OK I said I'd share these finding with you so here it goes! I've been running a series of tests over the past 7 - 10 days. I love testing and tweaking and discovering what works, it's a fun part of this game for me.
Anyone whose been following me for a while will know that I'm a big fan of squeeze pages for initial lead generation. But that doesn't mean I don't like to try other things.
That's how I came across the whole "squeezless squeeze concept" that can be implemented with iCurator and Software Product Magic. But that's a whole other story.
With the launch of Warrior Payments it was apparent that there would be a renewed interest in the Warrior Forum for a bit. So why not capitalize on it?
What's happening on the Warrior Forum at the moment is generally all bad, but that doesn't mean there's still not an opportunity to be had.
What the new payment system has caused to happen is mainly lots of older products been put back out with the new system just to capitalize on traffic from it's marketplace.
It's not a boom thing, at the time of writing the best thing in there has done 326 sales, hardly the 5k and 10k top listings that JVZoo has.
Also the forum on the whole has mainly become a dumping ground for dead cheap but also dead poor products to be hawked to any newbie who will listen, and the stopping of free WSO's has seemingly chopped the lead generation side of it.
Or has it...
My thinking on all of this is simple. I have been saying for the past year and a half that WSO's are good for getting leads and that is all. It's mainly bargain hunting newbies who get scared if you ask for more than a few bucks.
Now considering that a squeeze page cost me money to drive traffic to and so each lead has a "cost" attached to it (a cost I reduce to little or nothing with initial offers and otos), doesn't it sound appealing to have people pay to be on your list?
Yeah I thought so too.
That is why I put out a WSO using Warrior Payments and kept it cheap.
Now because Warrior Payments is plagued with problems and bugs the item never showed up in their marketplace for days and the aweber integration failed big time (here is the video I sent to Warrior support - the issue still isn't fixed) so I had to do some work arounds to get people to the list and I am sure the WSO would have had more visits had the marketplace listing appeared.
But all that aside it still did OK just with the generic traffic (I did not mail this offer or promote it any way)
Here's some stats from it...
While this isn't earth shattering stuff let's break it down.
- The report being sold was good, but only slightly better than reports I give away for free on squeeze pages.
- The WSO cost $20 to run and as you can see I did 27 sales. Which after Warrior Payment and Paypal fees netted me around $1.50 each.
So I got back $40.50 approx. So I got 27 subscribers and made a profit of $20.50, meaning my cost per subscriber is -$0.76, or another way to look at it:
Each subscriber paid 76 cents to be on my list. Compared to me paying for a solo ad and it converting at 40-50% resulting in subscribers costing me between $0.50 and $1 each!
Now the reality here is a WSO is a kind of one time deal. Sure I could bump it later but I doubt it would get a lot more new subs (I will try it in a few weeks) where as a solo ad can be mailed again and again to different lists and they go through the same funnel.
So think about this...
Next time you build a funnel offering a free report, if the report is good enough why not also launch it as a WSO for $1.97 as well?
In this case I've not given the report away for free anywhere but I could do. And don't get all moral on me about giving something away that others are paying for - it's called marketing! It happens all the time and all the big guys do it.
I am now running a series of other WSO tests. I'll give you the results as I get them!