You’re reading edition #14 of the LaunchBoom Newsletter, which is sent every Tuesday to thousands of product creators.
Buenos días!
Three topics for you today… which will you choose?
- A $68,581 launch after 1.5 years of work.
- Discounting is not always the best option for a launch.
- The case for going big with your goals and business.
Enjoy!
Contents
1. Short Story
A $68,581 launch 1.5 years in the making.
One and a half years ago, Lawrence Ko started working on the launch of his product called the InvisOutlet.
Last week, he finally launched on Kickstarter and raised $68,581 in the first 24 hours.
I think the wait was worth it.
Here’s how he did it:
- Joined LaunchBoom
- Created a Reservation Funnel
- Drove traffic with Facebook ads
- Built a prelaunch email list of buyers
- Used that email list to get funded the first day
Let’s start with their Reservation Funnel.
The LaunchBoom Reservation Funnel allowed Lawrence to collect not only emails, but $1 reservations. Below, you can see the top part of his landing page.
Next, let’s talk Facebook ads.
Facebook ads are still the best way to build a high-quality prelaunch email list. That’s why we recommend putting nearly 100% of ad budget into Facebook for the prelaunch.
With different variations of audiences, copy, and creative, Lawrence had 394 difference ads. But here was his best performing one:
Before he launched the campaign, here’s what his prelaunch ad metrics looked like:
- Ad spend: $20,419.96
- Leads: 5,714
- Cost per lead: $3.57
- $1 reservations: 672
- Cost per reservation: $30.39
The standout metric is the number of $1 reservations Lawrence was able to get. Those 672 people were highly qualified and when he launched, they showed up to buy.
In the first 24 hours, blew past his funding goal of $10,000 and raised $68,581. Check out the spike in funding below:
As of today, Lawrence has driven $107,097 in pre-order revenue… and there’s still 23 days left in the campaign.
How much more revenue do you think he’ll make?
2. Marketing Tip
Discounting is not always the best offer for a launch.
When launching a product, discounting is very common.
And for good reason.
In return for being an early customer on Kickstarter or Indiegogo, it’s fair to give them a discount.
But that’s not the only option you have.
Try giving an exclusive VIP add-on to early supporters.
In the example above, Alpha Clash gave more value vs. a higher discount to early supporters.
When building their prelaunch email list using LaunchBoom’s Reservation Funnel, they offered exclusive trading cards if someone put down a $10 deposit.
Using this strategy, they built a huge prelaunch email list
When they launched, they raised $183,304 in one day.
Discounting is not the only option.
Try adding more value instead.
3. Favorite Content
Go big.
I recently came across this quote by Stephen Schwarzman, the CEO of Blackstone:
“It’s as easy to do something big as it is to do something small, so reach for a fantasy worthy of your pursuit, with rewards commensurate for your effort”
I love it.
The amount of personal effort needed to build something small vs. something large isn’t much different.
Why not go big?
Learn to launch your product in 5 minutes per week.
Every Tuesday, I send a newsletter just like this one! You can expect to read about my biggest lessons and most-effective strategies to launch a successful crowdfunding campaign. Sign up using the form right below 👇
