Once you have worked out the kinks with a product and it is performing well organically, then it is the time to scale up. Scaling up takes something that is already working and magnifying the result. Usually, this means adding more push marketing to your strategy.
Stop! You’re not ready to scale unless you’ve done this:
A product that is not doing well organically will NOT respond well to push marketing. So if you have conversion rate problems or haven’t optimized your product page yet, these scaling strategies won’t be as effective.
Scale up Strategy #1: Build a Product Line and/or Bundles
If you have a product that is already selling well, follow the money! Create more related products to create a product line – ideally that can also be put together into a bundle for maximum sales.
- Additional practice – Create a duplicate product with different questions/answers
- Next step – Create a product that would be an ideal follow-up with the same students
- Theme – Create another product with a different theme, or a seasonal version
- Grades – Create the a similar product for another grade level
Scale Up Strategy #2: Consider Pricing Increases
Changing your pricing isn’t always a good idea, but depending on the situation, a high performing product could be underpriced. Even a small increase of $0.25 can make a big difference to your bottom line if you are selling a large number of a single product.
If your product has an unusually high conversion rate, this is often an indication that it will tolerate a price increase. Finding the right balance can be tricky though.
(Some people will tell you that anything over 5% is “too high” a conversion rate and that means you “need” to increase the price. This is definitely not always true.)
Scale Up Strategy #3: Increase Traffic
The third way to maximize the amount of sales you are making on a high-performing product is to increase the traffic. When your product is already converting organic traffic really well, this is when paid traffic can be useful. (If you’re trying to generate paid traffic on a product that isn’t already converting, you’re unlikely to see much return on your investment.)
In order to start using paid traffic, you first need to learn what your “earnings per click” is on this product. Take your total earnings for this product and divide it by its’ total views. For example:
$50 / 150 = $0.33
This product has made $50 and has had 150 views. That means that I can expect to make (on average) 33 cents every time a customer views it. So in order for running a paid ad to be worth it, I would need to spend less than 33 cents per view in order to make any money.