Step 3: Know your numbers
So, this product is not hypothetical. We have already tested it in very large audiences on FB.
The numbers are better than the product we scaled this year to 7 figures and the margins are bigger.
Let's roll out some stats - Our Opt in is 93%! Just for lead generation this could have huge potential for someone who is already having success with e-commerce and you want to add a Subscription product to your offers.
- First box: 10% conversion rate
- Bump: A whopping 60%
- Upsell 1: 55%
- Upsell 2: 30% conversion for another subscription product!
Step 4: Facebook ads
I don't know how many people I had tell me that my product ads were saturated.
Multiple people who were professionals at building ads said my product was maxed out and wasn't possible to get more purchases affordably per day.
We scaled this one product to 7 figures fairly easily. Moral of the story, you need to know your **** when it comes to paid ads.
Step 5: Retention Retention Retention
Retention is so important when it comes to your lifetime value of a customer.
The process for signup, confirmations, support, delivery time, cancellation must be smooth and crystal clear!
Your box needs to be fun to open, and it has to connect emotionally to the customer.
If you do the above your Retention will be on point.
Step 6: Email Marketing
Build and utilize your email list!
We built an email list last year that has just under 500,000 contacts.
We can send out an email for a product launch and instantly get that product 200-500 purchases that are recurring!
We have had one email give us a lifetime value of over 10k with one single email!
This opens so many doors for retargeting, affiliate offers, and also launching new subscription products.
Step 7: Let an expert do it for you
A valuable piece of advice that I learned the hard way multiple times
- do not outsource to those who are not already making money!
Why? Because as much as they think they may be experts and gurus…
If they are not doing it for themselves they usually can't do it for others.
Save time and money by finding someone who is already implementing strategies you are trying to pursue!
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