Hey Reader,

"Charge more" is common advice.

Chances are, it’s good advice. Because if you’re wondering whether you’re charging too little, you probably are.

But that’s not actually the biggest launch mistake I see.

Here are the top 5:

Mistake #1: Lack of tiered pricing

The biggest mistake I see creators make is having only one price for their product. This leaves a lot of money on the table as it prevents you from generating more revenue.

Tier-based pricing unlocks various hacks you can use to make more money.

For example, instead of giving people one option to buy a book for $39, you can create several tiers above that (such as $79 and $169).

This allows you to capture additional value created for different customer segments.

Three tiers is ideal. With only one $39 option, the potential buyer faces the decision of whether or not to buy. They’re comparing spending $39 to spending $0.

Adding the $79 option makes the $39 option look less expensive, and most people will choose the $39 option in this case.

Adding the $169 tier positions the $79 tier as the best value. More people will choose the $79 option than they would have if there were only two options.

Multiple price points can often double or even triple revenue compared to having just one option.
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Mistake #2: Not using scarcity

Most people who defer making a buying decision will never become your customer.

This is why you need to give people a reason to buy now.

An effective way of doing this is to include multiple types of scarcity in your launch. Here are a few types of scarcity you can use:

1. Offering time-sensitive bonuses
2. Limiting the quantity of products available
3. Creating urgency by highlighting how many others are buying

Give the first 50 people who buy something extra. Limit the quantity of certain tiers (such as those which include your personal time). Display how many people have purchased already as a form of social proof and a way to create urgency.

I strongly recommend using bonuses, which positions you as a value-added brand, rather than lowering your prices, which positions you as a discount brand.

Mistake #3: Failing to build anticipation

Another critical error is failing to build anticipation and engagement before the launch.

You don’t want to wait until the launch to tell people about your product. Announcing a few days beforehand simply isn’t enough time for people to notice or get excited.

Ideally, you’ve announced this weeks, or even months, ahead of time to build anticipation. You want people to be ready to buy long before you open the cart.

This highlights the importance of separating two key moments:

Mistake #4: Combining learning & buying moments

The moment your cart opens and you send people to the sales page should not be the first moment they’re learning about the details of your product.

Yes, your sales page should have all of the relevant information potential buyers might want to review. But this shouldn’t be the first time they’re learning about the product and what they’ll get.

Creators often lump together the moment of learning about an offer with the buying moment, which creates friction. Separating these moments ensures customers learn about the offer long before they have a chance to buy.

You want as many people as possible to have made a buying decision far in advance so that when the time comes, it’s simply a matter of making the purchase.

Mistake #5: Over or under communication

Lastly, not sending enough emails during the launch period leads to missed opportunities.

I would say 80% of creators don’t communicate enough and 20% over communicate or provide too much detail.

Most people are afraid to sell, because they don’t want to annoy their audience. As a result, they don’t talk about their product enough. They’re convinced everyone is sick of hearing about it when in reality, most people don’t read every email or see every post. In many cases, a lot of the people in your audience have no idea you’re even launching a product.

For most people, you should be sending more emails. There are many ways you can talk about your product in advance without coming across as repetitive. Address things like:

• Who is this for? (target audience)
• What do I get? (show product features)
• What’s in it for me? (highlight product benefits)
• What results have other people gotten? (share testimonials)

Conversely, for the other 20% who tend to over communicate, overwhelming the audience with excessive information can also be detrimental. You don’t need to go over every single detail. You just need to communicate enough information for someone to make a buying decision. Leave the extra detail for the sales page, FAQ, or give people a way to contact you with any questions.

Avoid these 5 mistakes, and you’ll dramatically improve your chances of a successful launch.

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PODCAST

Build a $100,000+ Creator Business in 2024 (Full Masterclass)

This week’s episode is a masterclass on scaling your creator business to 7 figures and beyond.

Get insights from Ali Abdaal, Sahil Bloom, Sam Parr, Rachel Rodgers, and many others as we explore the effective strategies and mindsets that have propelled them to remarkable success.

These experts have built massive followings and generated consistent income streams and in this episode, they share exactly how they did it.

​Watch or listen to episode »​

ARTICLE

Growing from 500 to 25,000 subscribers in under a year

Lauren Kay grew her email list from 500 to 25,000 using social media and ConvertKit together. And because of those efforts, she was able to go all in on her new business in less than a year. This is how she did it.

Learn how to:

• Effectively engage and nurture your audience
• Turn a social media following into a business model
• Leverage personal connections to drive brand awareness

​Read her growth strategy »​
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X POST

Why most creators fail

Jay Clouse shared a short post on why creators fail. What do you think?

There are some interesting hypotheses in the replies:

​View post »​

Have a great week!

—Nathan