Online marketing tools can help entrepreneurs know when to do a live or virtual new product launch. New Internet marketers have more information to make better decisions on how and when to roll out a new product launch. Today, I am going to talk about choosing when to offer a live or virtual event for established business owners.
The first point I want to make is that this content is for established business owners. Meaning, if you are a new business owner, read my blog post where I talk about the lead magnet for a new product launch process.
Once you have been in business six months to one year and generating income, it is time to evaluate what is the best way to roll out your second product.
[bctt tweet=”Remember, your first new product launch is usually to help build your list.”]One of the things I’ve noticed with entrepreneurs, specifically Coaches, is that sometimes they will create a live event without having an idea of how many people will attend. Although we never know the exact number of attendees until it happens, monitoring analytics help determines what our business can generate.
For example, if you have 500 names on your email list and your email open rates are 15%. This means 75 people are opening and reading your emails. Now from that 75, 20% of those people actually click on your links in the emails and engage with you on social media. 20% equals 15 people; and out of the 15 people that engaged, 8 purchase your new product launch.
If eight people out of five-hundred actually purchase, it is not the time to do a live event. When creating products, events or anything for your business, we have to consider profitability.
Will this be profitable?
Look at your costs when considering a new product launch. What products and services will yield the best return cost effectively?
Live events can be expensive to host. If you cannot project from where and how you will make your money back and profit, continue virtual events for your new product launches.
Virtual product launches are less expensive. If you want to increase your income, keep the cost down and do more activity to generate more profit. For example, instead of hosting a live event do more livestreaming and videos.
[bctt tweet=”Livestreaming is a great place to start increasing your audience.”]Put on more events and watch your attendance, replays and how many people are sharing. Monitor these numbers as they will tell you how and when your business activity can attract a live audience that will be worth the cost hosting a live conference.
For help with getting engagement to build your online audience, email me at consult@virtualofficecenter.net or call me at 865-383-0864.
Need help? Electra Ford is an online marketing strategist. She helps businesses experience increased engagement on social media and helps you get more prospects on the phone. She specializes in online marketing plans that connect entrepreneurs, companies and organizations with their audience to get traffic and make qualified connections. To learn more about implementation click this link to subscribe to Electra’s email list http://eepurl.com/sLz05.