How to scale your passive income product
Once you have verified and sold a few pieces of your passive income product, you will need to go back to the drawing board and plan the next level. In order to uplevel your results you’ll need to take a cross-section look at what you’ve done so far.
You need to identify ways of scaling it up so you can make more money and build in more profitability into your existing funnel.
Here are 3 ways to do this:
1. Survey your paying clients
The first thing you need to do is increase your conversion rates to scale faster. The only way to do this is to listen to your customers and infuse their words and feedback into your sales page, emails and online content.
2. Invest in better matching your traffic
Implement better marketing, use the feedback from your survey and engagement metrics from your social media and increase activity in those things that have worked for you. Add SEO to get more organic traffic. When people search for your exact product or service you are offering, they are ready to buy, this will put you at the right place at the right moment. On social media, you create demand and listen to the needs of your market.
3. The key to scaling further
Make sure you do the math, however. You don't want to spend more than is feasible for your product. Scaling will involve paid ads, SEO and content marketing efforts. You want now to reach the sweet spot where you get your investment back with some extra benefit, once you achieve that, you can start to double what you put in, monitor and double what you get back. The next step is to finetune where necessary. Double, triple again. Make small steps to avoid going from a $1,000 ads budget to 10’000, better go to 2000 and make sure you still get a positive return on investment before you double again.
With the same campaign, you will reach a maximum ceiling of what you can get out. At this point, you will stop scaling and start a new campaign in parallel targeting different groups or/and using different approaches for the same product.
You’ll need to make sure you’ve picked the right price for your funnel to scale profitably. If you haven’t, add an upsell or change your price accordingly.
4. Automate your marketing
Plug the automation holes. If you've just launched your first passive income product it’s likely your product delivery and funnel had some holes and/or tech mishaps along the way. Make sure you review these and avoid them happening again. Providing tech support and missed login details are fine when you’re selling 5 to 10 products a week, but scaling further when things are still shoddy
Finally, make sure you stay open. You may not have picked a very scalable funnel to begin with and it may need a fair bit of tweaking to make it work. If you’d like to know how the pro’s do it.
Check out our “Launch your passive income course” here