In the Digital Revenue Engine conversion map, the Core Product is your flagship product or products.
Most businesses get nowhere by pitching Core Product Offers to cold sales prospects.
After all, you’ve already had two successful conversions with the buyer at this point.
Sometimes, the sales from your Core Product Launch will make you some serious bank. But they don’t have to.
And if you follow through on the DRE process, you could take everything you make from the Core Product Offering and reinvest it to close even more customers.
Again, this is how you become unstoppable. First, you build a framework in which you can spend more to acquire a customer than your competitors.
Your competitors are making a Core Offer and trying to make a living from it. You don’t need to make a dime from your Core Offer.
Remember, as Jeff Bezos says, your competitor’s margin is an opportunity. It is your opportunity to, for example, spend more on traffic acquisition, conversion rate optimization or increase the value of your offers.
It might stun you to find out that many of the most successful businesses in the world make no profit until they reach the next two stages, Revenue Maximizer and Return Path.
A few things to note – in addition to lead generation mousetraps and tripwire sales…
- Consider promoting the product before, during and after you make it via blog posts
- Gather feedback from your audience – they like being a part more than most would believe… even if they are 1 part troll, 2 part attention seeking contrarian who tests your freely offered knowledge – and patience – with bullshit they read in a whiny Seth Godin ¨hide behind execution¨ haiku on the economy’s modern state -no offense to my Hudson, NY-based email debate swapping amigo)
- Make tweaks, and capture emails for an exclusive sneak peak of the BETA! (oh, one more product launch coming as well… :P)
- Let each beta customer feed the product’s improvement – and its offer, without low-balling you of course… not likely when they have it for free thanks to you!
For examples of how this has been done by the new generation of mega-brands like Facebook, Dropbox, Airbnb and Twitter – all having not spent a dime on traditional marketing – check out Ryan Holiday’s Growth Hacker Marketing: A Primer on the Future of PR, Marketing, and Advertising.
Instead of modern marketing’s mix of social media softies with granola nerd ¨engagement¨ metrics or sleazy hard sell Sham-Wow ¨more you tell, more you sell¨ miscues, this modern group of tech innovators and fearless makers relies on a new strategy of growth hacking to reach triple the people with little to no marketing budgets.
And most of their regional admirers – have coined this term ¨growth hacking¨ despite marketing’s lie of claim to this approach.
So, after you figure out agile product development made simple, my next post about the Digital Revenue Engine is where things get very interesting…