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If your coaching products are not selling as well as you would like them to (or if they are not selling at all), you are not alone. Every week solopreneurs contact me to ask for help with their marketing strategies for selling products. Here are two of the most common stories I have heard:
- A coach has spent hours and hours creating an e-book, had a copywriter create a sales letter for the e-book and put the e-book up on the web site. It has been a year, and the coach has sold a grand total of two copies. What should he do now?
- A coach has heard that it would be good for her business to teach teleclasses. She has created a teleclass on a great topic and put it up on her web site. She has invited people to register for the teleclass, but no one came. How can she get people to pay for her teleclasses?
Does this sound familiar? If your products are not selling, you are not alone. Many coaches have told me that they have spent countless hours creating a product, only to post it on their web site and find out that it is not selling. Here is why:
- Your target market is not interested in the product. Sometimes coaches are so excited about a product idea that they create a product without doing market research to see whether your target market is interested in buying it.
Your target market must want the product in order for the product to sell. Before you invest your time and money into a product, do market research and make sure that the product’s topic resonates with your target audience.
- Your product is not priced correctly. This is one of the most common mistakes that I see coaches make. Many solopreneurs underprice their products, thinking that if they give their customers a deal, more people will take advantage of it.
Unfortunately, quite the opposite happens. Since your product has many benefits, but you are offering it at a low price, your potential customers start doubting that what you are promising is true. Great benefits and a low price sound too good to be true, so many people pass on your great offer and buy from someone else who sells their products at a higher price.
I have done a few experiments where sales have actually gone up once the price was increased. Spend some time on thinking about your product pricing; this is a crucial part of your overall marketing.
- You do not market your product effectively. Many solopreneurs put up a product on their web site and expect it to sell. The truth is that a product will not sell on its own. To have consistent product sales you need to drive web site traffic to your product page every single day.
If you want to earn money with your e-books and teleseminars, make sure that your target market is interested in buying them, price your products correctly and market them effectively.
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