Everyone has launches that don’t go the way they expected them to, but what do you do when this happens? It’s ok if you’ve had a bad launch, but I’m going to show why you don’t need to completely shut down after one. On today’s episode I’m going to give you the four steps to follow in order to turn a failed launch into a great opportunity for better growth in your business!
1. Check the numbers
The reason you need to check your numbers is that your launch may not have gone as badly as you thought it did. I recommend looking at the high-level numbers, such as the number of people that went through the launch. In order to get a large enough sample of data you’ll really need at least 200 participants. Next, look at your conversion rates. For a launch with mainly cold traffic, a conversion rate of 3 to 5 percent is an excellent launch.
2. Debrief your launch
Regardless of how you think it went, you really need to go through how things went beyond the high-level numbers. A debrief lets you deep dive into what worked and what didn’t work. Look at the total revenue generated, and total customers. How did things sell over time? How many people bought when you opened the cart, versus when you closed it? What was the percentage of sales from each day of the promotion?
Based on what you’re seeing, you can take a moment to think what you can do differently next time. If you had a strong attendance rate for your webinar, then the problem wasn’t the launch itself, but the webinar wasn’t strong enough. If your attendance rate was low but you had enough sign-ups, then that can indicate that you need a better reminder sequence.
If you don’t take the time to evaluate what needs to change, then you’re just going to do the same launch again and it’s not going to be successful. The only time a launch is a total waste of time is if you don’t take something from it!
3. Survey your audience
The reason a survey is a good idea is that it will help determine the reason(s) they didn’t buy, and you’ll hear it on their own words.
4. Consider a downsell
A downsell simply makes your offer easier to access, as it requires less time and money from the prospect than your original offer. For example, we offered a downsell on our $1,000 program, and were able to generate additional monthly revenue by selling monthly memberships at $47 per month.
These four steps together will help turn a failed launch into a great opportunity to create better growth in your business!