My Biggest Product Flop

By , Small Business Consultant and Marketing Strategist

Solo-E Certified Solo Entrepreneur Expert

Michele A Scism - Small Business Consultant and Marketing Strategist

Have you ever put A LOT of work into a product only to have it fall flat on its face? Over the past 5 years, I’ve created a system for launching products that works and has brought me over six figures of income.

But it wasn’t ALWAYS that way. I want to share with you the story of my very first product launch so you can avoid making the same mistakes I made.

My first product was a BIG product called Social Media Mastery Summer School. I sold it for $597. My goal was to create a product that could transfer every single thing I knew about social media into the heads of my customers. I spent 3 months – getting the content *just right”. I spend nearly $2500 getting stuff done – transcripts, squeeze pages, web pages, etc.

I sold 2 copies – and then someone asked me for a refund because I overwhelmed them! So I ended up LOSING almost $2000 on the product and I honestly think that if I hadn’t been a life-long entrepreneur I would have given up and quit right then and there!

But… I didn’t and I learned a few lessons about how to create and launch a product right. Here are a few of them:

1. Find someone to help you who knows how to do the techy stuff. Even if their hourly rate is higher – you will SAVE money because they know what they are doing.

2. Don’t OVERWHELM your audience. Most entrepreneurs in my community are very heart-centered and very giving. They want to give really good value to their clients The thing is – most people can only process so much at a time. So, it works better to pick a smaller area and give more specific and detailed information on that area.

3. Market more than once. Once of the places were people often miss out on sales is lack of follow up. If you only send one sign up e-mail and one follow up – you are leaving lots of possible sales on the table.

4 . Measure and Test – Keep an eye on how your marketing is going. Are people opt-ing in? How many? Are your ads bringing you sales? How much? Keep tweaking to keep improving your results.

5. (THIS IS THE BIGGIE) Don’t make the product until you have sold it. Stop doing work for free. Focus your efforts on getting people into the program. If they don’t sign up – then keep tweaking.

I hope that these lessons will help you with your product launch!

Michele Scism is a decisive, driven and committed entrepreneur who helps successful business owners create passive income streams so they can stop working so hard and start enjoying the benefits of entrepreneurship.

Michele’s business expertise has been highlighted recently on NBC, CBS, Fox, Entrepreneur.com and Forbes.com. She is an international speaker, best-selling author and the Founder of Decisive Minds.

She is a serial entrepreneur who knows how it feels to fail miserably at business, at one time the bank actually called demanding their $1.5 million back, and also knows how it feels to sign the contract to sell your company for $9 million dollars. For business building tips visit http://DecisiveMinds.com

© Copyright 2015 Michele A Scism

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