Bestseller or bust: how to pick an offer that will be successful
Are you ready for a specific offer? If you took my Idea To Income Stream challenge, you took a quiz that’s all about figuring out what income stream is best for you. If you haven’t taken it, sign up for the challenge here and check it out.
Anyways, it’s important to note that when we are creating offers, we need to ask ourselves a few questions to know WHAT we are needing right now. Often times business owners put a lot of time, effort and MONEY into something that has absolutely 0 chance of being successful at the moment. It might be a good LONG term solution but not a right-now thing.
This happened to me a few years ago when I created a really intensive membership (which should have been a mastermind). It was a great offer and those in it loved it, but it wasn’t the right time. I wasn’t able to put the time and money into managing it AND making sure I had enough income for myself while it continued to grow. It had NO chance of getting me where I wanted at that point.
Here are some questions to ask yourself:
Do I need money NOW? Like ASAP?
If YES: focus on high-end offerings and services that can make a big impact on your bottom line without as much effort as say a membership site or even a passive product.
If NO: spend time creating and building the offer that you’d like to make money on long term. If you have another source of income, you have the gift of time. You can build your audience, take time to develop your funnel and grow so that your business is focused on EXACTLY what you want to do.
How do I want to work with people? Is this what I really want?
We often create offers simply because we are modeling what we’ve already seen people do before us and NOT what is actually going to be a good fit for who we are as people.
The design of any offer you do should be designed to fit who you are as a person FIRST. If you don’t feel excited about the work and can’t keep it up, you are going to have a hard time trying to sell the offers.
Is my audience going to buy this? If they do, will it be enough?
Let’s talk MATH. The average offer converts on COLD traffic at about .05-1%. That means if you get 100 people to your thing MAYBE 1 person will buy it.
A warm audience converts at 2-5% …. 10-15% if you have a really engaged and healthy list.
Existing clients convert much higher...25% and up
So let’s say you have a list of 500 people and of that 500 people, 150 people open your emails all the time.
That means your offer could sell at 1% (the big list is a little cold) and that’s 5 people.
For the list of 150 super engaged people, you could sell at 2-5% (off that average number of opens) and that’s around 4-5% which is also around 5 people. 10 if you have a list that’s healthier.
The math gets a little better as you go higher but it’s important to look at your list and ask yourself what needs to be done to make those numbers work.
If you are a small business that creates really HIGH-END offers, those numbers can still work for you. If you want to create a membership site or create a passive offer you can live on….not so much. You’d be setting yourself up to fail.
This is why it’s so important to not be LAUNCH focused but to also spend your time generating leads with your marketing. The bigger your list, the better your math...at least it should be!
Those are 3 questions you need to ask yourself before you pour all of your time, money and energy into your offer. You gotta be real for yourself. Business is all about LONG game. There are no shortcuts and ignoring what’s really true about your business will KILL your progress and hold you back in the long run.
Want help getting clarity around your offers? I have a few fun free things for you!