I'm About To Chicken-Out

by James Liberty 16 replies
I've been creating a product for about the last ten days now... and I was planning to invest about $5000 into it.

But now I'm scared that I might not have the right product for my niche. (I'm also scared that I might never be able to come up with the right product for my niche... it's not an exact science, you know).

So instead I was thinking about just creating a squeeze page, and using the remaining $4700 to drive traffic to it and build an e-mail list.

What do you think of doing this as opposed to attempting to create a product? This route seems quite a bit safer to me. Am I right or wrong?
#main internet marketing discussion forum #chickenout
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  • Profile picture of the author Chris Lockwood
    Why would you have needed to spend $5000 on it?

    Did you do any surveys or research?
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    • Profile picture of the author James Liberty
      Originally Posted by Chris Lockwood View Post

      Why would you have needed to spend $5000 on it?

      Did you do any surveys or research?
      I'd like to invest in a ghostwriter and a web designer... but really, I think the sales copy would account for most of it.
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  • Profile picture of the author Amy Bass
    I have created a few products in the past and have NEVER spent even remotely close to that amount to create it. Is it software? Maybe that is the reason.
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    • Profile picture of the author James Liberty
      Originally Posted by Amy Bass View Post

      I have created a few products in the past and have NEVER spent even remotely close to that amount to create it. Is it software? Maybe that is the reason.
      No -- it's a CAR.

      (j/k). :p
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  • Profile picture of the author Kay King
    I think it's a good idea to test your market - and that is what you would be doing. If the response is good, there's nothing to stop you from investing the rest of the money into advertising and promotion.

    Maybe what you think is fear is simply common sense telling you to try your product on a test market first.

    kay
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  • Profile picture of the author Terry Hatfield
    STOP!!!!!!!

    Don't you dare spend 5K to launch a product.

    If you must spend any money, then maybe $100 to run some test on adwords or such.

    Start with free methods. Get your sales page converting. Then gradually roll up and invest in advertising from profits.

    No way ever spend 5k to launch a product.

    Terry
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    • Profile picture of the author Monetize
      Unless it's an exceptional product or circumstance, the only
      cash outlay that you should have is for press releases.

      If this is your first launch, and you don't know what you're
      doing, hold off until you get a game plan in place and don't
      waste your money.

      Once things get going, parlay your earnings back into your
      business. Dropping $5K from the start is unwise.
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  • Profile picture of the author TimGross
    James, I've done a lot of product roll outs, and especially assuming that the $5,000 will deplete your financial resources for FUTURE products etc, I highly discourage you from spending the $$ upfront like you originally planned.

    I'd also discourage you from spending the $4,700 in advertising to build a list... Because if you wait till after you've built the list before actually trying to sell the product, you're still possibly throwing the money away.

    There are legalities about doing "dry runs" of taking orders upfront without having the product in hand to ship, but there are ways around it (disclaimer: I'm not a lawyer and don't even play one on TV), but you should pretend your product is ready to go and write the sales letter and order page for it NOW.

    Send initial traffic to the squeeze page first or directly to the sales letter (squeeze pages don't always work better, don't let anyone tell you differently), and see how may people click through to the order page.

    On the order page, you can reveal that it's not ready yet and ask them to get on the announcement list, (don't assume everyone who clicked through to the order page would have actually purchased), etc.

    By doing this you can find out ahead of time whether there's interest in the product, you'll spend some money on advertising/promotion, but not the whole bundle.

    Hope this helps, and good luck.

    P.S. -If the $5,000 is to go towards a large amount of copies for DVD or CD development or etc, step back and burn/bundle/package by hand in small amounts first. If there's ANY way to get small amounts of a test product even if it costs way more apiece, it's way better than large quantities of something that hasn't been proven to sell yet.
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  • Profile picture of the author RenaissanceMan
    I wouldn't.

    IMO $5000 is way too much for a ghostwriter/web designer
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  • Profile picture of the author Chris Lockwood
    Why not write the copy yourself, see if it works at all, then spend the money on improving it?
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    • Profile picture of the author Michael Shook
      If you grow a list, you are going to need a product to sell them. Nothing is better thatn your own product. I'm thinking there's not really much reason, why you can't have everything, product, sales page and list. There's lots of folks here with lots of talent.

      BTW I don't think you chickened out, you just are thinking of other ways to allocate your funds -- which is a very smart thing to do.
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  • Profile picture of the author Lance K
    Originally Posted by James Legacy View Post


    I've been creating a product for about the last ten days now

    <snip>

    But now I'm scared that I might not have the right product for my niche.
    James, the amount of money is irrelevant. The crux of the problem is in the text I've quoted.

    Besides, there isn't a $5,000 copywriter in the world that can sell a product that there isn't a market for.
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  • Profile picture of the author Adam Kenzington
    Hi James,

    I agree with Tim's advise. Also, I would add a questionaire to either your squeeze page or your order page and ask your customers what they want. They will freely tell you.

    I would make it 5 to 10 questions long. Most of the questions I would make multiple choice, where they can just click on a button next to the answer that most closely represents their choice. But for the last question I would have a field where they can type in their answer to the following question. "What is the #1 problem you face with BLANK? (Blank being whatever topic/niche your product covers).

    Boom Shock-a-Locka! They've told you what they want. I'd say 50 responses to your questionaire will give you a good indication of how to proceed with your product and eliminate the "Chicken Factor".

    Also, $5,000.00, WOW! I agree with previous statements that you should write your own copy. Go to the Copywriting section of this forum and ask for some critiques. You'll get them. Lots of FREE advice, and you'll learn a few things along the way, too...

    Or, if you don't feel up to the task, there are a lot of damn good copywriters right here on the WF that would be willing to do the job for half that price )

    Seriously, save some money. Shop the price. Tell John Carlton you've decided to go elsewhere.

    This is do-able. Don't Chicken Out!

    To your success,

    Adam
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  • Profile picture of the author Terry Hatfield
    Hi,

    The only problem I have with someone new outsourcing the copywriting is how are you going to know if the copywriter is any good.

    When you look at the samples you won't know if they are the most brilliant piece of copy that has ever been written or total rubbish.

    You really need to learn copywriting first, then you can outsource the task later if you decide that is what you want to do.

    Later,
    Terry
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  • HI James if I were you I'd study about using top keywords and how to do Viral Marketing and save your money.
    Also if you want to test your product, do it on ebay, if it doesn't sellin 7 to 10 days, it won't sell no matter how much you spend.
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  • Profile picture of the author jhongren
    Originally Posted by James Legacy View Post

    I've been creating a product for about the last ten days now... and I was planning to invest about $5000 into it.

    But now I'm scared that I might not have the right product for my niche. (I'm also scared that I might never be able to come up with the right product for my niche... it's not an exact science, you know).

    So instead I was thinking about just creating a squeeze page, and using the remaining $4700 to drive traffic to it and build an e-mail list.

    What do you think of doing this as opposed to attempting to create a product? This route seems quite a bit safer to me. Am I right or wrong?
    Hi James, spending $5000 on product creation is a lot of money investment.

    I am not sure what product is that. But what you can do is couple it with another product or put it as an OTO (and make it a downsell or cross-sell)

    Keep the $4700 for yourself and create another product from scratch if you can.

    Marc Anthony just shared what he did in 3 days with zero dollar investment.

    Check his thread out.
    => http://www.warriorforum.com/main-int...tml#post131745

    Cheers,
    John
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