3 mistakes entrepreneurs make when they start to sell information products read more: 3 mistakes entrepreneurs make when they start to sell information products get more information on entrepreneurship
Recently, I wrote about the big mistakes entrepreneurs make when they create information products. Unfortunately, there are more mistakes to avoid when starting to sell them! Here are the biggest 3:
1. Your expectations are out of whack with reality. I once had a self development consultant tell me he wanted to sell a million dollars of his $497 product in one year. So I ran the numbers for him on what he would have to do to get that. He got very, very quiet.
Look, I'm all about thinking big. I've thought big my entire life. But if you want to do more than simply think big and actually accomplish big things, you need to understand what it takes to get there.
Let me give you a quick example. Let's say you want to sell one information product a day off your web site. If you have a 1% conversion rate on your sales letter (and that's not a walk in the park to do, but we'll start there because the math is easy) that means one out of every 100 people are going to buy your product. To sell one a day, means you need 100 people looking at your sales letter a day. (Note, I don't mean 100 people looking at your web site a day, I mean 100 people looking at that sales letter a day.) That means you need to get 3,000 visitors to that page a month. And if you're not getting 3,000 visitors a month, you probably won't sell an information product a day.
So let's say you're this entrepreneur. You just finished your product, you wrote the sales letter and stuck it up on your site and are now sitting back and waiting for the sales to pour in. And instead of getting one sale a day, you're lucky to get a sale a month. Or every 6 months.
And when this happens, you're probably feeling very frustrated and discouraged. But you shouldn't be. Because if you understood how the numbers worked, you would know what was realistic and you would ALSO know what you needed to do in order to sell one a day.
The problem I've found is entrepreneurs create their first info product sure this is their ticket to easy wealth. Then, when the days, weeks and months go by and it doesn't sell, they get frustrated and give up. And giving up is the REAL problem. Not the lack of sales. (Lack of sales CAN be fixed.)
2. You don't spent the time and energy selling it as you did creating the product. Sending a couple emails to your list is NOT putting a lot of time and energy into selling your product. Or, worse yet, throwing up a sales page and expecting people to flock to it and buy is also not putting enough time and energy into selling it.
Products are great, don't get me wrong. And while they can be passive income, what they mostly are is leveraged income. Making sales every day from your site is NOT magic. Nor is it an accident. It's a combination of doing the right marketing tasks to drive warm visitors to your site, collecting their contact information, and starting a relationship with them with an ezine or some other communications. It's about doing visibility activities. It's about doing product launches to up your visibility and take your marketing to another level.
When you do all these things, you find your overall sales go up. And when you promote a product specifically, sales spike further.
3. You give up. I can't tell you how many entrepreneurs I run into who have unrealistic expectations about selling their product, and then do little to no promoting or marketing of their product, and then give up because they don't sell any. They incorrectly assume there's a problem with their business, their clients, the product, themselves, etc.