How To Use “Feedback Loops” To Grow Your Info-Product Business

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It’s better to start with an excellent small product than an average big product.

At the beginning of your info-product business you may be relatively unknown to people outside of your circle. People outside your circle don’t really know you yet and therefore don’t yet trust that you are able to help them.

What you want to do is start with a small info-product that will allow you to start getting customers. Those customers will go through the product, and almost immediately you will find out whether your product is good or not.

If you get negative feedback or even refund requests you’ll know you missed the mark. If this happens to you, don’t get discouraged. It’s actually a good thing! It’s the market telling you what’s wrong with the product and it’s better that you know that now than a few months or even years from now.

When asked directly, most people will be honest about why they didn’t like the product and you’ll get tremendous insight into what you can do to improve it.

Ask them what they thought the product was going to be and why they felt your product didn’t live up to their expectations?

Ask what they think should be included? Or not included?

What might you have done differently to improve the product or their experience?

This can be done via email exchanges if they initially contacted you via email or if possible see if you can get them on the phone for a casual conversation.

Soak in all the responses, they are literally telling you the key to coming up with a great product that will sell well to that particular group of people.

Is it really that important? Yes.

In one particular case, I was selling an info-product for $49. We were selling it as a solution to help customers get “Benefit A”. It sold ok but not as well as we wanted and we got some refunds from people who mentioned that they didn’t get as much “Benefit A” but they DID get a lot of “Benefit B”. A-ha!

So we made some adjustments to the info-product in order to sell it with the main benefit as “Benefit B”. Immediately, sales went up and our revenue increased by 174%! Why? Because we listened to our customers and were willing to make adjustments and improvements to how we were doing things.

On another occasion with the same business we started selling a 2nd info-product on the “checkout page” as an “order bump” where people could add it to their order simply by clicking on a little box before making their purchase. The problem was not many people took us up on that.

So we asked for feedback and one customer’s response really stood out. They mentioned that they would have preferred the 2nd info-product to be included with the first product. So again, we made adjustments and turned our front-end product into a “bundle” of the 1st and 2nd info-product together at $79 instead of $49. What happened? Sales increased again! This time by 45%.

All because we listened and we took advantage of the “feedback loop”.

The fastest way to get into the feedback loop is to…

1 – Keep the scope of your first product small.

This makes the content easier to create because it is ‘focused’ on a specific topic instead of a very large and broad topic. You can then create the content faster because there is less of it to create.

The faster you get your product done, the faster you’ll be able to start getting customers and get into the “feedback loop”.

And…

2 – Make sure the product ties directly to a specific outcome.

If you focus your product on helping your customers reach a specific outcome, it will give you a success or failure point that you can point to and say…

Yes they achieved this outcome or no they did not.

If the product helps them reach the specific outcome your customers will be happy.

If it doesn’t, then you’ll know and you can make the necessary adjustments or improvements and try again.

The goal is to use the “feedback loop” to continue dialing things in until you’ve got a well-oiled machine that works 24/7 to get you new customers every day.

You’ll start building trust with your customers by staying in touch with them and eventually you can offer them bigger back-end products.

By that point they’ll trust you because your first info-product will have worked for them (after your consistent improvements to it) and they’ll be more receptive to purchasing your other products.

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See you next week!

-Eddys Velasquez
DigitalMarketingRx

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