Our biggest product of 2023 FAILED and lost us $1,450,000 (here's why...)
Apr 16, 2024
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The podcast discusses why a company lost $1,450,000 in 2023 despite no economic or industry changes, revealing it was due to going against their 'Zone of Genius'. It touches on successful launch strategies, reflections on business masterminds, client retainers, and announces an upcoming LA mastermind session.
Failure stemmed from going against company's 'Zone of Genius'
Success attributed to launch sprint approach for sustained sales
Deep dives
Successful Launch Event at a Premium Price
The podcast discusses the success of a recent in-person training event launched at a premium price of nearly $9,000 per ticket. Despite the high cost, the events quickly sold out, with waiting lists in place for most sessions. This success prompts a discussion on the factors that lead to successful launches, contrasting them with the struggles faced by other companies, especially small businesses and consultants, when launching new products.
Expertise in Launching Products
The episode highlights the podcast host's and their team's expertise in launching new products effectively. They emphasize the importance of a well-planned launch strategy, referring to their 'launch sprint' approach that spans around six weeks, including pre-launch hype, the launch itself, and post-launch follow-up activities. Their proficiency in this area is credited for generating momentum and sustained sales over the long term for their products.
Preference for One-off Offerings Over Retainers
A major focus of the podcast is the business strategy shift towards one-off offerings rather than retainers or long-term subscriptions. The host expresses a preference for launching unique and special one-off events and products that create excitement and maintain a sense of exclusivity. This approach aims to avoid the pitfalls of long-term engagements where clients may take services for granted, emphasizing the importance of creating memorable interactions and experiences with customers.