For the last two months, I've been working on launching Failory's first digital product: an eBook about product-market fit.
I shared the process of validating the eBook's idea in this milestone. This post is an update on how are things going, as we're just 2 days away from the eBook's launch.
Between my previous milestone and last week, 28 copies were sold, at a price of $10 and $13, bringing $292 in revenue.
On November 16, we finished defining the last details of the eBook's content outline and I made lots of changes on our Gumroad page. The following day, I sent an email to our 7,000-email subscriber newsletter sharing all the news + a discount.
That worked really well. We got 60 sales this week, bringing $654 in revenue. Conversion rate has been around 10% and we've made $1.11/view.
Some insights from this week's bump in sales:
Copywriting matters. Both in the product's landing page and in the emails promoting it. I made a concise copy, explaining what were the eBook's chapters about and the three things that the readers would be able to do / would know as they finished the eBook (when writing copy, focus on benefits, not features!).
Creating a sense of urgency works. In the newsletter I sent, I gave subscribers a discount code they could use to get the eBook $5 cheaper than on the launch day.
Pre-sales are incredible. With this week's sales, I've been able to earn enough to cover the eBook writer's and editor's fees while keeping great margins. And the eBook hasn't even launched, so from now on, all of the revenues will be profits.
Since September 7th, our Gumroad's landing page has been seen 2,176 times, and with a 6.39% conversion rate, the eBook has been sold 139 times, meaning $1,309. After Gumroad, writer's and editor's fees, it'll be around $600 in profits (+ the sales that are hopefully yet to come in the launch and following weeks).
Let me know if you have any questions!