HSH 137: How Much Does a Successful Launch Cost?
On this episode, I am talking about what it costs to launch. If you have been thinking about launching your digital product, your service, coaching program, consulting, or any other digital-based offer, this episode is for you.
I am breaking down what is required of you to have a successful launch. I am going to talk about the three types of launch expenses, calculating how to figure out what you should be spending on your launch, and what all goes into your launch. I am also going to share behind the scenes details of a few of my launches so you can learn from my mistakes.
Show Notes:
[02:35] When it comes to a launch there are three types of expenses you are going to have: time expenses, monetary expenses, and sanity expenses.
[04:11] A launch doesn’t just cost a certain amount of money. We also need to look at how much time, money, and how much sanity we need to invest.
[04:43] Zach shares about his first launch, what worked, and how it took him three months.
[05:41] We often have to be strategic and invest our time especially if we don’t have a lot of money to invest.
[06:17] On his first launch he only spent money on Facebook Ads. He was using his time as a lever to get more people to engage with him and using his ads as a lever to get people into his webinar.
[07:23] In this launch the biggest cost was his sanity and in the end, he was exhausted. Investing too much of your sanity is not a sustainable model.
[08:52] Your launch has these three costs: time, money, sanity. The more you spend in one area, the less you have to spend on the others. His goal is to get to a point where his money is doing more work than his time and sanity. I can always generate more money, but I can’t buy back my time or sanity.
[09:26] Next Zach shares about his biggest launch ever with $50,000 in sales and what he did differently in that launch.
[10:01] One of the first things he did on his big launch was to hire people around him to leverage the money to get more stuff done. Since he hired help, he was able to focus on high impact activities.
[11:04] As you grow your business and launch more and more you are going to find that you have less time to work on things. It is important to look at how you can buy back your time.
[12:33] Money is not the end-all, be-all solution. Sometimes we need elbow grease, to push our boundaries, to try something different, and getting out of our comfort zone.
[13:34] When trying to figure out the financial cost of a launch he always starts with what he wants his revenue to be.
[15:29] After you figure out how many leads you need for your launch you can look at your most recent promotion and see how many leads you can get organically. Then you also know how many leads you need from your ads.
[16:34] Zach’s calculations can help us figure out how profitable you are going to be. If you have never run ads before he recommends running ads before your launch to get your estimated cost per lead.
[17:01] Once you have the profit of the whole launch, you can decide on the leftover money. What do you want to spend on the launch versus subbing in your time or sanity?
[17:45] It is not just about the end profit. It is also about considering what other factors could affect your conversion rate.
[18:33] You want to price your program in alignment with the value, but you also need to include your marketing costs into your products. If you are in an industry where lead costs are higher you have to charge more because your marketing cost is higher.
[19:01] If you calculate your monetary costs and they don’t work for you then you need to change your numbers. Data doesn’t lie.
[21:14] So many people have a revenue goal and they don’t know how many leads they need to generate. Having a lead goal is crucial.
