Here is a story of launching a product.
A couple of years ago we launched a version of EasyWebinar.
This launch was my/our first big launch. 12 months before we did a launch, but it was on a much smaller scale. The launch helped to generate months about 1.2 million in sales in 10 months.
We grossed more in the first month of that year than all of last year.
Here is the thing…I didn’t know WHAT was going to happen.
When you do a launch, you create expectations and hope to hit certain numbers.
But to be honest, you never know what is going to happen.
Also I decided that I would do both the traditional form of launching which consisted of 4 pre-launch videos that were sent out over a period of a week as well as do 2 live stream webinar events during the launch week.
Did that happen?
Well sort of. What you also learn is that during a launch you tweak as you go.
If something isn’t working, you test and change. After we opened the cart up after the pre-launch period, I determined that 2 live events weren’t enough. I was seeing sales come in before the first event, but after the first event we did double what we did on our first day. That led me to arranging a launch plan based on my LaunchStream funnel. I had the idea to do it but wasn’t sure I was going to use it. But after the first event my conclusions were becoming evident…that my launch system was so far seeming to work better than the launch blueprint alone…
Therefore this is what I did:
- Set up our first event (Chris Farrell and myself showing how to build a funnel as shown in image above)
on the 3rd day of the launch. (The launch window was 7 days)
- Then we did a re-broadcast of that same event that evening along with the next day streamed 2 times the following day.
- Then we set up a new event to stream out on day 5 – Me by myself full Q and A.
This day we did quadruple anything we had done to this day yet in sales…on this event.
- And then repeated what I did for the 1st event by streaming the 2nd event as a re-broadcast the next day 3 times that day. (the sales were the same as the previous day which was still good)
- Then the final day of the launch, I decided that I would do a 4 hour live stream event! This one I decided to do pretty much the same as the q and a from the night before. I would show how to build an EasyWebinar funnel but then answer all sorts of questions. Hundreds! (This final day we made over 6 figures alone) …By the end of the day I had huge crazy hair and was utterly exhausted…but felt great because I had answered a ton of questions people were having and when you answer questions, you make sales. (it is that simple)
All during these events, we invited all of our partners to promote the webinar events (Our partners were happy because the conversions on the events far exceeded the conversions from straight to sales page). Yes it totally rocks that I can have partners send their traffic into our webinars and they get paid for it! Great for the partners and great for us.
What were the stats?
Well we had roughly 6200 leads come through the Pre-launch videos
While only about 2000 come through the webinar.
However, based on those stats
Of those who came to the pre-launch campaign 22% of them purchased.
Of those who came to the webinar funnel 35% of them purchased.
Even though the pre-launch had more leads generated, the webinar was responsible for closing a wider % gap.
Yes there was some overlap between the two (meaning that some buyers
consumed both) but not all did.
And based on this data as well as the data I was received while the launch was happening…
I concluded that the webinar funnel (live events and re-broadcasts) has a higher closing effectiveness of 13%.
I also noticed that the more content one consumed the more likely they were to become a customer. I worked at tallying that info after hearing about Michael Hyatt’s launch from Stu McLaren. I checked my stats and it was proven to be true.
Tweet this: The more one person consumes content from you. Ie, video training, pdf’s, webinar replays and live events…the more likely they are to turn into buyers!
That’s why I think the combination of both the traditional launch system and my ‘Event Launch Blueprint Funnel’ works great together.
Now to plays devil advocate…I started to think:
“Casey, what if you had not spent 25k on video production and simply used webinars as the lead generation source? Could you have saved yourself 25k dollars in video production?”
After I asked that, I went to look at the video stats (how many plays I had for each video overall and funny enough
I had fewer plays to sales ratio on the video course than I did on the webinars.
Therefore another conclusion was drawn.
I probably could have run the launch of my product through a series of webinars/events only. (without the pre-launch videos) However, I think the concept of the pre-launch period is brilliant and powerful therefore, if you’re thinking of only using events/webinars for your launch, consider using them in a free series ahead of time about a week before you open the cart on your product.
This way you keep your production costs low but your value and close rate super high!
In fact, we are planning on doing this same thing in the next launch of EasyWebinar (and other products as well).
Thanks again for your time reading! Oh and before you go, I wanted to ask you…
Have you taken the plunge to finally launch your own products/services?
If You’ve Been Thinking About Launching…
I invite you to my program that teaches every step of how to dominate with webinars to build your email list, launch a product, service, course or coaching. This program will also teach you how to use webinars to fulfill a coaching program as well as sharing how to use webinars in every step of the customer journey. If you want to learn more…
I invite you to my online workshop where I will teach you more!
CLICK HERE TO REGISTER!