Uncategorized

11 lessons learned from generating $39,343 in 5 days (And losing $106,765) – The good, The bad and the Ugly

logo1
Written by imchief

Hey guys!

Today, I am going to share with you a case study that I believe will add massive value to your business. This case study is based on the recent Launch of Audience Social that I did with my partners and has 11 lessons that I learned in the entire process.

The entire case study is true to the best of my knowledge and is backed with numbers, solid proofs and results.

In this case study, I am going to tell you about “The Good”, “The Bad” and “The Ugly” of Audience Social’s launch and what I learned from it.

Audience Social is a web-based application that allows you to recapture lost traffic and then convert them into customers through retargeting. This software was launched on 6th May’16.

PART 1: The Good

Lesson #1. Proofs, proofs and proofs

Personally, I believed that this was the best part in the entire process. Audience social was tested rigorously by a lot of people and many of our beta testers had reported getting great results.

I had personally tested this software a couple of times in my promotional campaigns and the results that generated were insane.

 

 

JVZOO DASHBOARD

If you’re into a business where you are releasing a new product or a service, or are making some updates into an existing one, make sure that you’ve got a lot of beta testers onboard. These beta testers are going to give you some of the best feedback that you will ever receive to improve your product or service and raise the quality bar to the next level.

Lesson #2. Always follow a checklist

In this launch, we followed a checklist of the things that needed to be done. It is always advisable to have a good checklist to follow in your business because it saves you a lot of time, trouble and hassle.

Following a checklist keeps you accountable and on the track. Also, by having a timeline assigned to your checklist, you can monitor the growth and the speed of your progress.

Both these factors are invaluable in any business model. So my recommendation to you is going to be that create a checklist if you haven’t yet for your business and follow it religiously.

You might not get the best checklist of the things to be done in the first time. It’s okay. It’s natural. It happens with everyone. Happened with me as well.

But what is more important is to go through the process again and again till you can’t do it wrong. You need to refine it so much that you’re left with a no fluff and to the point checklist.

Lesson #3. Your strength lies in your team

If you are doing everything on your own in your business, then think again about it. As a business owner, your job is to do the things that produce results and either outsource the rest of the stuff or allocate it to your team.

In my case, I had a very strong team with me. If it would not have been my team, this launch would have been a total blooper.

A lot of unpredictable stuff happened. Things didn’t go according to the plan. There were moments of utter panic and chaos. At one of point of time, on the launch day, everyone thought calling off the launch would be a better option.

But what did we do? We improvised. We took responsibility of the stuff that didn’t go right and made it right. And that’s how business is done.

Working with some of my team members when the launch went live!

Working with some of my team members when Audience Social went live!

If you’re responsible for something and it doesn’t go right, you need to stand up, take the responsibility for it and then make it right. That’s how winners do it. Only losers and quitters make excuses and run away from their responsibilities and you aren’t that.

Lesson #4. Sales video should be highly converting

The sales video is called sales video for a reason. It is responsible for turning your prospects into your customers. Your sales video is your first impression on the minds of your prospects.

If your sales video is not converting, you need to change it. A bad sales video brings down the revenue and the sales of any business. No business can be left untouched because of this.

One thing that I learned is that your sales video might not be the most beautiful video ever created but if it’s good and is serving its purpose (of converting prospects into customers) then it is definitely worth your time and investment.

I have seen from my own experience that many a time, people have very beautiful sales videos. But I have also seen that these videos often convert poorly because they are too distracting.

The quality of your sales video should be very high. There should be no compromise on that. But it should be engaging and not distractive. Luckily, for us, the sales video had done its part perfectly.

Lesson #5. 1 on 1 chat support is a must

Around 7% of our sales came from the 1 on 1 chat support feature that we had put on our website. This live chat support feature is not something that I have seen on a lot of business websites.

However, I have used this feature before as well and the results were almost same. We have had a lot of people asking their questions, clearing their doubts and get educated about the product!

The benefit?

When your prospects get educated about your product, they know if it’s a good fit for them or not and they take the buying decision accordingly. As a business owner, it’s your responsibility to give them the best knowledge of your product or service and be as truthful and honest as you can.

Doing this might mean losing a few customers but this also results in lower refunds and more happy customers.

On the launch of audience social, our 1 on 1 chat support got a positive rating of 92% and more than dozens of people thanked us for having this feature.

OUR CUSTOMERS ARE LOVING OUR SUPPORT!

Lesson #6. After sales care

Our team took care of the customers that we acquired and made sure that we were retaining them through dedicated after sales care. Till date, we have received more than 180 tickets and we have solved almost all of them successfully.

There were a few moments when the software was not working properly or a technical fault occurred but our team was responsible enough to handle everything skillfully and keep the customers happy.

Most of the business owners don’t have a good after sales care and this is where they go wrong. Now I am not saying that our after sales care was the best but from the feedback we received from our customers, it was good than most of the other businesses in our ecosystem.

Now if you’re a smart business owner, you can easily turn this fact into your favor and make it your biggest strength. Take a moment and think about it. I am sure you will get the answer.

PART 2: The bad

Now coming to the bad part. This part and the next part taught me the most in this launch and I am grateful for the lessons I learnt.

Lesson #7. Demo Video Matters a lot!

You might be in any business but you still need a demo video. Actually not a demo video but a good demo video. For audience social’s launch, the demo video was not liked much by the people. The background music made it difficult to understand it and it did not convey the message clearly.

I personally feel that the demo video could have been a lot better and we could have had a lot of people understand the concept of the software and use it in their own businesses.

feedback

That is a big customer segment lost (easily 15% or more) and more importantly people who could actually benefit from the software. So, from next time onwards, I am going to pay extra attention to the demo video and make it look very sleek and professional. And I highly recommend you to do the same.

Lesson #8. Quality over Quantity

For Audience Social, we had a lot of bonuses but actually very few of them were relevant to the product. Now this might sound like a bitter truth to a lot of people, but this is the harsh truth.

As a product creator, I feel guilty of not having high quality, relevant bonuses for the offer. Most of the bonuses you see are almost useless and gives no value but I feel that if you’re offering some bonuses, they should overdeliver on value.

Keep the number of bonuses low if you want to, but always keep the quality high.

Good bonuses give people great reasons to make the purchase and also instills faith in them about the product.

Lesson #9. Problems and more problems

Almost 18 hours before the launch, our site went down because of a server error. Trust me this is the last thing you need on your launch day. And if this wasn’t enough, more and more problems came out of nowhere and hit us in our face.

It took our team 5 hours to fix all the problems, do the testing again and put everything back in place. In these 5 hours, a lot of affiliates had backed out (Almost 40%) and many had lost interest in the software because we were unable to show live demo on multiple occasions.

At that moment, it seemed that calling off the launch will be a better option. But we didn’t focus on that. Our only focus was on fixing everything. Postponing, rescheduling or cancelling the launch was not our priority and we were not thinking about it.

We had put in our heart and soul to make things work again and after 5 hours of sheer hard work, we were back to normal. These 5 hours were the toughest period of my life because I could literally see everything shatter in front of my eyes. But somehow, our team was able to save the day (Even if partly)!

PART 3: And The Ugly!

Lesson #10. Know your metrics

Now we all know that launching a new product or a service in a marketplace is stressful and we often invest a lot of time, money and efforts.

But something that 99% of the people fail to realize (I am guilty as well) is to know their metrics. This means that the money they are spending to acquire a lead. In our case, we spent more than $17 to acquire a lead. And because I hadn’t done this calculation earlier, it was more of a loss.

If I had checked and known my metrics earlier, we could still turn this 5 figure launch into a 6 figure launch with a strong backend offer (We had a backend offer but it didn’t convert much).

My biggest take away from this is to ensure that whenever I am doing a launch next time, I should know what money I am spending to acquire a lead and how am I going to make it back.

If you know your metrics in and out, chances are you can avert your risk of loss to the minimal and make more profits.

Lesson #11. Shit happens

I wanted to say this in the first place but I saved it for the last. Maybe because this was the best one?

Well, SHIT HAPPENS!! Life often knocks you down and you can’t really do much about it. All you can do is to pick your balls and keep moving forward. Even if it’s one tiny little step at a time. The key is not to stop and make some progress.

Every single step that you take in your tough time, takes you two steps closer to your ultimate goal. Most of us fail to get up back on our feet again in such situations but it is situations and times like these that shape our character and make us stand out from the rest of the crowd.

So, my two cents is to always keep hustling, make progress and keep on taking action. Sooner or later you will achieve what you want to. But just don’t settle for less.

That’s all for this case study.

I hope you’ve enjoyed it. If you have questions, feel free to post below!

About the author

imchief

Leave a Comment