Episode 78 | The Mini Offer Myth (everything you need to know to make those $27 products profitable)
Ever thought about launching a mini offer? Maybe you're looking to branch out into digital products for the first time, these can look like an amazing option. Create something once, and sell it over and over again. Something with no coaching or interactive component. And you might think it’ll be way easier to sell because it’s cheap! I mean, who wouldn’t buy this awesome thing for just $27? It’s a steal! But unfortunately it’s just not that easy. Let's say you choose to price your offer at $37 and you want to make $10K. Let’s assume a 10% conversion rate on the sales (which is generous, by the way), you’d have to get 2000 people to land on your sales page. That’s A LOT of eyeballs. Even if you have a big audience, it’s going to be hard for you to get 2000 people to land on that sales page, particularly month after month to keep profiting. The way you have big success with mini offers is by using paid advertising to drive eyeballs to that sales page. If you want to make those $10k months, you have to be running ads to get those 2000 eyeballs. But now you’ve got the cost of the ads (and maybe hiring an ads manager). So that $10k just took a hit. If you are getting a 2X return on your ad spend, it means you will need to spend $5000 to get that $10000 in sales. And if you hired an ads agency? Add another $2000 in management fees. That $10k just turned into $3k. We haven’t included any expenses like software, a customer support team member you might need to handle your inbox, and any potential refund requests. See how the money can look good from the outside ("easy 10k months!") but isn’t so great when you peel back the curtain? It was only after I had healthy revenue in my business and could invest in an ads team that I started venturing into mini offers! I today's episode, I'm pulling back the curtain and talking all about what it really looks like to lead with a mini offer!Let's dive in!Have you grabbed your spot inside Online Course Prep School yet? Do it here: gemmabonhamcarter.com/prepschoolIn Prep School, you will… Learn about The Mentor Model and how to turn what you know into a successful course idea (even if you don’t consider yourself an “expert”)How to do market research and uncover the best course idea to launch in your nicheIdentify exactly who your ideal student is and how to find themWhat your course needs to include in order to sell like hotcakes (and get results for your students) Sketch out your entire course curriculum using the Course Map Method (all in one afternoon - bring sticky notes!)Prep a waitlist (no fancy tech required!) so leads can start signing upOh and did I mention it’s F-R-E-E? Save your spot here (we’ve had over 300 sign up already this week!): gemmabonhamcarter.com/prepschool-----If you want to learn how to launch your first course, sign up for a seat at my free training #CourseClass to learn how I went from $0 to $500k/year with digital courses: https://gemmabonhamcarter.com/course-class If you’re already a course creator ready to scale and go evergreen, join our membership community to learn how at https://gemmabonhamcarter.com/passiveproject Support the show