until purchase initiated.
Since we're selling a higher-priced product, our first-touchpoint conversion rates would drop a bit compared to the usual industry standards. That being said, we get a lot more interested prospects browsing through our sales pages, simply because a premium price dictates that the company is offering a premium standard/quality of a result/product that prospects desire. It's the same reason why we offer our time & attention to the most expensive brands out there, instead of lower-priced ones, cause of our distinction of quality when it comes to a company's pricing.
And because of the higher number of prospects coming to our sales pages to "window-shop", we track every single one of them, as well as what pages they view & actions they take on those pages(along with other initiations); and depending on those factors, we re-market/follow-up with them multiple times with the objective of converting them(or at least moving them up their buying process).
Our product & marketing team develop retargeting frameworks & scripts depending on the product & prospect actions and accordingly execute on them.
Over the time-span of one year, we achieved more than a 500% return on advertising spend. We took the company to over $2 million in revenues attributed by our campaigns, and a total of almost $3 million in revenues throughout the company's marketing & sales efforts(and referrals).
The profit margins are higher on digital info-product businesses ranging from 60%-90% depending on variable costs.