Unfortunately it is a fact that more than 90% of online products or coaching programs fail. I have fallen into this category too before.
Of course there are many factors that contribute to the failing of a program and it’s also important to determine failing. So let’s first unpack this.
Is a program failing when it has 1 or 2 or 3 or nothing or 10 sales? That depends on yet another number of factors, because this is a numbers game. The bigger your list is, the more sales. Below a certain number of people receiving your offer, you will have no sales, unless the people on that list are the perfect people for your offer.
Coming back to the number 1 reason online programs fail, it happens because there is No Proof of Concept. What does this mean? The program or product has not been proven to be a viable idea. In other words, nobody else has bought into the idea. Nobody of your target market to be specific.
No proof of concept happens when the coach or expert-preneur has not tested their idea with their audience before they actually go ahead and create it.
That comes back to the fundamental principle, which is to give to your target market what they want. That implies that you need to find out what they want and then give that to them. However, most entrepreneurs go about this the wrong way. They create what they think their target market wants and then spend copious amounts of time, energy and money into creating the most amazing beautiful white elephant.
It’s like creating change in corporates. If you don’t allow the employees at all levels to participate and contribute to what these changes are to be, the implementation of them is doomed to fail.
Questions that come up in creating a program:
- Are people already aware of this problem?
- Do they truly want to solve it?
- Are they willing to invest their money (and time) to solve it?
- Have they attempted to solve this problem before?
- Have they invested in other solutions to this problem?
The questions bring us to another fundamental principle that contributes to the failure of success of an online product. Whether the problem that your idea solves is in actual fact the top-of-mind problem that your audience has.
Either the problem your program solves is not the top-of-mind of your audience or you have the wrong audience.
How do you then get to a proof of concept so that you are sure your program is a viable idea that will solve the top-of-mind problem that your ideal client will happily pay for to go away?
Become very clear about your ideal client and the problems that your expertise solve.
Do a survey and find out what they struggle with the most and see if there is a match between the problems you can solve and the problems they have and want to have solved.
Then you put your program idea into a framework and sell it to your audience as a pilot program.
If they buy into that you are halfway there!
I say halfway, because you’ll have to do it again. From the feedback you get and testimonials you will be able to refine your program and have social proof to re-launch it. If people have bought it once, they will buy again.
Here’s the thing. This refining is a continuous process until your program is a hot-selling product. Too often entrepreneurs give up thinking that their program is no good and they move on to creating a new one that will go the same way unless they find out what is in the way of it becoming successful.
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