Leveraging the Profitability of Your Site With Digital Products - Andrea Oh
43
-
Upload
todays-growth-consultant-digital-footprint-2014 -
Category
Internet
-
view
96 -
download
0
Transcript of Leveraging the Profitability of Your Site With Digital Products - Andrea Oh
LEVERAGING THE PROFITABILITY OF YOUR
SITEWITH DIGITAL PRODUCTS
THE NEXT 60 MINUTES
Making Money on the Internet
What is Digital Content?
Identifying the “Right” Digital Product to Sell on Your Website
Considerations When Selling Online
NO Strategy = NO Sales
Launch (by: Jeff Walker)
Case Study: FITNESS 911
HAVE YOU PURCHASED ANYTHING
ONLINE IN THE LAST 30 DAYS?
YOU’RE NOT THE ONLY ONE!
THE FACTS …
Online shopping retail sales are predicted to grow steadily to
$370 billion in 2017 (up from $231 billion in 2012)
195.3 million online shoppers in the U.S. (2014)
80% of the online population has purchased something using
the internet, 50% of the online population have purchased
more than once
98.9 million online buyers have purchased at least once via
mobile device
Adults over the age of 50 represent one-third of online
shoppers in the U.S.
Source: 15 Mind-Blowing Stats About Online Shopping (www.cmo.com)
40 Amazing Online Shopping and eCommerce Statistics (www.selz.com)
THE FACTS …
In 2012, more than three-quarters of online adults surveyed by
Forrester Research ordered products or services online
(57,499 U.S. adults)
Two-thirds of Americans over 50 years buy from retailers
online
Gen Xers spend an average of $561 - about 15% more online
than Gen Yers ($489) and roughly 25% more than the average
online adult ($449)
36% of consumers spend 30+ minutes comparison shopping
before making a decision on purchasing a product (65% spend
16+ minutes)
Only 28% of U.S. small businesses are selling products onlineSource: 15 Mind-Blowing Stats About Online Shopping (www.cmo.com)
40 Amazing Online Shopping and eCommerce Statistics (www.selz.com)
THE FACTS …
$20+ billion
$55+ billion
WHAT IS DIGITAL CONTENT?
WHAT IS DIGITAL CONTENT?
Is any type of content that exists in the form of digital data
(also known as digital media)
Examples include:
Audio
Video
Images
Software
eBooks
Mobile applications
SELLING DIGITAL GOODS
CONSUMER GOODS DIGITAL GOODS
Manufacturing costs are high
Warehousing cost
Shipping cost
Retail location required
Low profit margin (<50%)
Staff required
Limited hours
NO manufacturing
NO warehousing
NO shipping
NO retail location
HIGH profit margin (>75%)
NO staff required
OPEN 24 hours/day
Instant delivery
Environmentally friendly
CHOOSING THE “RIGHT”
DIGITAL PRODUCT TO SELL
WHAT YOU WANT TO SELL …
THE RIGHT
CHOICEMAY NOT BE
ASK YOURSELF …
WHO is your target audience?
Website visitors (based on demographics)
Opt-in lists (subscribers, past/current customers, etc.)
WHAT digital content do you already have at your disposal?
Written content
Audio (music, podcasts, etc.)
Video (YouTube, Vimeo, etc.)
Online presentations (Slideshare, PDFs, etc.)
eBooks (Kindle, iBook, etc.)
ASK YOURSELF …
WHAT digital product alleviates a particular “pain point” for
your target audience?
WHO are your competitors?
HOW are you different/unique from your competitors?
WHERE will customers purchase the digital product?
WHEN is the optimal time to launch the digital product?
HOW will you get the “right” message to the “right” customer at
the “right” time?
THE CHALLENGE OF
SELLING PRODUCTS ONLINE
THE COMPETITION IS FIERCE
THE COMPETITION IS FIERCE
On the Internet you CAN’T:
Choose the visitors to your website
Minimize the threat of competitors (direct or indirect)
Be judged “fairly” in direct comparison with competitors
Perception is reality
It is especially hard for small businesses to break into a bigger
market right away
NO FACE-TO-FACE INTERACTION
NO FACE-TO-FACE INTERACTION
CAN’T build trust or a relationship with the customer
CAN’T tailor product benefits to a specific buyer type
CAN’T tailor a presentation to a specific buyer type
CAN’T view non-verbal communications of the buyer
CAN’T provide instant answers to the buyer’s questions/concerns
CAN’T negotiate on the spot or proactively “close the deal”
NO STRATEGY = NO SALES
WHAT IS A STRATEGY?
Strategy combines the
resources, skills and
competencies of an organization
(or business) to create a
competitive advantage
It involves:
Setting goals
Determining actions to achieve the
goals
Mobilizing resources to execute
the actions
LAUNCH (BY: JEFF WALKER)
List Building
List-building is THE strategy
The easiest way to increase
the responsiveness of your
list is to increase the
connection and relationship
you have with your list
Squeeze Page and Opt-In
Offer
Prospect List vs. Customer
List
LAUNCH (BY: JEFF WALKER)
Product Launch Formula
Pre-prelaunch
Sideways Sales Letter
Mental Triggers
Authority
Reciprocity
Trust
Anticipation
Likeability
Events and Ritual
Community
Scarcity
Social Proof
LAUNCH (BY: JEFF WALKER)
Reasons why people don’t
buy:
They are not interested in
what you’re selling
They don’t have the money
They don’t believe you
They don’t believe the
product will work for them
FITNESS 911
Case Study
WHAT IS FITNESS 911?
A support package for
anyone working out and
exercising on their own
(regardless of the workout
program they may be on)
who needs motivation,
support and useful tools to
improve their chances at
reaching their fitness goal
An “insurance policy” on their
workout program
WHAT INCLUDED IN FITNESS 911?
GET MOTIVATED! eBook
FITNESS 911 Tip of the Week
FITNESS 911 Worksheets,
Tools & Resources
FITNESS 911 Podcast Library
EXCLUSIVE one week
programs from
WorkoutBOX.com
DietBOX nutrition
recommendation and tracking
25% DISCOUNT on select
WorkoutBOX subscriptions
THE LIST
10,000 opt-in email
addresses from
WorkoutBOX.com
Included both males and
females who registered for a
FREE WorkoutBOX account
Collected between January
1 and March 31, 2013
PRE-PRELAUNCH
Email to the list announcing
FITNESS 911 and a request
for them to participate in a
short “two question survey”
20 people responded with
40 total questions (within 48
hours)
PRELAUNCH – EMAIL #1
Subject: Your Early Christmas Gift from WorkoutBOX is on its Way
The Catch: They will receive free tools in the next email
Location: FITNESS 911 Facebook page (160+ Likes)
Feature Video & Slideshare: Workout Failure is NOT (Necessarily) Your Fault (Slideshare viewed 2100+ times; 42 social actions in 72 hours)
PRELAUNCH – EMAIL #2
Subject: RE: Your FREE
Tools Are Ready for
Download
Location: Page on
TodaysFitnessTrainer.com
(page was visited 389 times)
Download: FITNESS 911
Planning for Success
Worksheets
PRELAUNCH – EMAIL #3
Subject: Your Exclusive
FITNESS 911 Discount
Code
The Offer: 33% discount on
the 12 month subscription
($8.25 vs. $12.50 per
month)
Open Cart in 24 hours
OPEN CART – EMAIL #1
Subject: FITNESS 911 Q&A
Objective: Answer common
questions to alleviate the
buyer’s concern
Direct them back to
FITNESS 911 Sales Page
and Facebook page
OPEN CART – EMAIL #2
Subject: Sneak Peek at a
Sample Week
Objective: Give them a
chance to see what is
included in FITNESS 911
(and ease of use)
Direct them to Week #5 of
the FITNESS 911 program
Direct them to the FITNESS
911 Sales page and
Facebook page
OPEN CART – EMAIL #3
Subject: Your FITNESS 911
Discount Expires Today
Objective: Create a sense
of urgency to purchase
FITNESS 911 (scarcity)
Direct them to Week #5 of
the FITNESS 911 program
Direct them to the FITNESS
911 Sales page and
Facebook page
POST LAUNCH – EMAIL #1
Subject: WorkoutBOX
FITNESS 911 Test Group -
Volunteers Needed
Objective: Take away
obstacle to purchase to
determine if buyers “want”
FITNESS 911 (see value)
Direct them to the FITNESS
911 Sales page and
Facebook page
THE RESULTS …
(as of November 12, 2014)
FITNESS 911 Intro Page 394 views (3.9%)
FITNESS 911 Membership Page 228 views (2.3%)
FITNESS 911 Survey Page 184 views (1.8%)
FITNESS 911 Facebook Page 166 Likes (1.7%)
FITNESS 911 Slideshare 2092 views
1 download
43 social actions
FITNESS 911 Sales 1 subscription
FITNESS 911 Test Group
Participants
46 people
MAKING “LEMONADE”
WAS THIS CAMPAIGN
SUCCESSFUL?
absolutely
!
NEXT STEPS
Focus on “social proof” using beta test
group participants
Google+
iTunes (podcast)
Run FITNESS 911 Launch campaign in
90 days
Any
Questions?
Thank you!
