When you sell shirts on T-Spring, you are not obligated to invest any money until you receive the orders.
Assume your goal is to sell 50 t-shirts for $15 each. You promote the shirts on social media, and buyers commit to purchasing them. However, you are not required to pay for any shirts until you hit the 50-order level, or whatever number you have set.
When you reach 50, the customers are billed, and the lot is made and dispatched.
However, if only 49 individuals pre-ordered, the t-shirts will never be created.
Why aren't more marketers utilizing this marketing strategy for their own products?
You could presell a course for "x" number of individuals. The course will begin in three weeks, but only if all seats are filled.
Alternatively, you may outline a product and pre-sell it. If you receive enough orders for it (whatever number you determine), it will be delivered on the day you specify.
The argument is that you are charging for a product before it is created. If you discover that there isn't enough demand for the goods, simply refund the orders you've received and try again with a different product.
The advantages of launching in this manner are twofold: First, determine whether or not people are willing to pay for the product you intend to create. This way, you'll never make a product just to realize that no one wants to buy it.
Second, you gain operating capital right away. If you need to outsource the product's creation, you can simply use the funds from your advance orders to do so.
Of course, the one thing you must have for this business strategy is an excellent reputation for keeping your commitments. This may not work for you if you are entirely unknown in your field. Before you use the T-S method for pre-launching your first product, you must first generate some fantastic content and build a following. The effort will be well worth it.
Another advantage of this business model is the opportunity to identify problems before launching a full-fledged product, as well as obtaining confirmation that your product works.
You may gather feedback on what your product lacks, what might be confusing, or anything else you need to improve before launching a full-scale launch with affiliates by doing a pre-launch to a limited number of buyers.
You can also ask your initial buyers for testimonials, which will help you sell more of your product once it is fully launched.
I don't see any disadvantages to using the TS technique to launch any virtual product, and there are numerous advantages to doing so.
Nonetheless, most marketers will not do it. What's the harm? Perhaps it is because they believe that things can only be done one way since ‘that's how it has always been done in the past.'
That is ridiculous.
Just because everyone else spends a month or two developing a product before knowing whether or not it will sell doesn't mean you have to be as well. (Is it too rough?)
To be honest, I believe it is frequently advisable to disregard "known ways" in order to find a manner that decreases risk, boosts outcomes, and, in this situation, protects you from making a product that will not sell.
A few pointers on selling your product before you create it:
Choose a topic that is known to you so that you can create the product quickly.
Outline the product before putting it up for sale. This will make writing your sales offer a breeze.
Incorporate a plethora of intriguing bullet points within your offer.
Make it abundantly obvious that the product has not yet been developed but will be released on "X" date.
Make it clear that if there is not a sufficient response, they will be repaid and the product will not be created.
If at all possible, guarantee to have the product ready no more than two weeks before making this offer. Reduce this to one week if you have your own list and are quick at creating products. For example, suppose you make the offer on Monday, Tuesday, and Wednesday, with the product becoming accessible on Tuesday the following week.
If you offer group coaching with one call per week for six weeks, you simply need to prepare for the first call.
Inform them that they are your beta group and that you will be soliciting input from them as well as providing more customized service. Solicit their questions and suggestions so that you may improve your product before launching it fully.
One more thing... Surprisingly, tests demonstrate that conversion rates for lead magnets are often HIGHER when the lead magnet has not yet been created. I'm not sure if this also applies to products, but it very well may.
I believe it is the allure of a fresh new, completely up to date product (or lead magnet) that no one (NO ONE!) has yet to obtain.
Action Step: Make a list of items you've contemplated making but weren't sure if they'd sell. Choose one and create a product overview as well as a simple sales page. Then send an email to your list to watch how they respond. From start to end, you should be able to complete this in less than two hours and start receiving orders soon after.
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