You’re reading edition #23 of the LaunchBoom Newsletter, which is sent every Tuesday to thousands of product creators.
Good morning friends, entrepreneurs, and dad (yep, my dad never misses a newsletter).
Here’s the three topics for today:
- How Lana shattered a myth about crowdfunding & women.
- The deadly combo of loss aversion & social proof.
- Mark Cuban’s boring secret to early success.
Enjoy.
Contents
1. Short story
There’s a myth about crowdfunding and women…
Products with a female audience don’t perform very well.
But after raising $219,650 on Kickstarter, this female entrepreneur has proven the opposite.
Meet Lana Sorokina, the creator of BRALISSE.
Lana has the classic entrepreneur story.
She had a problem.
She couldn’t find a solution.
She created the solution herself.
Her problem was that she couldn’t find a comfortable bra for her breast size.
She tried bra after bra, but nothing was quite right.
So she thought…
Why don’t I use my fashion degree and design my own bra?
In 2017, she did just that and the first prototype of BRALISSE was created.
This was one of over fifty prototypes she created throughout the next four years – meticulously improving each one until she got it right.
In 2022, with the prototype production-ready, Lana set her sights on the launch, but she didn’t know the right marketing strategy.
So, she joined the LaunchBoom Accelerator and began following the LaunchBoom system:
- She created a reservation funnel
- She drove traffic through Facebook ads
- She built a pre-launch email list of buyers
Here’s a look at the landing page in her reservation funnel:
Once someone opted-in, they were taken to the Reservation Bridge page.
It looked like this:
This page presented Lana’s VIP Offer:
Put down a $10 deposit and get a guaranteed 48% discount.
This VIP Offer performed extremely well.
Allowing her to build a pre-launch email list of women who couldn’t wait to get their hands on her product.
That’s why when she launched, she raised $43,127 in the first 24 hours… blowing past her $5,000 funding goal.
I think Lana was pretty happy with the results.
Here’s what she posted in the LaunchBoom Community:
By the way… every LaunchBoom client gets access to this community which has 1229 creators in it as of today.
By the end of the campaign, Lana was able to drive $219,650 in pre-sale revenue from 1,388 new customers.
With results like these, it’s clear that crowdfunding is not just for products with predominantly male audiences.
Do you have a product idea and want results like Lana?
2. Marketing tip
Loss aversion backed by social proof is a deadly combo.
So, people really don’t like losing stuff.
That’s why the pain from loss is twice that of the pleasure from gain.
People also really don’t like making buying decisions on their own.
So much so that 70% of people will trust a recommendation from someone they don’t even know.
American Airlines is well aware of these phenomena of human psychology and I experienced it first hand.
A few days ago, I was buying a flight from San Diego to Medellín when I got hit with this offer at checkout…
They were trying to upsell me travel insurance for $30.54.
They used loss aversion:
Out of pocket costs can be $50,000 or more… your trip is not protected!
They followed it up with some social proof:
104,608 customers protected their trip in the last 7 days… highly recommended!
You’re probably asking… did you buy the insurance?
Well, no I didn’t.
But it looks like 104,608 other people did.
That’s a cool $3,138,240 in additional revenue (assuming they all paid a similar $30 insurance cost).
Not a bad result from using two simple tactics.
3. Favorite content
Mark Cuban’s boring secret to his early success.
“Every night I would take home a different software manual, and I would read it. Turns out not a lot of people ever bothered to RTFM (read the fricking manual), so people started thinking I knew my stuff.”
Those are lines from Mark Cuban’s book.
He realized in his 20’s that he could get ahead simply by learning the “boring” stuff that no one else wanted to read.
My takeaway? The answer to getting ahead is usually simple, but it’s also usually an answer we won’t like.
Learn to launch your product in 5 minutes per week.
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