On this week’s episode we’re talking about - challenges! I know I’ve talked about them a lot but it’s been a question I get often. Are you wondering if a challenge is right for you? Stay tuned, you’ll find out on today’s show!
There are four advantages when using a challenge to build your online business:
1. It’s a great way to build your list
This is huge! You see, a challenge is really a type of launch and what I like about a challenge is that it doesn’t require you to have an existing list. My mentor James Wedmore loves to say, “Your launch should build your list!”
Now, don’t get me wrong, I’m not saying that a list isn’t important. However, when you have a smaller list, a challenge is a very reasonable launch strategy that allows you to bring in a few hundred people, at a low cost.
Challenges are also very profitable on the backend. Not only you’re building your list, but you’re making money while you do it. When you’re getting started, investing money without knowing where that return is coming from can be really stressful. With a challenge, you’ll know where the money is coming from.
2. It helps you overcome the“Imposter Syndrome”
So many people are nervous about launching a new product because they start thinking that they are not good enough, or that people won’t buy their product. What we accidentally realized it that a challenge is an awesome way to launch that overcomes this feeling.
What I have noticed is that this syndrome really stems from a lack of experience or a lack of track record or even from being new to the space. If you go on to do a launch with the energy that it might not work, then that will show up in your sales.
With a challenge, the cool thing is that for 5 days, you’re interacting with your audience and showing them what it’s like for them to work with and interact with you. It’s like being able to sample a product before you buy it; your audience will know exactly what they are buying!
3. It’s is simple to execute
If it’s the very first time you’ve ever been online, doing a webinar involves a lot of work. Video series are also awesome, but the videos themselves are not what sells and they require a lot of resources. In fact, video series convert really well but are not an entry-level strategy. Email marketing launches work great, but requires you to have a decent understanding of copywriting.
With a 5-day challenge, you don’t necessary need all of those. The way we structure our challenges is that every single day we send out a simple email and we do a livestream to the people in the program. The content of those emails is less important to them than the tasks and assignments that you’re giving people.
4. It’s a good strategy if you’re not good at selling
Challenges enable you to deliver your content with the intent of making a difference in peoples’ lives, without necessarily having to sell. We have heard that although the challenge didn’t drive a lot of sales, the feedback from the audience was amazing and that it had built a lot of trust with the participants. We have also heard that it opened a lot of opportunities because it really gets your name out there and shows people that you’re looking to make a difference.
At the end of the day, a launch is something that brings leads and money into your business. Leads and sales are what make your business!