Info product launches – how many units do you produce?
One of the biggest challenges an information marketer faces when they are launching a new home study course is how many units to produce in advance of the launch date. Produce too many and you’ve spent money on inventory that’s going to sit around. Produce too few and you can have unhappy customers who have to wait longer then they expected to receive your product. What’s one to do?
While it is important to get your product into the hands of your customers as quickly as possible to keep them happy and reduce your return rates it is more important, in my opinion, to manage your cashflow If you tie up thousands of dollars in products that don’t sell, in all likelihood, it’ll do more harm to your business overall then a few unhappy customers might do.
Do you want unhappy customers? Of course not. And, as you move forward in your information marketing career you’ll get a better sense of how many units of a new product you’ll be able to sell. But, out of the gate, it can be tough to know what you should produce for your launch.
There are certain strategies you can employ when you do a new product launch to minimize the negative impacts of those customers who might have to wait a little longer then they wanted to receive your product.
First, remember that it’s primarily an issue of managing customer expectations. If you announce, in advance, that you’re only initially producing “x” units of your product and that those who aren’t among whatever that “x” is to be the first to order than they’ll have to wait a few more days for your product they know what to expect.
Just remember thought that if you tell them that it will be 10 days until they receive your product and then they receive it in 7 days you’re a hero. But if you tell them it’ll be 4 days and they get it in 7 days then you’re a bum. It is all about managing customer expectations.
Second, I’d encourage you to have some digital component to your product that they’ll receive right away so they can get started with something while they await receipt of your actual box of materials.
Third, make sure you continue to communicate with them regarding the status of their shipment if they’re not among your earlier orders. People will forgive a lot if you keep the channels of communication open and they simply know what is going on.
Launching any new information product can be an exciting thing. And a terrifying thing. Just make sure you’re prepared to manage your customer expectations appropriately in advance for your info product launches and you’ll greatly increase your chances of having a successful launch.