Don’t compare yourself with others (too much!)
The industry standard for conversion rates following a launch is around 1% – 2%. I usually say that a good conversion rate is anything around 5% and anything above that is absolutely killer. My launches usually achieve 7% – 11%.
I often meet people who say things like “But I heard about this or that company that achieved a seven-figure launch in the first six months, or this company got a 20% conversion rate.” These figures don’t represent the big picture. The person who achieved seven-figures was probably building a list of contacts for years. The 20% conversion rate might mean they only reached five people and then sold to one person. Always look at the whole launch to understand the results.
Repeat and Optimise
I achieve such good results on launches by looking at what works, optimising and repeating. If it isn’t broke, don’t fix it. I don’t do multiple different launches at once. I repeat what works.
Reuse assets, reuse your learnings, reuse your previous successes.
Spit your goals in two
Don’t focus all your energy on a big revenue goal. First, you want your customers (or maybe they are potential customers at this point) to sign up. This might be for a class or workshop, an event, or an online vlog series. Whatever it is, set a goal for sign ups, we call this your launch list.
Next, set your conversion goal. This is the percentage of people from your launch list who go on to buy your product. And remember be realistic, the industry standard is only 1% – 2%.
By splitting goals in this way, rather than constantly thinking about a big revenue goal, you’ll focus better on different areas that are very important for the long-term success of your business. Generating leads and getting signs ups means you have potential future custom as well as current revenue.
Base your expectations on your own results
Launches are hard work and you need to be ready to learn from your mistakes and your successes. Setting your expectations based on other businesses, selling different products to different people in different ways, is not a good way to benchmark what to expect from your own launch.
By following these tips, you can expect to go into your launch better prepared and ready to focus on the right things.