With my time as WSO vendor I’ve learned a lot valuable lessons and today I want to share four of them with you.
Lesson 1: Always Upsell
Not adding an upsell to your product is one of the bigger mistakes you can make.
I of course made this mistake when I launched my first WSO 2 years ago. My product converted fairly well so I was able to make profit without, but I left a lot of money on the table by not adding an upsell.
And here’s the thing: upsells are often a lot easier to sell than the front-end product. A portion of your customers will buy if you just add something.
Let me just show you some math to prove the point. (Eww. Math, really?!)
Say you are about to launch a product and you don’t really have anything to add. Here’s the difference between no upsell and a $27 upsell at a 10% conversion:
100 Sales Without Any Upsell
FE: $9 x 100 = $900
Total without upsell: $900
$ per customer: $900 / 100 = $9
100 Sales Now With An Upsell
Upsell: $27 x 100 / 10 = $270
Total with upsell: $1170
$ per customer: $1170 / 100 = $11,7
That is a 30% increase in revenue right off the bat. Just by adding an upsell to your product and hitting a 10% conversion.
So what about a $17 downsell @ 10% too?
Okay, say we take some bonuses or something else away from the upsell and offer it to people who said no to the offer:
100 Sales Now With An Upsell And a Downsell
$17 x 90 / 10 = $153
$ per customer: $1323 / 100 = $13,23
And we are now at a 47% increase in revenue!
Lesson 2: Make it Specific
This lesson is a big one when it comes to planning your product.
My best products have been about just one very specific method. A step-by-step report that covers exactly what people need to know and nothing more.
A few times I’ve tried to make something broader where I didn’t have a laser focused method to create the product around… and every time I’ve failed miserably. Without a very specific angle you can easily end up trying to cover waaay too many things and suddenly your product is going in seven different directions without any clear path.
Not only does this make the product bigger and harder to make, but often it will hurt your customers with too much information. People are buying your product because they have a problem they want to fix. And they want to know how to fix it. Not the 102 different ways it is possible to fix it. Just one clear way.
So lesson learned: Make your product very specific and you’ll have a much easier time creating and selling it.
Lesson 3: Social Proof is Everything
You need social proof if you want to sell your product. Period.
I remember when I launched my first WSO without any reviews. It sold like s***t. No one would buy a product from this unknown guy with no reviews in his WSO thread. And of course not! I wouldn’t either.
But a few days later I acquired some warriors to review my product and BOOM. The difference was like night and day. Suddenly the product was selling and the only change was that I had people saying the product was legit.
So how do you get testimonials when you are just starting out and have no customers?
Actually it’s quite easy to do with a WSO… Here’s how I did it the first time around:
How to get reviews for your WSO before it goes live:
1. Go to the Wanted – Members Looking To Hire You section and create a reviewers-wanted thread for your WSO. It costs $5 but is well worth it. Just remember to follow the special rules for review request threads.
2. Once your thread is live you’ll get people requesting review access and then it’s just about sending them the download and telling them where you want them to post the review. I personally ask them to post directly in my WSO thread (where I sell my product), but if you haven’t yet launched your product you can ask to have them send it to you and then later post it in the thread when it goes live.
It’s important that you get people to post the reviews in your WSO thread themselves. It just looks at lot better than if you quote them from another thread or from an email, and no one can question the authenticity of the review.
3. That’s it. Once you start selling you can encourage buyers to post their reviews in the thread too and if you product is any good you’ll now have a lot of social proof.
Lesson 4: Just Get Started
I’ve learned much more than what I can write about here. But if there’s one lesson to rule them all it’s this:
Overcome your fears and get something out there.
Launching a product can be scary, but only by doing it you’ll really learn something.
I didn’t know much when I launched my first product. And looking back I can clearly see all the mistakes I made. But in the big picture the mistakes didn’t matter much.
What really matters is that I got started.